🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Horizon Minerals eyes open pit gold potential for Monument and Pinner ahead of resource updates

Published 31/08/2023, 09:44 am
© Reuters.  Horizon Minerals eyes open pit gold potential for Monument and Pinner ahead of resource updates
GC
-

Horizon Minerals Ltd (ASX:HRZ) is building toward potential open pit designs for the Monument and Pinner gold prospects of the Greater Boorara-Cannon project area in WA following a successful round of infill drilling on the new prospects.

These two target areas sit about 1 kilometre southwest of the Cannon underground gold project (fully funded) where HRZ is targeting first gold production next year.

The company drilled a total of 26 holes for 1,256 metres with a combination of aircore and reverse circulation (RC) drill rigs, targeting shallow mineralisation to increase drill density and resource confidence, as well as providing data on small-scale open cut mining potential.

Resource upgrades incoming

“It’s pleasing to see the results have validated historical drilling and the infill holes have come in as expected,” Horizon Minerals CEO Grant Haywood said.

“This will lead to a maiden resource for Pinner and an update for Monument, both of which present as potential bolt-on open pit opportunities to our Cannon underground gold project.

“Once the resource models are completed, we’ll undertake optimisation and mine design studies to continue development of this future production hub in the Greater Boorara-Cannon area.

“The mining infrastructure we’re installing at Cannon means shallow, oxide open pit mines can generate modest but high margin cash flow to support our ongoing development and exploration activities.”

Results of note from this latest round of drilling include:

  • 2 metres at 3.03 g/t gold from 36 metres and 4 metres at 0.55 g/t from 41 metres;
  • 9 metres at 1.36 g/t from 27 metres;
  • 2 metres at 2.12 g/t from 10 metres, 1 metre at 1.11 g/t from 15 metres and 1 metre at 0.74 g/t from 21 metres; and
  • 6 metres at 1.23 g/t from 28 metres.
Horizon intends to follow up with a resource update for the Monument prospect, which currently holds an estimated 25,000 ounces of gold, a maiden resource for the Pinner prospect and a pre-feasibility study with a view to fast-tracking potential small open pit mining operations leveraging off the shared infrastructure at Cannon.

The company believes mining at Monument and Cannon would benefit from synergies between the proposed Cannon underground mine and an additional ore supply for toll treatment.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.