Horizon Minerals (ASX:HRZ) is planning to update the Mineral Resource Estimates (MREs) for the Monument and Pinner prospects within its Cannon Project in Western Australia.
The $28.57 million market capitalisation company plans to incorporate these updated resources into Pre-feasibility Studies for Monument and Pinner with a view to fast-track potential small open-pit mining operations leveraging the shared infrastructure at the Cannon project.
This news comes after Horizon received results from its third-pass resource drill program at the prospects. Drilling comprised 26 holes for 1,259m of aircore and reverse circulation (RC) drilling, targeting shallow mineralisation to increase drill density and resource confidence.
‘Significant’ intersections include drillhole CAAC23010 with 2m @ 3.03g/t Au from 36m and 4m @ 0.55g/t Au from 41m; and drillhole CAAC23003 with 9m @ 1.36g/t Au from 27m.
Commenting on the results, Horizon Minerals Chief Executive Officer (CEO) Grant Haywood says: “It’s pleasing to see the results have validated historic drilling, and the infill holes have come in as expected. This will lead to a maiden resource for Pinner and an update for Monument, both of which present as potential bolt-on open-pit opportunities to our Cannon underground gold project.
“It’s pleasing to see the results have validated historic drilling, and the infill holes have come in as expected“
Once the resource models are completed, we’ll undertake optimisation and mine design studies to continue development of this future production hub in the Greater Boorara-Cannon area.”
Horizon Minerals is an emerging mid-tier gold producer with a portfolio of ‘highly prospective’ gold projects in the Western Australian Goldfields. As of 30 June 2023, the company had $5.799 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Horizon Minerals
