Australia

Horizon Minerals adds to gold bounty through upgraded resource at Crake within Binduli project

Horizon Minerals Ltd (ASX:HRZ) continues to grow its gold bounty around Kalgoorlie-Boulder in WA's Eastern Goldfields with an updated resource estimate of 74,000 ounces from Crake project within the wider Binduli Gold Project.

The Crake resource of 1.27 million tonnes at 1.81 g/t includes more than 67% in the higher confidence measured and indicated resource categories and is an increase of more than 16,000 ounces on a 2018 estimate.

This update for Crake, which is just 25 kilometres from the company's baseload Boorara project, was facilitated by an infill and extensional drilling program comprising 43 reverse circulation (RC) holes for 3,534 metres.

It demonstrated width and grade continuity across the 450-metre strike with mineralisation open to the north, east and west.

“Significant contributor to our production profile”

Horizon's managing director Jon Price said: “Crake and the Binduli area, in general, is certainly shaping up to be a significant contributor to our future production profile as it provides high-grade satellite feed to complement the baseload Boorara project.

“We look forward to growing this project area further in 2020 and testing the high priority Coote, Darter and Honeyeater prospects in close proximity.”

High-grade intersections

Notable results from the 2019 RC program include:

  • 3 metres at 7.41 g/t from 81 metres and 10 metres at 1.78 g/t from 102 metres;
  • 5 metres at 4.91 g/t from 36 metres and 9 metres at 1.58 g/t from 65 metres;
  • 3 metres at 3.18 g/t from 14 metres and 4 metres at 2.47 g/t from 55 metres;
  • 3 metres at 1.28 g/t from 10 metres, 1-metre at 2.91 g/t from 17 metres, 1-metre at 2.13 g/t from 25 metres and 1-metre at 5.19 g/t from 32 metres; and
  • 12 metres at 1.65 g/t from 32 metres.

Preliminary internal optimisation work has delivered positive results and identified where further drilling is required to increase the mineralised envelope and improve geological confidence.

Once further drilling has been completed, the project will be optimised by an independent mining consultant.

Gold recoveries

Composite RC samples were submitted to Independent Metallurgical Operations for initial metallurgical test work.

Overall gold recoveries were 98.6% and 96.5% for the oxide and fresh compositRead More – Source