Horizon Minerals Exploration Endeavours Enhances Glittering Gold Prospects

  • Jul 09, 2020 AEST
  • Team Kalkine
Horizon Minerals Exploration Endeavours Enhances Glittering Gold Prospects

Summary

  • Horizon’s significant development in the June 2020 quarter across its project pipeline would underpin the Consolidated Feasibility Study, expected to be released in March Quarter 2021. 
  • The gold players have come under the investor’s radar with the surge in gold prices in the international context.
  • At Boorara mine, the Australian explorer is completing a detailed pit mapping eyeing the improvement of geological understanding before global resource review. The review would be a component of consolidated Feasibility Study.
  • The company expects its first gold production and revenue in July 2020 and production on a campaign basis would continue through to January 2021.

Australian Gold explorer, Horizon Minerals Limited (ASX: HRZ) remained in the limelight with notable progress concerning its portfolio of noteworthy projects. The company’s exploration activities backed by strategic guidance is targeted at building Horizon into a new mid-tier gold producer. The significant advancements appear to fortify Horizon’s position in the Australian yellow metal exploration market amidst the stimulated interest towards gold in the current volatile Covid-19 scenario. 

With the spike in Covid-19 cases building heightened fear and uncertainty, gold prices have witnessed a significant surge. The deepened interest towards gold investment at present scenario is very conducive for gold players across the value stream broadly supplementing lucrative prospects for Horizon Minerals’ varying golds projects. 

At the same time, Horizon Minerals has also appointed Mr Ashok Parekh as the new chairman. He would serve alongside Managing Director Mr Jon Price and Non-Executive Director Mr Peter Bilbe. As Horizon moves ahead to forge the successful way for its robust project portfolio, several striking developments were marked in the recent past. 

ALSO READ: Horizon Minerals Appoints New Chairman, Skilful Guidance Building a Success Story

As a component of the consolidated Feasibility Study slated for release in the September Quarter 2020, varying projects including Boorara deposit, Rose Hill, and Brilliant North join Binduli and Teal are being assessed as core advanced development projects 

Boorara gold project

The exploration activities that include Mining and ore haulage are progressing ahead of schedule at the Horizon’s flagship Boorara gold mine, lying 10 kilometres east of Kalgoorlie-Boulder situated in the Western Australian goldfields.  

Mining at the Boorara gold mine commenced on 6 May 2020 followed by first ore mining which occurred soon from the Regal East pit. The company intends on concurrently mining both Regal east and west pits for facilitating productive cycling of mining production along with drilling and blast activities. 

ALSO READ: Horizon Minerals Advancing well with Boorara Mining and Haulage Ahead of Schedule

A total movement of 232,000 BCM has been mined, with 22% above plan free dig material reducing drill and blast costs, along with minimising dilution and enhancing the productivity of the mine. To date, the total ore mined amounts to 42,000t grading 1.4g/t Au, which is in line with the reserve model. 

Ore haulage has now commenced from the Boorara’s run of mine pad to the Lakewood Mill. The ore treatment campaign is slated for 13 July 2020, which will treat first ore parcel of approximately 25,000t from the Regal East pit, allowing the reconciliation of detailed mine to mill grade. 

Way Ahead

Ahead of a global resource review, the company eyeing to enhance geological understanding is also completing detailed pit mapping as part of the consolidated Feasibility Study. 

The company anticipates the first gold production along with revenue in July 2020 while the production on campaign basis would go on through to January 2021. 

Rose Hill gold project 

Horizon reported outstanding drilling results from the Rose Hill gold project, stationed close to Coolgardie, and situated 35 kilometres west of Kalgoorlie amid the goldfields of Western Australia. Notably, Horizon finished three infill RC and diamond tail holes to a depth limit of 172 metres 

The drilling targeted for expanding geological confidence, testing extensions in areas that are poorly drilled and providing additional geotechnical information as well as metallurgical samples from the diamond core.

Current Mineral Resource estimate at Rosehill to 300m depth stands at 1.2Mt @ 2.49g/t Au for 95,000oz at a 0.7g/t lower cut-off grade. Significant high-grade intercepts have been received with widths and geological continuity for supporting the underground resource model. 

Source: HRZ ASX Update

Source: HRZ ASX Update

Horizon also holds mineral rights to the top 30m of the Brilliant North project stationed on M15/1204, 80 metres South from Rose Hill, which is believed to represent Rose Hill deposit’s southern extension. 

Plans Ahead

Horizon has planned further drilling concerning Rose Hill and would include many RC holes which would target shallow and potential open cut area.

Meanwhile, re-drilling few historic open percussions holes also remain as a component of the plan. 

The company for improving and confirming the geological and grade confidence would also accomplish diamond and deep RC drilling. Confirmatory metallurgical and processing testwork is also proposed to be completed. 

Horizon in September Quarter would initiate the resource drilling at Brilliant North with the purpose for establishing a standalone, open-cut resource model. 

Nanadie Well Copper-Gold Project

At the WA-based Nanadie Well project, situated in the Murchison Mineral Field at 100 kilometres southeast of Meekatharra witnessed the completion of Infill and extensional drilling. 

The results of drilling, which comprised of 14 RC holes for 1,046 metres to a depth of maximum 55 metres confirms the high-grade presence of a shallow supergene concentration of Cu-Au zone, that remains open along strike and at depth.  

Over the Nanadie Well (Cu-Au) and Stark (Cu-Ni-Co-PGE) prospects, the company has launched a new Mining License application (M51/887)

Follow up drilling, divestment, and the company is currently reviewing joint ventures for the Nanadie Well.

Apart from the Gold-centric projects, highly successful infill drilling during June Quarter was completed at the Lilyvale deposit which comprises part of the Joint Venture Richmond-Julia Creek Vanadium Project. Metallurgical testwork of commercial-scale is well advanced on 1.5 - 2% Lilyvale concentrate. The company is expecting results from these advanced tests in September Quarter 2020.

HRZ stock ended at $0.155 on 9 July 2020. The stock has given a return of 138.10% in the last 3-months. 

 


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