Horizon Minerals Limited has started its 2021 new discovery and resource growth exploration program in the Goldfields region of Western Australia.
Horizon’s fully-funded 50,000-metre exploration program is now underway, with four rigs across the 890 square kilometre asset portfolio, all operating within 75 kilometres of the proposed Boorara Mill site [1]. The program comprises diamond, RC and aircore drilling.
The primary objectives of the exploration program are to [1]:
- Test high priority new discovery targets defined at greenfields project areas including Windanya, Lakewood, Yarmany, Binduli, Kanowna South and Balagundi (approximately 29,000 metres)
- Complete resource definition drilling for maiden Mineral Resource estimates at Coote, Baden Powell, Capricorn and Brilliant North (roughly 8,500 metres)
- Extend resources beyond current mineralised envelopes along strike and at depth at Boorara, Crake, Peyes Farm, Jacques Find and Golden Ridge (around 8,000 metres)
- Complete resource definition and extension drilling at the newly acquired Kalpini gold project and the Penny’s Find underground JV project (approximately 4,500 metres)
The 2021 program builds on over 21,000 metres of drilling completed by the company since August 2020, primarily focused on reserve conversion at the core satellite projects at Rose Hill, Binduli and Teal as part of the consolidated Feasibility Study. The majority of assay results are still pending.
Horizon expects first assay results in the current March Quarter 2021, subject to improved turnaround times at local assay laboratories [1].
Additionally, updated Mineral Resource estimates are expected in the March and June quarters 2021, expanding on the company’s current Mineral Resources of 1.1 million ounces [2].
Horizon’s Managing Director, Jon Price, said: “With the reserve drilling to support the consolidated Feasibility Study mostly complete, we are turning our attention to the new discovery exploration program with multiple high priority targets to be tested across the entire tenement portfolio and all within 75 kilometres of Boorara.”
“The fully-funded program will test areas that have had limited to no drilling undertaken in recent times, particularly below cover where historic shallow drilling has never been followed up,” he shared.
“It is an extremely exciting time to be a Horizon shareholder as we look to uncover the next new discovery with significant potential to grow our production pipeline in this world-class gold producing region.”
[1] see Cautionary and Forward-Looking Statements on Page 16 of the announcement here.
[2] see Tables and Competent Persons Statement on Pages 3, 14 and 15 of the announcement here.
