Horizon Minerals Ltd (ASX:HRZ) has boosted its total gold resource estimate to 1.24 million ounces of gold following maiden mineral resource estimates (MRE) for the Coote and Capricorn prospects, and an upgraded MRE for the previously mined Baden Powell prospect.
HRZ holds a portfolio of assets around the Western Australian city of Kalgoorlie, including the Baden Powell, Windanya and Penny’s Find projects, which are host to the Coote and Capricorn prospects.
The company has added 69,000 ounces of gold for the Coote, Baden Powell and Windanya assets near Kalgoorlie, including an inferred MRE of 425,000 tonnes at 1.54 g/t gold at Coote for 21,000 ounces of gold.
In the Bardoc area, the Baden Powell prospect’s MRE was calculated at 595,000 tonnes at 1.20 g/t gold, while Capricorn holds 659,000 tonnes at 1.20 g/t gold, for a total of 48,000 ounces of gold.
Finally, Horizon’s completion of the Penny’s Find Gold Project acquisition doubled the mineral estimate to 91,000 ounces of gold.
Horizon Project area location, resources and surrounding infrastructure.
Material increase from modest drilling
“We are pleased with the increase in our mineral resource base from a modest amount of drilling, with all resources open at depth and along strike, that show the potential upside from these initial estimates with further drilling programs,” Horizon Minerals managing director Jon Price said.
“Coote has strong synergies with the nearby 66,500-ounce Crake deposit within the Binduli camp that can be readily developed and transition into production, in addition to the now 100% owned Penny’s Find mine, through nearby processing infrastructure in the Eastern Goldfields region.”
Since 2019, Horizon Minerals has produced these resource increases with 90 drill holes for 7,594 metres of drilling and 79 historical holes from Penny’s Find, a relatively small amount of drilling considering the MRE upgrades it has generated.
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