THE CONFERENCE CALLER: Horizon Minerals (ASX: HRZ) non-executive chairman Ashok Parekh outlines the company’s upcoming gold advances for Wally Graham of The Resources Roadhouse while at the 2025 RIU Explorers Conference.
THE DRILL SERGEANT: Horizon Minerals (ASX: HRZ) has had the drill rigs turning and producing new gold drilling results from the company’s Greater Boorara – Cannon and Binduli project areas located close to Kalgoorlie-Boulder in Western Australia.
Horizon Minerals carried out several Reverse Circulation (RC) and Air Core (AC) drill programs focussing on new discoveries at the Cannon, Kestrel and Kanowna South prospects with infill resource drilling completed at Penny’s Find.
Two deep RC holes targeted the Northern Domain lode at Penny’s Find and returned the following results:
PFRC23012A
5 metres at 2.97 grams per tonne gold from 370m; and
PFRC23011
2m at 1.27g/t gold from 305m.
The company progressed the Kanowna South prospect with further encouraging gold results highlighted by recent drilling.
AC drilling at the new Falcon Prospect 500m northwest of the Kestrel prospect in the Binduli North camp consisted of five AC holes for 219m, producing results of:
FCAC23002
1m at 0.8g/t gold from 25m and 1m at 10.09g/t gold from 29m; and
FCAC23003
2m at 1.4g/t gold from 24m.
“Although early days, our Kanowna South gold prospect is starting to take shape, and discovering a strong sulphide link in some of the mineralisation could be a major turning point in our understanding of this prospect,” Horizon Minerals CEO Grant Haywood said in the company’s ASX announcement.
“We are also looking forward to further work on the conductor at Cannon, which lies immediately north and along strike of the proposed Cannon underground.
“In addition, follow up work at the Penny’s Find gold project shall allow us to provide an updated Mineral Resource Estimate in the current December quarter, and carry out mine design and financial analysis for a maiden Ore Reserve in the first half of 2024.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
THE DRILL SERGEANT: Horizon Minerals (ASX: HRZ) reported the first Mineral Resource Estimates (MRE) for the company’s Monument and Golden Ridge North prospects near Kalgoorlie in Western Australia.
The Monument gold prospect is part of Horizon’s Cannon project group and is located less than 1km from the proposed Cannon underground project, 30km to the southeast of Kalgoorlie.
The Golden Ridge North prospect is immediately adjacent to the historic Golden Ridge open pit mine, 20km to the southeast of Kalgoorlie.
The JORC compliant resources estimated by Horizon for both deposits are as follows:
Monument – 395,000 tonnes at 1.97 grams per tonne gold for 25,000 ounces at a 0.8g/t gold cut-off grade; and
Golden Ridge North – 1.42 million tonnes at 1.23g/t gold for 57,000 ounces at a 0.8g/t gold cut-off grade.
Horizon noted that the addition of these new resources, and reduction due to the completion of the Gunga West divestment, the company’s total Mineral Resource estimate now stands at 23.22 million tonnes at 1.69g/t gold for approx. 1.3 million ounces.
“These projects provide Horizon with additional potential for satellite ore sources to complement the underground production at the Cannon gold project due to their proximity, enabling synergies with shared infrastructure and personnel,” Horizon Minerals CEO Grant Haywood said in the company’s ASX announcement.
“We shall immediately commence the study work to bring these maiden resources into an Ore Reserve and progress approvals in parallel, as we build our production profile to reach our ultimate goal of becoming an emerging mid-tier gold business for the benefit of all stakeholders.”
Horizon has drilling underway at Monument focussing on the shallower mineralisation aiming to upgrade this portion of the resource to an Indicated category.
At the Golden Ridge North deposit, a scoping study has been initiated to examine open pit mining opportunities in conjunction with Monument.
THE DRILL SERGEANT: Horizon Minerals (ASX: HRZ) reported on recent drilling activity from the company’s 100 per cent-owned Binduli and Black Flag project areas located on the outskirts of Kalgoorlie-Boulder in Western Australia.
Horizon Minerals recent work consisted two small RC drilling programs conducted at the Honeyeater prospect at Binduli and at Black Flag near the Paddington area north of Kalgoorlie.
New high-grade mineralisation intercepted at Honeyeater included:
HRC22006
2 metres at 34.85 grams per tonne gold from 74m, including 1m at 68.04g/t gold from 74m; and
HRC22008
2m at 5.34g/t gold from 28m, including 1m at 9.98g/t gold from 28m, 1m at 1.21g/t gold from 38m and 2m at 3.34g/t gold from 44m.
At the Black Flag prospect, 15 kilometres northwest of Honeyeater, new high-grade mineralisation was discovered across a gravity structure, producing results of:
BFAC21013
8m at 2.19g/t gold from 30m, including 5m at 3.03g/t gold from 30m; and
BFAC21026
1m at 0.55g/t gold from 14m and 1m at 2.74g/t gold from 26m.
“The company is very pleased with these excellent drilling results from Honeyeater which have returned some exceptional grades,” Horizon Minerals managing director Jon Price said in the company’s ASX announcement.
“The results show the growth potential of the Binduli area progressing into a large mineralised system of multiple deposits, along with the very encouraging results at the early stage Black Flag project.
“We look forward to further drilling programs in these exciting areas in 2023 to follow up extensions and new discovery drilling, with strong resource growth potential leveraging off existing infrastructure in the eastern goldfields area.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@horizonminerals.com.au
Web: www.horizonminerals.com.au
THE DRILL SERGEANT: Horizon Minerals (ASX: HRZ) reported new gold drilling results from the company’s 100 per cent-owned Greater Boorara – Cannon project area located just outside Kalgoorlie – Boulder in Western Australia.
Horizon Minerals explained the drilling is part of its current FY23 exploration program that is focussing on new discoveries within the Greater Boorara – Cannon, Lakewood and Yarmany project areas.
The company considers the Cannon to be highly prospective with several historic prospects sitting within a one kilometre radius of the open cut mine.
Two of the more advanced prospects, Monument and Homerton, were recently drilled to both validate historic drilling and test for potential strike and depth extensions.
Drilling at Monument encountered new high-grade mineralisation with results including:
CARC22024
4m at 4.63 grams per tonne gold from 68m and 4m at 7.76g/t gold from 80m;
CARC22004
7m at 2.4g/t gold from 59m;
CARC22022
5m at 4.09g/t gold from 99m, including 1m at 16.13g/t gold from 99m; and
CARC22005
4m at 3.78g/t gold from 44m.
At the Homerton prospect midway between Cannon and Monument, four holes were drilled in a new line to test the interpreted southwest trend.
Results included:
CARC22011
3m at 0.99g/t gold from 50m;
CARC22013
9m at 1.94g/t gold from 75m; and
CARC22014
4m at 1.02g/t gold from 104m.
“These excellent drilling results at Monument and Homerton clearly demonstrate the potential of the area to deliver significant resource growth in close proximity to the advanced Cannon underground gold project,” Horizon Minerals managing director Jon Price said in the company’s ASX announcement.
“We now look forward to the results of the next round of drilling and resource modelling to complement our existing resource base in the area supporting both an open pit and underground production hub as part of our contract mining – toll milling model for cash generation.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@horizonminerals.com.au
Web: www.horizonminerals.com.au
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.”
Email: info@horizonminerals.com.au
Web: www.horizonminerals.com.au
THE DRILL SERGEANT: Horizon Minerals (ASX: HRZ) released an updated Mineral Resource Estimate (MRE) for the company’s Kalpini gold project, northeast of Kalgoorlie-Boulder in Western Australia.
Horizon Minerals explained Kalpini to be one of six core open pit and underground satellite gold projects being advanced to complement the company’s 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.
The updated Mineral Resource Estimate (after depletion) now stands at 1.87 million tonnes at 2.33 grams per tonne gold for 139,000 ounces at a 0.8g/t gold lower cut-off grade and follows infill, extension and validation drilling completed at the Kalpini gold project that demonstrated both open pit and underground potential with width and grade continuity and mineralisation open along strike and at depth.
“Kalpini was acquired late in 2020 for $2.75 million and it is very encouraging to see excellent drilling results enabling an improved JORC 2012 Mineral Resource estimate with significant open pit and underground growth potential,” Horizon Minerals managing director Jon Price said in the company’s ASX announcement.
“We now look forward to completing the mine optimisation and design studies for Ore Reserve generation as part of the consolidated Feasibility Study.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@horizonminerals.com.au
Web: www.horizonminerals.com.au
THE DRILL SERGEANT: Horizon Minerals (ASX: HRZ) reported an updated Mineral Resource Estimate (MRE) for the Jacques Find – Peyes Farm project, situated within the company’s 100 per cent-owned Teal gold project area northwest of Kalgoorlie-Boulder in Western Australia.
Jacques Find – Peyes Farm are two 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 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.
RC and diamond infill and extensional drilling was completed in the December 2020 and March 2021 quarters, data from which has now been incorporated into the geological model for the updated MRE.
The drilling confirmed width and grade continuity within the supergene zone with mineralisation remaining open to the north and south and Horizon has further, follow-up drilling planned.
The resultant updated independent Mineral Resource estimate now stands at:
1.74 million tonnes at 2.32 grams per tonne gold for 130,000 ounces at a 0.8g/t gold lower cut-off grade.
Over 55 per cent of the ounces are now in the Indicated Resource category.
“After the successful completion of the Teal gold mine in 2018, the exploration team have done an excellent job in defining additional resources within the Teal gold camp 10 kilometres northwest of Kalgoorlie-Boulder,” Horizon Minerals managing director Jon Price said in the company’s ASX announcement.
“We now look forward to completing mine optimisation and design studies for Ore Reserve generation in the December Quarter 2021 as part of the consolidated Feasibility Study.”
Email: info@horizonminerals.com.au
Web: www.horizonminerals.com.au
THE DRILL SERGEANT: Horizon Minerals (ASX: HRZ) reported on completion of a Pre-Feasibility Study of the company’s Joint Ventured Richmond-Julia Creek vanadium project located in Central North Queensland.
The Pre-Feasibility Study focussed on the higher-grade Lilyvale deposit following an infill drilling program in late 2019, which resulted in an updated JORC 2012 Mineral Resource estimate of 560 million tonnes grading 0.48 per cent vanadium for 2.6 million tonnes vanadium at a 0.3 per cent lower cut-off.
Horizon Minerals reported the updated Pre-Feasibility Study, based on an initial 25-year life (25% of Ore Reserve), demonstrated Richmond-Julia Creek to be a financially strong project with the following key metrics:
Shallow low impact open pit mining producing 101.5Mt of oxide ore at a fully diluted grade of 0.49 per cent vanadium for 19.75Mt of 1.82 per cent vanadium with concentrate production on site;
Refining overall recovery at 86.1 per cent produces 317,500 tonnes of 98 per cent vanadium commercial grade flake with average annual production of 12,700 tonnes vanadium;
Modest up-front capital costs of $242.2 million (US$176.8m) and operating cash costs of $8.66 per pound (US$6.32/lb) of 98 per cent vanadium flake;
At current spot price of $13.15/lb (US$9.60/lb) vanadium the project generates NPV10% of $613 million (US$447.5M) with IRR of 38 per cent and a payback of 3.2 years.
“The Richmond-Julia Creek project is one of the largest undeveloped oxide vanadium resources in the world and can produce globally significant supply for both the steel and emerging energy storage markets,” Horizon Minerals managing director Jon Price said in the company’s ASX announcement.
“Restricted supply and increased demand have resulted in a sustained increase in prices with the initial 25-year mine life at Lilyvale generating an NPV of $613 million at current spot prices.
“What sets this project apart is its minimal impact on the environment with shallow open pit mining, progressive rehabilitation, low capex, conventional processing and first quartile operating costs.
“We look forward to the completion of the DFS in 2022 and believe the project can have significant economic development benefits to regional Queensland and the national economy.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@horizonminerals.com.au
Web: www.horizonminerals.com.au
THE DRILL SERGEANT: Horizon Minerals (ASX: HRZ) greeted the day one crowd of the annual Diggers & Dealers forum in Kalgoorlie by announcing drilling results from the company’s 100 per cent-owned Kestrel discovery.
Kestrel is part of Horizon Minerals’ Binduli gold project area, located 13 kilometres northwest of Kalgoorlie – Boulder in the heart of the Western Australian goldfields.
The recent drilling was part of Horizon’s CY21 program testing high priority project generation and new discovery targets across the company’s landholding portfolio.
The drilling program comprised 15 RC holes at the emerging Kestrel prospect with assay results pending for 8 holes, including repeat assays due to high levels of nuggety gold panned from samples.
Thick zones of shallow and high-grade gold mineralisation were intercepted with one-metre split assay results received to date including:
KRC21002
18 metres at 4.64 grams per tonne gold from 49m, including 1m at 56.65g/t gold from 64m and 5m at 5.22g/t gold from 94m, including 1m at 18.91g/t gold from 97m; and
KRC21007
15m at 4.66g/t gold from 84m, including both 1m at 21.69g/t gold from 84m and 1m at 18.5g/t gold from 98m.
“These initial drilling results at Kestrel are stunning,” Horizon Minerals managing director Jon Price said in the company’s ASX announcement.
“With high-grade and near surface mineralisation open along strike and relatively untested at depth, we are eager to commence a dedicated 10,000 metres RC and diamond program in the current September Quarter.
“The drilling program will comprise step out and depth extension drilling to 250 metres depth at Kestrel and will test a number of additional high priority targets along the 10 kilometres Janet Ivy shear.
“Binduli already hosts the advanced Crake and Coote projects, seven kilometres to the south and we see potential for this emerging gold field, which is only 13 kilometres northwest of Kalgoorlie, to grow in scale and become a significant contributor to the longer-term production profile.
“Further drilling results are pending for eight holes, and we are excited to commence the 10,000 metres large-scale follow up drilling program.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@horizonminerals.com.au
Web: www.horizonminerals.com.au
