Horizon Minerals Ltd (ASX:HRZ) has fielded some “excellent” new gold results from the 100%-owned Greater Boorara-Cannon project area 30 kilometres southeast of Kalgoorlie-Boulder in the heart of the Western Australian Goldfields.
The company’s exploration program for the new financial year takes in new discoveries within the Greater Boorara-Cannon, Lakewood and Yarmany project areas.
A first phase of exploration drilling has wound up at the new Pinner gold prospect.
Drilling consisted of 35 reverse circulation (RC) holes for 1,181 metres of infill drilling to validate historical drilling results on the southern edge of the Cannon open cut mine.
Highlights
Significant shallow, high-grade mineralisation was discovered, including:
- 6 metres at 6.94 g/t gold from 35 metres including 1-metre at 35.39 g/t gold from 36 metres;
- 5 metres at 2.80 g/t from 20 metres;
- 1-metre at 12.03 g/t from 17 metres;
- 9 metres at 1.86 g/t from 12 metres;
- 2 metres at 4.88 g/t from 38 metres; and
- 8 metres at 1.8 g/t from 28 metres.
Mineralisation is now defined along 110 metres of strike length and remains open to the south and at depth within a granted mining lease.
Highly prospective area
The Cannon area appears to be highly prospective, with several historical prospects within a 1-kilometre radius of the open cut mine.
Two of the more advanced prospects, Monument and Homerton, were recently drilled to validate historical drilling and test for potential strike and depth extensions.
Phase two follow-up drilling at Pinner is planned for the December quarter, while phase two infill drilling at Monument has recently been completed, with results expected in late September.
Regional exploration is progressing at several historic prospects in the Cannon-Glandore area for gold and nickel sulphides, with further results expected in the current quarter.
Commenting on the results, Horizon managing director Jon Price said: “These excellent drilling results at Pinner clearly demonstrate the potential of the area to deliver significant resource growth in close proximity to the advanced Cannon underground gold project.
“We now look forward to the results of the next round of drilling and resource modelling to complement our existing resource base in the area supporting both an open pit and underground production hub for future cash generation.”
Next steps
The drilling results at Pinner demonstrate the existence of a zone of shallow mineralisation adjacent to the old Cannon open pit mine.
Over the next 12 months, Horizon will assess the potential for this area to support the future cut-back of the open pit.
A follow-up RC program to infill and extend the Monument, Homerton and Pinner prospects is on the cards for the December quarter, allowing Horizon to put together an initial JORC 2012 resource and preliminary scoping studies.
The Cannon and Glandore areas are thought to be highly prospective, with several established prospects situated near the Cannon mine in particular, and in a variety of geological settings.
Work has already progressed on several fronts with field mapping, soil sampling and ‘boots on ground’ activities taking place at several older prospects and new discovery targets.
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