THE DRILL SERGEANT: Horizon Minerals (ASX: HRZ) has updated the Mineral Resource Estimate (MRE) for the company’s Cannon gold project, located outside Kalgoorlie-Boulder in Western Australia.
Horizon Minerals acquired the high-grade Cannon underground gold project as part of its recent Bulong South, Glandore and Cowarna project acquisition.
Cannon is now one of six core open pit and underground satellite gold projects Horizon Minerals is advancing to complement the baseload Boorara gold project as part of a consolidated Feasibility Study to deliver a minimum five-year initial mine plan and underpin the establishment of a stand-alone centralised processing facility at the Boorara mine site.
Horizon conducted a review of all geological, engineering, and metallurgical data of a Mineral Resource Estimate and Ore Reserve that had been generated by previous owners.
An Independent Mineral Resource estimate compiled for Cannon and stands at:
232,000 tonnes at 4.29 grams per tonne gold for 32,070 ounces at a 1g/t gold lower cut-off grade.
Over 89 per cent of these ounces are in the Indicated Resource category.
Horizon’s total Mineral Resource now stands at:
20.73 million tonnes at 1.72g/t gold for approx. 1.15 million ounces with 77 per cent sitting in the Measured and Indicated categories.
“The recently acquired Cannon underground gold project presents a near-term development opportunity and lies just 10 kilometres on existing roads from the proposed Boorara mill site being assessed as part of the consolidated Feasibility Study,” Horizon Minerals managing director Jon Price said in the company’s ASX announcement.
“The project has the potential to provide high grade ore early in the production profile with significant growth potential down plunge and along the Cannon shear zone and we look forward to completing the underground mining studies and updated Ore Reserve in the current December Quarter.
“Target generation for resource growth and new discoveries along the Cannon shear zone and within the Glandore and Cowarna project areas is also well advanced with surface drilling planned for the March Quarter 2022 with depth extensions to be tested from underground during the mining cycle.”