Horizon Minerals delivers MRE upgrade at Crake gold project

Mid-tier gold producer Horizon Minerals Limited (ASX: HRZ) has released a mineral resource estimate upgrade for its Crake project following a successful infill and step-out drill campaign.

The new MRE stands at 1.42Mt @ 1.46g/t Au for 66,500oz (0.8g/t Au cut-off), and comes on the back of 51 RC holes + 3 diamond holes totalling 5,043m. Importantly, 95% of gold ounces are now included in the higher-grade indicated resource category:

Crake Gold Project MRE

Horizon reports that drilling results demonstrated ‘excellent’ width and grade continuity across 500m of strike, with mineralisation open along strike and at depth. Highlight intersections from the campaign include:

Hole BRC20028: 24m @ 4.9g/t Au from 32m; including
- 1m @ 57.2g/t Au from 36m
Hole BRC20018: 12m @ 6.7g/t Au from 6m
Hole BRC20020: 2m @ 37.9g/t Au from 13m; including
- 1m @ 67.9g/t Au
Hole BRC20045: 4m @ 14.9g/t Au from 53m; including
- 1m @ 56.2g/t Au
Hole BRC20049: 6m @ 2.0g/t Au from 20m, 4m @ 6.7g/t Au from 44m; including
- 1m @ 24.0g/t Au from 44m and 2m @ 2.3g/t Au from 91m
Hole BRC20043: 6m @ 3.6g/t Au from 36m, 5m @ 2.9g/t Au from 69m and 3m @ 1.6g/t Au from 83m
Hole BRC20014: 2m @ 2.2g/t Au from 46m, 2m @ 3.2g/t Au from 60m, 14m @ 1.8g/t Au from 71m and 11m @ 2.6g/t Au from 91m

These results will be used by Horizon to formulate the basis of a maiden ore reserve, which is expected to be delivered in Q4 2021.

Location of Horizon Minerals projects surrounding Kalgoorlie, displaying close proximity to planned Boorara processing facility

Crake, which is located within Horizon’s 100%-owned Binduli Gold Project, is one of six open pit and underground satellite gold projects being developed in the immediate Kalgoorlie-Boulder region to support the development of a stand-alone processing facility at the company’s nearby Boorara mine site.

“Crake and the Binduli area in general are certainly shaping up to be significant contributors…to complement the baseload Boorara project”

Horizon Minerals Managing Director Jon Price said: “Crake and the Binduli area in general are certainly shaping up to be significant contributors to our future production profile providing high grade satellite feed to complement the baseload Boorara project 25km to the east. We look forward to completing the maiden Ore Reserve for Crake and continuing the step out drilling at the Coote, Kestrel and Honeyeater prospects to the north.”