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Horizon Minerals receives high-grade results from Nanadie Well Copper-Gold Project

Last updated: 12:15 20 May 2020 AEST, First published: 11:14 20 May 2020 AEST

Horizon Minerals Ltd - Horizon Minerals reports high grade results from drilling at the Nanadie Well Copper-Gold Project
A high grade, shallow supergene copper-gold zone remains open along strike and at depth

Horizon Minerals Ltd (ASX:HRZ) has received high-grade supergene copper-gold results from its 100%-owned Nanadie Well project in the Murchison Mineral Field of Western Australia.

The drilling program was undertaken to follow up work undertaken after the withdrawal of Mithril Resources Limited (ASX:MTH) subsidiary Minex Pty Ltd from the Nanadie Well Joint Venture.

Strong results

A total of 14 reverse circulation (RC) holes for 1,046 metres to a maximum depth of 55 metres was completed, with results including:

  • 6 metres at 1.48% copper and 4.11 g/t gold from 38 metres including 1-metre at 3.85% copper and 23.3 g/t gold from 43 metres,
  • 12 metres at 2.16% copper and 2.16 g/t gold from 20 metres including 1-metre at 3.70% copper and 30.15 g/t gold from 31 metres,
  • 6 metres at 2.35% copper and 1.57g/t gold from 4 metres including 1-metre at 4.89% copper and 4 g/t gold from 7 metres,
  • 13 metres at 1.02% copper and 0.63 g/t gold from 25 metres, and  
  • 6 metres at 4.79% copper and 0.36 g/t gold from 1-metre.

The results confirm the presence of a high-grade, shallow supergene copper-gold zone that remains open along strike and at depth.

Shares have been as much as 8% higher to 10.5 cents intra-day.

“Value creation potential”

Horizon managing director Jon Price said: “While our focus remains firmly on growing our gold business in the Kalgoorlie and Coolgardie regions, 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.”

Nanadie Well location, underlying geology and drilling results

Historical drilling

The historic inferred mineral resource estimate (JORC 2004) for Nanadie Well stands at 36.07 million tonnes at 0.42% copper for 151,506 tonnes.

At the Stark prospect, 1.2 kilometres to the southeast of Nanadie Well, drilling previously intercepted thin zones of copper and low-grade gold and PGEs at depth with best results of:

  • 4 metres at 1.90% copper and 0.32 g/t gold (and 0.32 g/t platinum-palladium) from 194 metres, and
  • 2 metres at 3.27% copper and 0.55 g/t gold (and 0.19 g/t platinum-palladium) from 157 metres.

The company is confident that, collectively, these results suggest that Nanadie Well and surrounds have a much higher copper and gold prospectivity than previously thought.

Next steps

Horizon has lodged a mining lease application over the Nanadie Well (copper-gold) and Stark (copper-nickel-cobalt-platinum group elements) prospects.

The company is currently reviewing next steps for Nanadie Well including follow-up drilling, joint ventures or divestment.

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