Horizon Minerals Ltd has grown the total gold mineral resource estimate (MRE) at its properties near Kalgoorlie in the heart of the Western Australian Goldfields to 1.8 million ounces primarily due to the merger with Greenstone Resources Ltd.
As well as incorporating the Burbanks and Phillips Find gold assets of Greenstone, the group’s resources at June 30, 2024, also included a maiden MRE for the Pinner deposit, an updated MRE for the Monument deposit, both of which are in the Cannon Project, and a revision for the cornerstone Boorara Project.
The merged entity also has 20.2 million ounces of silver and 104,000 tonnes of zinc with another 283,000 tonnes of nickel, 40,500 tonnes of cobalt and 296,200 tonnes of manganese in 50% owned assets at Mt Thirsty.
“A great platform”
Horizon’s managing director and CEO Grant Haywood said: “It is very pleasing to have the Burbanks and Phillips Find assets under single ownership with Horizon’s complementary and extensive project base.
“Together this provides a 1.8-million-ounce gold portfolio, which is a great platform to implement our near-term strategy of cash flow from operations and further growth into the medium and long term.”
Kalgoorlie project area locations and surrounding infrastructure.
The group mineral resources are underpinned by the large cornerstone assets at Burbanks (465,570 ounces) and Boorara (428,000 ounces), which is currently under an ore reserve study from AMC Consultants.
MRE changes
Changes to the gold MREs include:
- Addition of 297,650 ounces from Burbanks open pit;
- Addition of 167,920 ounces from Burbanks underground;
- Addition of 13,000 ounces from Pinner;
- Addition of 3,000 ounces from Monument; and
- Reduction of 20,240 ounces from Boorara.
The revised MREs are:
- Monument 740,000 tonnes grading 1.18 g/t gold for 28,000 ounces at a 0.5 g/t gold cut-off grade;
- Pinner 330,000 tonnes grading 1.21 g/t for 12,844 ounces at a 0.5 g/t cut-off; and
- Boorara 10.53 million tonnes grading 1.27 g/t for 428,000 ounces at a 0.5 g/t cut-off.
The large mineral resource base and ongoing studies pave the way for a development profile aiming at sustained gold production for Horizon and continuous cashflows.
About Cannon area
The Cannon deposit is 30 kilometres east-southeast of Kalgoorlie in the Eastern Goldfields region on granted mining leases M25/333 and M25/357.
The Cannon mine and surrounding area is dominated by mafic to ultramafic rocks of the Bulong Complex overlain by a sequence of felsic volcanics, volcaniclastics and sediments.
The geological structure is complex and dominated by the Cannon shear which is recognised as a key ingredient for local gold and possibly nickel sulphide mineralisation.
Cannon Project area showing surrounding prospects.
Gold mineralisation at the adjacent Pinner deposit is similar to Cannon and consists of small pods of semi-continuous mineralisation with three dominant directions that highlight the structural complexity observed at Pinner.
Gold mineralisation within the Monument deposit consists of two main zones oriented NNW and NW, dipping steeply to the west. There is some indication of faulting through the centre of the mineralised area.
About Boorara
The cornerstone Boorara Gold Project is 15 kilometres east of Kalgoorlie-Boulder adjacent to the Super Pit, and 1 kilometre southwest of the Nimbus Silver-Zinc Project site where established offices are connected to mains power and existing water supplies.
The deposit is hosted in a quartz dolerite comprising a sheeted quartz vein array system with bounding shear zones and late-stage cross faults.