Horizon Minerals Limited (ASX: HRZ) has announced a highly positive update from the drilling at its Boorara gold project in Western Australia.
The company reported that all assay results have now been received from the 18,000m infill drilling program at the Boorara gold project.
HRZ said that the results continue to exceed expectations.
Significant results from the Regal deposit include 9m @ 7.83g/t Au from 1m (BGC10377) 10m @ 6.84g/t Au from 12m; 8m @ 6.61g/t Au from 19m; 4m @ 12.62g/t Au from 13m; 12m @ 4.07g/t Au from 23m; and 15m @ 2.34g/t Au from 15m.
Important hits from the Crown Jewel deposit include 10m @ 7.87g/t Au from 10m; 15m @ 4.73g/t Au from 14m; 8m @ 5.85g/t Au from 17m; and 5m @ 4.72g/t Au from 7m.
The company said that the drilling highlights significantly higher grades at both deposits and three distinct parallel mineralised lodes at Regal with mineralisation starting from surface.
HRZ reported that extensive metallurgical test work and previous trial mining and milling showed recoveries of over 91% from conventional carbon in leach ore processing with a high gravity component
The company announced that the updated geological model for Boorara Stage 1 is well advanced and is expected to be released with the mine optimisation, design and economic evaluation in the current March Quarter 2020.
Boorara gold project
The Boorara gold project is located 10km east of Kalgoorlie-Boulder in the heart of the Western Australian goldfields.
The project contains over 1.5 kilometres of gold mineralisation striking north-west at 330 degrees. The project is divided into three project areas, namely Royal (Southern), Crown Jewel (Central), and Regal (Northern) deposits.
A significant amount of RC and diamond drilling has been completed at Boorara over the last 10 years with the project hosting a current Mineral Resource Estimate totalling 16.45Mt grading 0.96g/t Au for 507,000oz at a 0.5g/t Au cut-off grade.
RC drilling at Boorara
HRZ reported that in the December Quarter 2019, it had completed 18,000m of infill Reverse Circulation (RC) drilling on 4m x 10m (south) and 5m x 10m (north) drill spacing to a maximum depth of 54m at the Royal, Crown Jewel, and Regal deposits.
High-grade results reported
The company said that high-grade results were received from the Regal and Crown Jewel deposit. HRZ noted that the results demonstrate the higher gold grades resulting from this close spaced grade control drilling.
The company reported that three parallel lodes were grade control drilled at Regal, with all lodes at a 060⁰ azimuth and -60⁰ dip on a 5m x 10m drill spacing.
HRZ said that near vertical quartz dolerite lodes with multiple quartz vein arrays were intercepted as well as multiple flat NW dipping quartz lodes.
Significant results received from the Regal deposit include 9m @ 7.83g/t Au from 1m (BGC10377); 10m @ 6.84g/t Au from 12m (BGC10334); 8m @ 6.61g/t Au from 19m (BGC11066); 4m @ 12.62g/t Au from 13m (BGC10363); 12m @ 4.07g/t Au from 23m (BGC10339); 14m @ 2.89g/t Au from 8m (BGC11085); 7m @ 5.43g/t Au from 27m (BGC10277); 4m @ 11.88g/t Au from 26m (BGC10333); 15m @ 2.35g/t Au from 5m (BGC11059); and 15m @ 2.34g/t Au from 15m (BGC10374).
Crown Jewel deposit
The company said that at Crown Jewel, vertical grade control holes (4mx10m drill spacing) intercepted the quartz dolerite lode from surface with multiple vein arrays.
Significant results received from the Crown Jewel deposit include 10m @ 7.87g/t Au from 10m (BGC10379); 15m @ 4.73g/t Au from 14m (BGC11109); 8m @ 5.85g/t Au from 17m (BGC10380); 13m @ 2.99g/t Au from 12m (BGC11132); 8m @ 4.24g/t Au from 4m (BGC11115); 10m @ 3.29g/t Au from 8m (BGC11107); 3m @ 7.87g/t Au from 12m (BGC11141); and 5m @ 4.72g/t Au from 7m (BGC11142)
Updates and future plans
Horizon said that all results will now be used to compile an independent geological model for Boorara Stage 1 comprising all three deposits.
The company said that the model will be generated by BM Geological Services Pty Ltd, a local geological consultancy who has significant experience in the region and with this style of mineralisation.
HRZ reported that on completion of the model, a mine optimisation and design will be undertaken across three starter pits to generate a mining inventory for mine scheduling and economic evaluation.
The company said that significant metallurgical test work has been completed and previous mining and milling data demonstrated expected gold recoveries of >91% with a high gravity recovery component.
Horizon said that the discussions with mining, haulage, and toll milling contractors are well advanced and all statutory approvals have been submitted to meet the Company’s objective to be mining at Boorara in the June Quarter 2020 and toll milling in the September Quarter 2020.
Horizon Managing Director Jon Price said: “The results from Regal and Crown Jewel continue to demonstrate the considerable potential at Boorara with high grades intercepted at mineable widths and the ore starting at surface. The drilling has intercepted both the main NNW striking zones and multiple flat cross cutting vein sets and has certainly exceeded our expectations.
The focus is now on delivering a robust model, mine optimisation and economic evaluation to meet our objective of bringing Stage 1 of Boorara into production in 2020 and unlocking further value from the larger scale development being assessed as part of the Feasibility Study due out in December Quarter 2020.”