Horizon Minerals (ASX: HRZ) Buoyed up on Excellent Initial Drilling Results From Penny’s Find

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  • Horizon wrapped up resource definition and extension drilling at Penny’s Find joint venture project. 
  • The assays have been received for 13 of the 21 holes, with excellent initial high-grade gold results. 
  • The Company intends to compile an updated underground Mineral Resource estimate following the receipt of pending assays.  

Horizon Minerals Limited (ASX: HRZ) is on the radar following the excellent initial high-grade gold results from the resource definition and extension drilling completed at Penny’s Find joint venture project. 

HRZ shares zoomed by over 4.35% on Wednesday on the encouraging results received from the Penny’s Find project. HRZ ended the day at AUD 0.12 on 14 April 2021.  

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In November 2020, the Company acquired a 50 per cent interest in the project from JV partner Orminex Ltd (ASX: ONX) for AUD 1.5 million. The sales agreement involves Horizon to sole fund the initial AUD 1 million in pre-development expenditure. Furthermore, the project funding thereafter would be carried out on a 50:50 basis by the joint venture partners. 

READ MORE: Horizon Minerals shares soar upon Penny’s Find gold project Acquisition


Lens through the Results

Assay for 13 of the 21 diamond holes has now been received, with all structural, geotechnical, and geological logging complete. The Company is expecting further assays in the coming week. 

The results are in line with the previous drilling conducted at the project, and the ore consists of visual high-grade and narrow quartz veins, which dip approximately 60 degrees to the northeast. 

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Source: Copyright © 2021 Kalkine Media Pty Ltd, Data Source: HRZ ASX update, dated 14 April 2021

Horizon is particularly focussed on drillhole Hole P1_010, which tested the northern extension potential beyond the current mineralised envelope, with significant widths and grade intercepted.

While limited drilling has been conducted north of the drill hole, the Company intends to undertake a follow-up program for testing the projected ore plunge and strike extent to the north.

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A Snapshot of Work Undertaken at Penny’s Project. 

Penny’s Find is associated with the quality gold mineralisation, hosted in quartz vein at the contact between basalt and sediments. Empire Resources in 2018 conducted open-cut mining to 85 metres at the project, with toll treatment processing undertaken at Lakewood and Burbanks. Significantly, production from the open pit totalled 18,300oz at 4.47g/t Au. 

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Data from metallurgical test work and toll milling suggests fresh mineralisation to be free milling. Furthermore, the mineralisation was indicated to have a high gravity recoverable gold component while the total gold recovery exceeded 92%.

In the March Quarter 2021, Horizon completed Reverse Circulation (2,013 metres) and diamond drilling (2,765 metres) for 4,778 metres up to a depth of 282 metres for testing the continuity of mineralisation. 

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The drilling mainly was on 20-metres line spacings, and the screen fire in the ore zone was used for assaying the samples. The method was considered suitable since the visible gold was observed in the core.

Source: Copyright © 2021 Kalkine Media Pty Ltd, Data Source: HRZ ASX update, dated 14 April 2021

Way Forward at Penny’s Find

Horizon is awaiting the receipt of drilling results, following which an updated underground Mineral Resource estimate (MRE) will be compiled.

Horizon advised that all statutory approvals are present, and a toll milling agreement was executed for ore processing in H2 2021

Underground mine optimisation, design as well as updated economic analysis will be wrapped up with the aim to assist in Ore Reserve generation and a development decision in the September Quarter 2021.

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