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Horizon Minerals' updated 130,000-ounce Jacques Find-Peyes Farm resource boosts Boorara gold bounty

Mine optimisation and open pit design work is well advanced with a maiden ore reserve expected in the December quarter of 2021.

Horizon Minerals Ltd - Horizon Minerals boosts mineral resource at Jacques Find-Peyes Farm

Horizon Minerals Ltd (ASX:HRZ) has updated the mineral resource estimate (MRE) for the Jacques Find-Peyes Farm Project within the Teal project area 10 kilometres northwest of Kalgoorlie-Boulder in the heart of the Western Australian Goldfields.

The updated independent MRE at the satellite deposit stands at 1.74 million tonnes grading 2.32 g/t gold for 130,000 ounces at a 0.8 g/t lower cut-off grade which further enhances the gold bounty of the broader Boorara Project.

This MRE follows the company completing 94 reverse circulation (RC) holes and six diamond holes totalling 8,291 metres to infill areas for improved classification and structural, geotechnical and metallurgical assessment.

Significant results received included:

  • 19 metres at 12.53 g/t gold from 42 metres and 8 metres at 12.10 g/t from 60 metres;
  • 12 metres at 4.70 g/t from 60 metres and 8 metres at 6.28 g/t from 72 metres; and
  • 24 metres at 3.04 g/t from 80 metres, including, 4 metres at 6.47 g/t from 84 metres.

Importantly, mine optimisation and open pit design work is well advanced with a maiden ore reserve for Jacques Find – Peyes Farm expected in the December quarter of 2021 as part of the consolidated feasibility study.

Consolidated feasibility study

Horizon managing director Jon Price said: “After the successful completion of the Teal gold mine in 2018, the exploration team has done an excellent job in defining additional resources within the Teal gold camp 10 kilometres northwest of Kalgoorlie Boulder.

“We now look forward to completing mine optimisation and design studies for ore reserve generation in the December quarter of 2021 as part of the consolidated Feasibility Study.”

Jacques Find-Peyes Farm

Jacques Find -Peyes Farm is among six core open pit and underground satellite gold projects being advanced to complement the baseload Boorara Gold Project as part of the consolidated feasibility study to deliver a minimum five-year initial mine plan and underpin the establishment of a standalone centralised processing facility at the Boorara mine site.

RC and diamond infill and extensional drilling were completed in the December 2020 and March 2021 quarters with all data now incorporated into the geological model for the updated MRE.

Mineralisation is strongly influenced by cross-cutting structures and stratigraphy to the north to northwest striking shear zone which trends parallel to the regional NNW geological trend of the Abattoir Shear.

Jacques Find – Peyes Farm project drilling results to date.

Updated mineral resource

Horizon’s 2020/2021 drill campaign observed high-grade shoots in the supergene zone at 25-80 metres vertical depth where mineralisation remains open to the north and south within the supergene enrichment zone.

Other downhole RC and diamond intercepts reported in 2021 include:

  • 6 metres at 6.06 g/t gold from 54 metres, including, 1-metre at 25.6 g/t from 59 metres;
  • 4 metres at 9.28 g/t from 52 metres and 8 metres at 4.17 g/t from 44 metres;
  • 4 metres at 18.17 g/t from 79 metres including 1-metre at 61.21 g/t from 81 metres;
  • 7 metres at 3.97 g/t from 30 metres;  
  • 5 metres at 2.87 g/t from 32 metres,
  • 4 metres at 1.55 g/t from 40 metres and 1-metre at 16.35 g/t from 57 metres; and
  • 2 metres at 5.65 g/t from 28 metres, 2 metres at 1.44 g/t from 44 metres and 6 metres at 2.25 g/t from 73 metres.

Metallurgical results show gold recoveries of 89.4% and 69.9% for the Jacques Find-Peyes Farm oxide-transitional composites respectively with further test-work underway.

Importantly, more than 55% of the ounces are now in the indicated resource category.

Jacques Find and Peyes Farm mineral resources at a 0.8 g/t cut-off.

Next steps

The updated MRE will now be used for open pit mine optimisation, design and economic analysis for the generation of a maiden ore reserve for Jacques Find-Peyes Farm expected in the December quarter of 2021.

In addition, significant mineralisation remains outside the current resource envelope with further drilling planned in 2021 testing the supergene strike extensions of the mineralisation.

Furthermore, drilling is also planned at the Teal project testing strike and dip extensions from the historic Teal open cut mine.

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