Horizon Gold Limited (ASX:HRN) has revealed a raft of thick gold intercepts from its 100%-owned Gum Creek Gold Project, with shares in the company closing up 51.92% on Monday.
The results come from a 33-hole infill and step-out RC drill program targeting the Howards Prospect, with the goal of delineating and expanding mineralisation associated with the current MRE of 5.97Mt @ 1.1g/t Au for 204,000oz.
Notable results include:
- 77m @ 1.1g/t Au from 64m, including
- 31m @ 1.8g/t Au from 75m
- 65m @ 1.2g/t Au from 0m to end-of-hole, including
- 13m @ 2.5g/t Au from 22m and
- 7m @ 3.0g/t Au from 53m
- 28m @ 1.5g/t Au from 102m, including
- 11m @ 2.8g/t Au from 109m
- 79m @ 0.9g/t Au from 18m, including
- 35m @ 1.3g/t Au from 48m
- 54m @ 0.8g/t Au from 65m, including
- 13m @ 2.2g/t Au from 101m
- 3m @ 19.6g/t Au from 141m
- 24m @ 0.8g/t Au from 78m, including
- 8m @ 1.4g/t Au from 79m
- 14m @ 1.2g/t Au from 28m, including
- 5m @ 2.7g/t Au from 30m
Horizon reports that step-out drilling intercepted shallow strike extensions to gold mineralisation to the north and south of prior drilling, with infill work confirming estimated widths and grades of historic hits within the northern, central and southern lodes.
Cross section displaying thick intersections from the Howards ProspectMineralisation at the prospect is defined over a continuous 1.3km strike, and remains open to the north, south and at depth.
Strong existing infrastructure supports growth
The 620km² Gum Creek Gold Project is situated 640km north-east of Perth, within a ‘well endowed’ gold region that includes a series of multi-million ounce gold deposits including Big Bell, Wiluna, Mt Magnet, Meekatharra and Agnew/Lawlers.
The project is served by high-quality existing infrastructure including sealed and unsealed roads, two regional airports, and a range of legacy facilities from the previous operator including a mining camp, airstrip, tailings facility, haul road, station track and shire road network.
The project also includes the Gidgee processing plant, situated some 28km from the Howards Prospect, and which is expected to be capable of processing ~600,000tpa post-refurbishment.
Further exploration underway pre updated MRE
Horizon is awaiting assay results for drilling programs at the Heron South, Kingfisher, Camel Bore, Think Big and Manikato prospects, with significant laboratory delays resulting in industry-wide bottle-necks.
The company is planning additional step-out and infill drilling prior to updating the Howards Prospect MRE, with RC drilling already commenced at the Snook Prospect, and additional exploration scheduled for the Wahoo, Orion, Specimen Well and Omega/PSI targets.
“With broad, shallow zones of potentially open pittable gold mineralisation defined and still open in all directions, the Howards Prospect has the potential to be the core of a future Gum Creek mining hub”
Management comments
Horizon Gold Managing Director Leigh Ryan said: “These initial RC drilling results from Howards are very encouraging. With broad, shallow zones of potentially open pittable gold mineralisation defined and still open in all directions, the Howards Prospect has the potential to be the core of a future Gum Creek mining hub. There is confidence the resource will continue to grow and we’re particularly interested in the prospectivity at depth where the Howards Shear Zone intercepts the Montague Granodiorite.”
Images: Horizon Gold Limited
