Perth, Australia, Nov 18, 2019 - (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) wishes to advise that it has received a notice of withdrawal from Minex (West) Pty Ltd, a 100% owned subsidiary of Mithril Resources Limited (ASX:MTH.AX - News) (Mithril) covering the Nanadie Well Joint Venture with the project now returned to Horizon on a 100% basis.
All relevant mining and geological information, drilling samples and property pertaining to the projects will be returned to Horizon.
The Company now intends to complete a detailed geological review of the project ahead of field reconnaissance work and an RC drilling program to test a number of walk up targets and to ensure the project tenure remains in good standing.
Commenting on the Nanadie Well project, Horizon Managing Director Mr Jon Price said:
"While our focus remains firmly on growing our gold business in the Western Australian Goldfields region, we see significant potential for value creation at Nanadie Well for copper, PGEs and gold. On the back of the geological review and drilling results, we will assess the next steps for the project including retention, further joint ventures or divestment. "
About the Nanadie Well project
The Nanadie Well project is located approximately 100km south east of Meekatharra in the Murchison Field of Western Australia (*Figure 1) and covers an area of 45km2. The project covers part of a northwest trending belt of Archean mafic and metasedimentary units with demonstrated prospectivity for both magmatic copper-nickel-PGE mineralisation and gold lode mineralisation.
The current Nanadie Well Inferred Resource (JORC 2004) contains 36Mt @ 0.42 % copper (151,500 tonnes Cu) and 0.06 g/t Au (74,200 oz). During the 2013 - 2019 Farm-in period, Mithril completed several reverse circulation ("RC") and diamond core programs at the Nanadie Well deposit and discovered the nearby Stark Cu prospect. In addition significant improvements in the geological understanding and mineralisation styles were made.
The Mithril geological interpretation will allow for a more refined Nanadie resource model to be developed in conjunction with further infill drilling. Horizon notes that Nanadie and Stark typically contain multiple, narrow high grade ore shoots (>1 Cu %), usually in the form of narrow veins of chalcopyrite (Cu) and other sulphides (including pentlandite). Broad, low grade zones (<1.0 Cu %) are typically marked by a more disseminated and patchy style of mineralisation. Examples of the high grade zones include:
- 19m @ 1.87 Cu% from 33m and 12m @ 1.34 Cu % from 60m (NRC5020)
- 4m @ 3.30 Cu % from 93m (NRC5018)
- 2m @ 1.87 Cu % from 86m and 19m @ 1.35 Cu % from 137m (NRC12016)
- 6m @ 1.38 Cu % from 89m and 9m @ 2.03 Cu % from 140m (NRC12013)
Horizon plans to focus its drilling efforts primarily in the top 100m where significant high grade copper mineralisation is confirmed (*Figure 2). Should the drilling be successful, then there will be enough geological evidence and continuity to then support building an updated, high grade resource model.
In addition to the copper and gold, Mithril rock chip sampling of gossans at Stark showed that the mafic sequences contained Nickel (up to 0.82 %), Cobalt (up to 0.15 %) and Platinum Group Elements (PGE's up to 0.47 g/t Pt-Pd). Deep drilling beneath the gossans returned encouraging values upto 0.37 Ni % and 3.94 g/t PGE's. Further evaluation is warranted.
A small, first pass RC program is being planned with a threefold purpose.
1. Infill and extend high grade areas within the top 100m at Nanadie Well to assist in updating the resource to JORC 2012 compliance.
2. Test the shallow up hole extensions from the Stark RC and diamond drilling (*Figure 2).
3. Test 1 new, conceptual Cu target along strike from Nanadie Well.
In addition, a mining lease application over Nanadie Well and Stark (both E51/1040) is being prepared and will be submitted shortly.
*To view tables and figures, please visit:
About Horizon Minerals Limited:
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Media Relations - Fivemark Partners
Horizon Minerals Limited
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