Horizon Minerals lauds Penny’s Find gold growth potential following extensional drilling By Proactive Investors

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Horizon Minerals lauds Penny’s Find gold growth potential following extensional drilling

Published May 31, 2023 09:15 Updated May 31, 2023 09:30

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Horizon Minerals lauds Penny’s Find gold growth potential following extensional drilling

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Horizon Minerals Ltd (ASX:HRZ) is eagerly anticipating a resource estimate update for the Penny’s Find Mine – due in the September quarter – following a round of extensional gold drilling at the brownfield site.

The 100%-owned, fully permitted mine holds a mineral resource estimate (MRE) of 270,000 tonnes at 4.99 g/t gold for 43,000 ounces of the precious metal, 81% of which sits in the higher confidence indicated category.

“This drill program has confirmed the high-grade mineralisation at Penny’s Find is continuous at depth below the current resource and also along strike to the north which shall enhance the future underground development of this fully approved project,” Horizon Minerals incoming CEO Grant Haywood said.

“We look forward to updating the resource estimate in the September quarter and progressing the feasibility study shortly thereafter.”

Assay drilling results

The company completed eight drill holes with a combination of reverse circulation (RC) and diamond drilling rigs, collecting some 2,552.4 metres of drilling samples.

The highlight drill hole held two intersections of interest, the first being 1.45 metres at 2.61 g/t gold from 314.75 metres of depth and the second being 3.2 metres at 4.19 g/t from 318.3 metres of depth.

Other results of interest included:

1.05 metres at 6.36 g/t gold from 355.5 metres;
1-metre at 7.49 g/t from 363.9 metres;
2.9 metres at 1.73 g/t from 292 metres; and
0.78 metres at 12.85 g/t from 331.48 metres.

Horizon Minerals intends to produce an updated resource model for Penny’s Find to enable updated mine optimisation and design studies, which will facilitate the production of an ore reserve for the mine, targeted for the second half of this calendar year.

The company is currently focusing its attention on developing a sequence of underground mines, with Penny’s Find, which is just 50 kilometres from Kalgoorlie, slated to follow the proposed Cannon gold mine development – again scheduled for the second half of this year.

Read more on Proactive Investors AU

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