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Horizon Minerals drills gold at Crake and Coote prospects

Drilling could increase the 1.12 million tonne resource grading 1.59 g/t gold for 67,700 ounces at Crake.

Horizon Minerals Ltd - Horizon Minerals drills gold at Crake and Coote prospects
Horizon is the product of a recent merger between Intermin and MacPherson

Horizon Minerals Ltd (ASX:HRZ) has received drill results from the Crake and Coote prospects within the Binduli Gold Project located near Kalgoorlie in Western Australia.

The latest results feature intersections such as 3 metres at 7.41 g/t gold from Crake and 1-metre at 8.18 g/t gold from Coote.

The completed 56-hole reverse circulation (RC) program demonstrated both width and grade continuity across a 450-metre strike length that remains open at Crake.

Further exploration and resource drilling has been planned at both Crake and Coote and an updated resource from Crake will be part of the ongoing feasibility study.

In addition, high priority targets including Darter and Honeyeater will be tested as part of the ongoing greenfields exploration program.

Feasibility study due in June quarter 2020

Horizon’s managing director Jon Price said: “The results continue to demonstrate that Binduli is a genuine contributor to our mine development and production pipeline as part of the consolidated Feasibility Study currently underway.

“The drilling has improved geological confidence and demonstrated excellent width and grade continuity over a 450-metre strike length and remains open in all directions.

“Further RC and diamond drilling is planned across the Binduli project area, located only 25 kilometres from our baseload Boorara gold project.”

Expedited pathway to gold production

Horizon is the product of a recent successful merger between Intermin Resources and MacPherson Resource creating a new emerging mid-tier gold production business.

The merged entity has a significant asset portfolio in the Kalgoorlie region of Western Australia with an expedited pathway to gold production.

Notably, Horizon can acquire the 2.1 million ounce Coolgardie Project from Focus Minerals.

The company has a busy September quarter planned with activities including:

  • Progressing potential acquisition of the Coolgardie Gold Project;
  • Updating the JORC resource for the Boorara Gold Project as part of the feasibility study;
  • Drilling as part of the 2019 exploration program;
  • Mining studies and metallurgical test work on the Crake and Anthill projects;
  • Metallurgical test work and drill results from the Richmond Vanadium Project; and
  • Resource modelling and progressing PFS for Lilyvale Vanadium Prospect.

Quick facts: Horizon Minerals Ltd

Price: 0.15 AUD

ASX:HRZ
Market: ASX
Market Cap: $64.2 m
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