Horizon Minerals (ASX:HRZ) has begun an 8,400m exploration program, with aircore drilling now underway at its Cannon Project in Western Australia.
The $28.57 million market capitalisation company says the program aims to expand its Cannon mining footprint from 1 planned underground mine to a small mining hub with potential open-cut mines from the nearby Monument and Pinner prospects.
Horizon also plans to test a new region immediately north of the Cannon open-cut mine where historical drilling intersected anomalous grades at depth but was never followed up.
Horizon says the primary objectives of the 2023 winter programs are to conduct infill resource drilling at the Monument and Pinner prospects, test the discovery target north of the Cannon mine with 1 reverse circulation (RC) hole, and follow up on recent diamond drilling at Penny’s Find with 2 deep RC holes.
Further, the company intends to conduct a new discovery drilling program at Kanowna South and Lakewood to follow up on results from its FY22 program, alongside exploration drilling at the Kestrel and Honeyeater prospects at Binduli.
Commenting on the new drilling program, Horizon Minerals Chief Executive Officer (CEO) Grant Haywood says: “With the development and mining of our Cannon underground gold project commencing in the December 2023 half, there is a great opportunity to leverage off the infrastructure being installed at Cannon to mine other assets in close proximity, such as Pinner and Monument.
“Our goal is to be in sustainable, profitable production moving from 1 small project to the next”
Our goal is to be in sustainable, profitable production moving from 1 small project to the next. Therefore, our attention needs to focus on both building our pipeline of production-ready deposits and also testing new discovery targets which we can progress through the project pipeline.”
The company notes underground mining at Penny’s Find is scheduled to follow on from Cannon. This will aim to bring this area of the resource to an indicated status to feed into study work and allow the mining reserve to be calculated.
Horizon Minerals is an emerging mid-tier gold producer with projects located in the heart of Western Australia’s goldfields.
Write to Aaliyah Rogan at Mining.com.au
Images: Horizon Minerals Ltd