Horizon Minerals Limited (ASX: HRZ) has received a notice of withdrawal from Mithril Resources Limited (ASX:MTH) subsidiary Minex Pty Ltd covering the Nanadie Well Joint Venture in WA with the project returned to Horizon on a 100% basis.
All relevant mining and geological information, drilling samples and property relating to the project southeast of Meekatharra will be returned to Horizon.
Horizon now intends to complete a detailed geological review of Nanadie Well ahead of field reconnaissance work as well as a reverse circulation (RC) drilling program to test several walk-up targets and to ensure the project tenure remains in good standing.
Potential at Nanadie Well
Managing director Jon Price said: “While our focus remains firmly on growing our gold business in the Western Australian Goldfields region, we see significant potential for value creation at Nanadie Well for copper, PGEs and gold.
“On the back of the geological review and drilling results, we will assess the next steps for the project including retention, further joint ventures or divestment.”
The company’s drilling efforts will be focused in the top 100 metres where significant high-grade copper mineralisation has been confirmed.
If the drilling is successful then there will be enough geological evidence and continuity to support building an updated, high-grade resource model.
Examples of high-grade zones include:
- 19 metres at 1.87% copper from 33 metres and 12 metres at 1.34% copper from 60 metres;
- 4 metres at 3.30% from 93 metres;
- 2 metres at 1.87% from 86 metres and 19 metres at 1.35% from 137 metres; and
- 6 metres at 138% from 89 metres and 9 metres at 2.03% from 140 metres.
A small, first-pass RC program is being planned with a threefold purpose:
- Infill and extend high-grade areas within the top 100 metres at Nanadie Well to assist in updating the resource to JORC 2012 compliance;
- Test the shallow up-hole extensions from the Stark RC and diamond drilling; and
- Test one new, conceptual copper target along strike from Nanadie Well.
A mining lease application over Nanadie Well and Stark is being prepared and will be submitted shortly.
The Nanadie Well JORC 2004-compliant inferred resource is 36 million tonnes at 0.42% copper for 151,500 tonnes of copper and 0.06 g/t gold for 74,200 ounces.