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.
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.