Sponsored

Horizon Minerals’ (ASX:HRZ) golden run continues with high-grade results at Peyes Farm

Source: QiuJu Song,Shutterstock

Summary

  • Horizon Minerals wrapped up the infill and extensional drilling Peyes Farm gold project, returning robust results. 
  • The latest assay results will underpin the compilation of an updated MRE expected for release in June Quarter 2021.
  • Horizon would undertake further extensional drilling at Peyes Farm later this year.

Horizon Minerals Limited (ASX:HRZ) continues to advance well on its robust gold projects in Western Australian goldfields. Australian gold explorer delivering another successful exploration has announced high-grade drilling results from its 100% owned Peyes Farm gold project, a part of the Teal project area. 

Following the significant update, HRZ shares marked an uptick of 5% from the previous close, trading at AUD 0.105 on 3 March 2021 (at 11:05 AM AEDT). 

ALSO READ: Horizon Minerals (ASX:HRZ) sitting on a sweet spot with high-grade results from Jacques Find Gold Project

A Snapshot of the Drilling Program

Horizon’s highly effective 2017 drilling campaigns at Peyes Farm delivered a Mineral Resource Estimate of 0.53Mt grading 1.70g/t Au for 28.86koz at a 1g/t Au lower cut-off grade. Ever since, the 2020 drilling is the earliest program undertaken at the project. 

A total of 49 RC and three diamond holes were drilled as a part of the program over an advance of 3,808 metres to a maximum depth of 132 metres. 

The objectives of 2020 drilling at Peyes Farm included:

  • Extension of supergene mineralisation areas outside the current resource model
  • Infilling several areas within the current mineralised envelope. It would improve JORC classification to the M&I categories for Ore Reserve generation
  • Providing diamond core for further geotechnical assessment and confirmatory metallurgical test work. It would be used for mine optimisation, economic analysis and design.

Source: Copyright © 2021 Kalkine Media Pty Ltd. (Data Source: HRZ ASX Update, 2 March 2021)

Results from the Program

The recent gold rally and success of the nearby Teal gold mine where pit produced 229,000t @ 3.2g/t Au for 21,836 oz have together been the driving force for the 2020 drilling program at the Peyes Farm. The program was intended to amplify the open pittable tonnes and grade from the oxide as well as transitional ore zones of the Peyes gold Farm.

Preliminary test work indicates that the metallurgy of the Peyes Farm is like that of the Teal deposit, mined to a vertical depth of 65 metres with outstanding recoveries in both the transition (90%) and oxide (94%) ore zones.

Variations in the weathering depth and the fresh rock boundary at the project were mapped more precisely with the latest drilling allowing the supergene ore assessment for conventional milling as well as treatment options which would be reviewed on the primary sulphide mineralisation. 

Source: Copyright © 2021 Kalkine Media Pty Ltd. (Data Source: HRZ ASX Update, 2 March 2021)

The drill density following the 2020 drilling also improved to a further uniform spacing of 10 metres, enabling improved definition of the ore zones. Significantly, the program presented new high-grade shoots. Like Teal, the supergene zone at 24-70 metres vertical depth at Peyes farm also demonstrated the highest grades. 

ALSO READ: Final milling campaign at Boorara fetches Horizon Minerals (ASX:HRZ) AUD 1.2M net cash

In Conjunction with the RC drilling, three diamond holes were also drilled to cater for metallurgical and geotechnical purposes and are in progress as part of mine optimisation, design and maiden Ore Reserve generation.

Excellent width and grades were obtained from the 2020 drilling program extending mineralisation to the north, with the strike length increasing to over 500 metres. Mineralisation remains open to the south and north within the enrichment zone of supergene mineralsation.

The assays from the latest drilling will underpin the compilation of an updated MRE anticipated for release in June Quarter this year. As part of the organic growth plan, Horizon has proposed further extensional drilling at Peyes Farm later in 2021

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK