Horizon Minerals Ltd (ASX:HRZ) has launched a 50,000-metre drilling program with four rigs drilling across the 890 square kilometre asset portfolio within 75 kilometres of the proposed Boorara Mill site in the Goldfields region of Western Australia.
The 2021 program builds on more than 21,000 metres of drilling completed since August 2020, primarily focused on reserve conversion at the core satellite projects at Rose Hill, Binduli and Teal as part of the consolidated feasibility study with most assay results still pending.
Horizon believes there is ‘significant’ potential to increase the production profile through organic growth from 100%-owned project areas on major geological structures within a world-class greenstone belt.
First assay results are expected during the current quarter, subject to improved turnaround times at local assay laboratories.
An updated mineral resource estimate is expected in the first half of the year expanding on the company’s current mineral resource of 1.1 million ounces.
“Multiple high-priority targets”
Managing director Jon Price said: “With the reserve drilling to support the consolidated feasibility study mostly complete, we are turning our attention to the new discovery exploration program with multiple high-priority targets to be tested across the entire tenement portfolio and all within 75 kilometres of Boorara.
“The fully-funded program will test areas that have had limited to no drilling undertaken in recent times, particularly below cover where historic shallow drilling has never been followed up.
“It is an extremely exciting time to be a Horizon shareholder as we look to uncover the next new discovery with significant potential to grow our production pipeline in this world-class gold producing region.
“Always look for gold near where gold has been found before and we believe there is no better address than the Goldfields of Western Australia.”
2021 exploration objectives
Primary objectives for the 2021 exploration program are to:
- Test high-priority new discovery targets defined at greenfields project areas including Windanya, Lakewood, Yarmany, Binduli, Kanowna South and Balagundi (around 29,000 metres);
- Complete resource definition drilling for maiden mineral resource estimates at Coote, Baden Powell, Capricorn and Brilliant North (around 8,500 metres);
- Extend resources beyond current mineralised envelopes along strike and at depth at Boorara, Crake, Peyes Farm, Jacques Find and Golden Ridge (around 8,000 metres); and
- Complete resource definition and extension drilling at the newly acquired Kalpini gold project and the Penny’s Find underground JV project (around 4,500 metres).
Target generation and production pipeline.