Horizon retains Argonaut PCF to review options

Horizon Minerals (ASX:HRZ) has appointed Perth advisory firm Argonaut PCF to assist reviewing strategic options for its Goldfields and Bridgetown-Greenbushes projects in Western Australia.

The appointment follows the discovery of ‘significant’ lithium anomalies across its portfolio. 

The $23.13 million market capitalisation company is planning follow-up lithium exploration in relation to its latest discovery, focused on delineating lithium and other anomalies on the Reptile and Big Red Shears. 

Horizon will also conduct a review of a 2021 drilling program, particularly focusing on the assaying, logging and chip trays. 

This review is aimed to assess whether the intense white clay or kaolinite rich 20m to 30m wide zones encountered during the gold exploration program may have any pegmatite affiliations. 

Sample pulps from 2021 and 2022 drilling programs at Yarmany East prospect are being collected to submit to the Perth laboratory for new multi-element work. 

Assays are due in early 2024, whilst an infill and expansion auger drilling is being planned across the Yarmany East, Snake Hill and Kanowna South prospects. 

This news comes after Horizon conducted soil sampling and auger programs across the Reptile Shear Zone which highlighted an unexplored more than 14km long trend of contiguous lithium and pathfinder anomalies up to 300m wide. 

Horizon Minerals Chief Executive Officer (CEO) Grant Haywood says while the company is focused on gold endowment, there is a growing presence of the lithium potential within the region. 

“We are preparing plans to test the exciting new prospects in the new year and will also consider potential strategic options for our emerging lithium assets.”

At Snake Hill — which sits 2.5km east of Golden Ridge area — anomalous lithium has been uncovered via shallow aircore drilling. The results include 4m @ 619 parts per million (ppm) lithium, 0.7% cobalt, 0.17% copper, 8.9% manganese, 0.29% nickel from 30m. 

Horizon notes that the lithium mineralisation at Snake Hill extends for 600m and may be related to a deeper, primary structure. 

Meanwhile at the Kanowna South prospect — which is a new lithium prospect within the Greater Boorara area — has delineated a small +250m, open ended soil anomaly via historic auger sampling and has confirmed 2 known lithium signatures and styles.

Horizon Minerals is an emerging mid-tier gold producer with assets in Western Australia’s Goldfields region. 

Horizon has strengthened its balance sheet over the past 6 months and now has a cash and investments position of $16.1 million.

Write to Aaliyah Rogan at Mining.com.au   

Images: Horizon Minerals
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.