Sponsored

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

Summary

  • 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. 

 ALSO READ:  Horizon Minerals (ASX: HRZ) positioned to leverage exciting potential on retaining Nimbus 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. 

ALSO READ: A Bird’s Eye View on Horizon Minerals’s (ASX: HRZ) Code to Success

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.

ALSO READ:  Horizon Minerals (ASX:HRZ) Going Great Guns with its Regional Consolidation Strategy 


Disclaimer
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content 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 stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music 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/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
   
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