- Horizon Minerals received high-grade, near-surface results from 2020 drilling at Jacques Find Project.
- Jacques Find is a part of the Teal Project area that sits in the goldfields of Western Australia.
- Updated Mineral Resource would be underpinned by the latest assay results.
Shares of Horizon Minerals Limited (ASX: HRZ) marked an uptick of ~5% midday, closing at AUD 0.110 on 16 February 2020 following the announcement of high-grade gold results at the Company’s 100% owned Jacques Find Gold project.
The Teal camp, one of the satellite projects for the Boorara Standalone processing facility consists of Teal, Jacques Find and Peyes Farm deposits. The drilling program at Jacques Find follows Horizon’s highly successful 2017-2018 drilling campaigns that added resource inventory to the project.
A Snapshot of the latest Drilling Program
Building upon the robust Mineral Resource Estimate hosted by Jacques Find, drilling was undertaken at the project in the December Quarter 2020.
Mineral Resource Estimate at Jacques Find stands at 1.91Mt grading 2.14g/t Au for 132,000oz at a 1g/t Au lower cut-off grade.
Significantly, the nearby Teal gold mine’s success and an increase in gold price encouraged the Company to carry out the drilling program. The program intended to maximise the grade and open pittable tonnes from the oxide and transitional ore zones of Jacques Find.
Notably, 45 Reverse Circulation (RC) and three diamond holes were drilled during the program for a total advance of 4,483 metres and up to a maximum depth of 163 metres.
The focus of the 2020 drilling program at Jacques Find included.
- Infill several areas within the current mineralised envelope. It would underpin Ore Reserve generation through improving JORC classification to the Measured and Indicated (M&I) Categories.
- Extend supergene mineralisation areas outside boundaries of the current resource model.
- Enable further geotechnical assessment and confirmatory metallurgical test work via diamond core, thereby allowing mine optimisation, design and economic analysis.
Results of Drilling Program
Preliminary test work has highlighted Jacques’ metallurgy similarity with that of Teal deposit, successfully mined and processed in 2018. Notably, Teal has demonstrated excellent recoveries in both transition (90%) and oxide (94%) ore zones following the mining up to the vertical depth of 65 metres.
Horizon conducted a further comprehensive mapping of variations in the depth of weathering as well as the fresh rock boundary. Furthermore, the new drilling has enabled the supergene ore review, with the Company planning to assess conventional milling and treatment options on the primary sulphide mineralisation.
Drill density also improved to more uniform spacing of 20 metres with the 2020 drilling allowing the ore zones’ improved definition. The program also unveiled new high-grade shoots.
The three HQ diamond drill holes completed were combined for metallurgical and geotechnical purposes. The Company is undertaking geotechnical logging and further metallurgical test work as part of maiden Ore Reserve generation, mine optimisation and design.
The program returned excellent width and grades and has extended mineralisation southward, thereby increasing the strike length to more than 800 metres. Mineralisation remains open to the north and south within the enrichment zone of supergene.