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Horizon Minerals results support plan to bring Boorara into production in 2020

The project hosts a mineral resource estimate of 16.45 million tonnes at 0.96 g/t gold for 507,000 ounces at a 0.5 g/t cut-off grade.

Horizon Minerals Ltd - Horizon Minerals results support plan to bring Boorara into production in 2020
Trials have shown recoveries exceeding 91% from conventional carbon in leach processing

Horizon Minerals Ltd (ASX: HRZ) drilling results from Boorara Gold Project near Kalgoorlie-Boulder in the Western Australian Goldfields, continue to exceed the company’s expectations.

During the December quarter of 2019, the company completed 18,000 metres of infill reverse circulation (RC) drilling at the Royal, Crown Jewel and Regal deposits.

Best results from Regal deposit are 9 metres at 7.83 g/t gold from 1-metre and at the Crown Jewel deposit, 10 metres at 7.87 g/t from 10 metres.

Horizon managing director Jon Price said: “The results from Regal and Crown Jewel continue to demonstrate the considerable potential at Boorara with high grades intercepted at mineable widths and the ore starting at surface.

“The drilling has intercepted both the main NNW striking zones and multiple flat cross cutting vein sets and has certainly exceeded our expectations.”

Regal and Crown Jewel results

The drilling program highlights higher grades at both deposits and three distinct parallel mineralised lodes at Regal with mineralisation starting from surface.

Other strong results from Regal:

  • 10 metres at 6.84 g/t from 12 metres;
  • 8 metres at 6.61 g/t from 19 metres;
  • 4 metres at 12.62 g/t from 13 metres;
  • 12 metres at 4.07 g/t from 23 metres;
  • 7 metres at 5.43 g/t from 27 metres; and            
  • 4 metres at 11.88 g/t from 26 metres.

Notable Crown Jewel results:

  • 15 metres at 4.73 g/t from 14 metres;
  • 8 metres at 5.85 g/t from 17 metres;     
  • 8 metres at 4.24 g/t from 4 metres;       
  • 10 metres at 3.29 g/t from 8 metres;
  • 3 metres at 7.87 g/t from 12 metres; and              
  • 5 metres at 4.72 g/t from 7 metres.

Next steps

All results will now be used to compile an independent geological model for Boorara Stage I comprising all three deposits.

Price said: “The focus is now on delivering a robust model, mine optimisation and economic evaluation to meet our objective of bringing Stage I of Boorara into production in 2020 and unlocking further value from the larger scale development being assessed as part of the feasibility study due out in the December quarter of 2020.”

The updated geological model for Boorara Stage I is expected to be released with the mine optimisation, design and economic evaluation in the current quarter.

Discussions with mining, haulage and toll milling contractors are well advanced and all statutory approvals have been submitted to meet the company’s objective to be mining at Boorara in the June quarter of 2020 and toll milling in the September quarter of 2020.

                                                                                                           

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