Horizon Minerals (ASX:HRZ) has begun an extension drilling program to extend the known resource at the ‘high-grade’ Penny’s Find Project within the heart of the Western Australian goldfields.
Drilling is expected to be completed after 4 weeks with results from drilling expected to be received in the current June quarter 2023. It is hoped assays will warrant an updated Mineral Resource Estimate (MRE) in H2 2023.
Updated mine optimisation and design studies are also expected to be completed for generation of ore reserves in H2 2023.
The current drilling comprises up to 2,400m of reverse circulation (RC) and diamond tails that are being undertaken to extend the known resource at depth, as well as follow-up on a new lode system along strike to the north and at depth in order to further increase the resource base.
Horizon reports this new lode was identified to the north of the existing resource following a 21 drillhole RC and diamond drilling program, with results including gold grades up to 23.56g/t Au and all mineralisation uncovered remaining open along strike and at depth. It is the company’s belief that this new system hosts potential for growth.
Addressing the start of drilling, incoming Horizon Minerals Chief Executive Officer (CEO) Grant Haywood says: “The latest drilling at Penny’s Find has demonstrated the growth potential of this high grade mineralised system to the north and at depth.
“As we focus on the development of the Cannon mine in 2023, the follow up drilling at Penny’s Find will enable updated resources and reserve studies to be completed…”
As we focus on the development of the Cannon mine in 2023, the follow up drilling at Penny’s Find will enable updated resources and reserve studies to be completed so we can have the mine ready to develop in sequence for continuous gold production at a time of record A$ gold prices. We look forward to keeping you updated with regular news flow on drilling results, resource and reserve work and the Cannon development timeline.”
The company also notes drilling is hoped to aid its goal of developing a sequence of underground mines, with Penny’s Find planned to follow the proposed Cannon gold mine development scheduled for H2 2023.
Horizon Metals is an ASX-listed mid-tier gold production company with a portfolio of ‘high quality’ projects located in the heart of the Western Australian goldfields. The company’s Penny’s Find project is located 50km northeast of the township of Kalgoorlie and is wholly owned by Horizon, which acquired the remaining 50% of the project in December 2021.
The project currently hosts a MRE of 270,000 tonnes @ 4.99g/t Au for 43,000oz with 81% in the indicated category and represents a priority project in regard to the Horizon mining sequence alongside the Cannon gold mine. Both mines are expected to deliver ‘high-grade’ ore to the Greenfields Toll Treatment plant in Coolgardie where a production agreement for 200,000tpa has been made with FMR Investments.
Images: Horizon Minerals Ltd
