Horizon Minerals Concludes Phase 2 resource extension drilling at Crake gold project with Excellent Results

Summary

• Horizon Minerals received a robust set of results from the Phase 2 resource extension drilling at Crake, which is a part of the 100% owned Binduli gold project area. 
• The drilling at Crake Gold project consisted of 10 step-out holes for 804 metres to a maximum depth of 132 metres. 
• Impressive intercept of 28m @ 3.37g/t Au from 32m including 4m @ 12.40g/t Au from 36m returned from hole BRC20028
• Phase 3 drilling is currently underway, and results expected early in the March quarter 2021

Australian emerging mid-tier gold producer, Horizon Minerals Limited (ASX: HRZ) is steadfastly gearing towards consolidated Feasibility Study (FS). The exploration developments have taken another significant step forward with further encouraging drilling results from Phase 2 resource extension drilling at Crake, part of the 100% owned Binduli gold project area.

Notably, Crake is one of four core satellite gold projects which Horizon is advancing to complement the baseload Boorara gold project as part of the consolidated FS. The focus of the Consolidated Feasibility Study (CFS) is to underpin stand-alone processing facility establishment at the Boorara mine site and deliver an initial five-year mine plan. 

ALSO READ: Horizon Minerals (ASX: HRZ) Advancing Well on its Robust Gold Project Portfolio

Lens through the Phase 2 Drilling Results

Drilling at Crake Gold project consisted of 10 step-out holes for 804 metres to a maximum depth of 132 metres 

The Company undertook Phase 2 drilling program with the following objectives:

• To follow up the Phase 1 northwest extension discovered at Crake
• To follow up the shallow high-grade intercepts on the eastern edge of Crake

Source: HRZ ASX Update, 24 September 2020

The standout intercept was returned from BRC20028 in the northwest of the system. This intercept stands at 28m @ 3.37g/t Au from 32m, including 4m @ 12.40g/t Au from 36m. The Company has planned a step-out drilling around the hole for next month. Significantly, diamond drilling would offer an enhanced understanding of the cross-cutting structures which are responsible for robust mineralisation and other significant results in the northwest area.

ALSO READ: Horizon Minerals’ (ASX: HRZ) Infill Drilling Confirms Shallow Open Pit Potential at Rose Hill, Complements Greater Plans Ahead

Other shallow high-grade intercepts include:

• 8m @ 1.85g/t Au from 56m from BRC20026
• 16m @ 1.43g/t Au from 56m and 4m @ 1.27g/t Au from 92m from BRC20025

The emergence of new and high-grade mineralisation in an area with limited drilling is confirmed from the results. The mineralisation remains open and striking toward the new Coote prospect’s northern extension, 700m to the west.

Horizon also completed structural diamond drilling to 100m depth at Crake, with assay from BCD20005 returning 19.3m @ 2.09g/t Au from 68m. 

ALSO READ: Horizon Minerals (ASX: HRZ) Recommences Gold Production at Boorara, Third Toll Milling Campaign Underway

Overview of Advancement at Crake Project

Horizon has been committed to significant developments at Crake Project in the past years. Key undertakings include:

2018

• Drilling commenced at the historic Crake prospect where encouraging gold mineralisation within a porphyry host rock was intersected in the previous work. 
• The initial drilling totalled 85 RC holes for 8,096 metres.
• The drilling defined Mineral Resource Estimate of 1.12Mt @ 1.59g/t Au for 57,700oz at a 1g/t lower grade cut-off. 

2019

• Horizon undertook follow up drilling consisting of 42 holes for 3,102 metres.
• The drilling led to an updated MRE to be compiled which totalled 1.27Mt grading 1.82g/t Au for 73,820oz at a 1g/t Au lower grade cut-off.

2020

• In September 2020, the Company completed further reserve conversion and resource growth drilling. 
• Drilling consisted of 29 RC holes for 2,460 metres to a maximum depth of 144 metres at both Crake and Coote prospects. 
• Five HQ3 diamond holes involving two structural/metallurgical holes and three geotechnical were also completed for ~520 metres
• In November 2020, a follow-up Phase 2 program comprising of 10 holes for 804m was completed upon receiving encouraging results from the Phase 1 program. 

ALSO READ: Horizon Minerals’ (ASX: HRZ) Solid Project Pipeline makes it Shine during September 2020 Quarter

Way Forward

HRZ shares closed at $0.115 on 24 November 2020.

[All currency is in AUD unless stated otherwise]