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Horizon Minerals Limited (HRZ.AX) High Grade Results Continue From New Kestrel Discovery
Perth, Australia, Oct 5, 2021 - (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to announce further excellent drilling results from the 100% owned Kestrel discovery, part of the Binduli gold project area, located 13km northwest of Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figures 1 and 2*).
- RC drilling program comprising 31 RC holes for 3,245m completed at the new Kestrel discovery, part of the Binduli project area, located 13km northwest of Kalgoorlie-Boulder in the Western Australian goldfields
- Thick zones of new, shallow, high-grade gold mineralisation intercepted with results received to date including:
o 4m @ 24.27g/t Au from 92m (KRC21044)
o 5m @ 13.22g/t Au from 101m including 1m @ 42.27g/t Au from 101m and 1m @ 1.15g/t Au from 109m (KRC21020)
o 8m @ 4.80g/t Au from 64m including 1m @ 29.95g/t Au from 64m (KRC21022)
o 2m @ 3.09g/t Au from 56m and 3m @ 10.52g/t Au from 80m including 1m @ 25.57g/t Au from 80m (KRC21010)
- Confirmatory screen fire assays completed for discovery hole KRC21007 confirming and improving on previous assay results with an assay return of:
o 23m @ 5.84g/t Au from 84m (previously reported as 15m at 4.66g/t Au)
- High grade mineralisation remains open at depth and to the south with the strike length now extending to 650m
- Two drill lines 350m - 450m south of Kestrel discovered additional (>1.0 g/t Au) mineralisation with KRC21034 intersecting four multiple, narrow ore shoots within another geologically different porphyry stockwork host (up to 7.59g/t Au). Similarities to the Coote-Crake style mineralisation are also noted which suggest the Kestrel area now hosts two mineralised porphyry systems
- Two RC rigs completing a further 5,000m of infill and extension drilling with results expected in the current December Quarter 2021
Commenting on the latest drilling results, Horizon Managing Director Mr Jon Price said:
"These new high-grade results have confirmed and extended the mineralisation at Kestrel across a potential 650m strike length, and we are just scratching the surface with vertical depths to only 100m. The aim now is to test what lies beneath and infill along strike with two rigs running and further results expected in the current December Quarter. The Binduli project area is fast becoming a new and exciting production centre with Crake and Coote in the south and Kestrel and Honeyeater in the north."
The drilling forms part of the 50,000m CY21 program testing high priority project generation and new discovery targets across the 1,100km2 portfolio. The aim of the program is to organically grow the project pipeline within a 75km radius of the proposed Boorara mill adding to the six core development projects under evaluation as part of the consolidated Feasibility Study.
The local geology at Kestrel is dominated by the Black Flag Group - a NNW trending sequence of intermediate and felsic volcanics, sedimentary rocks, and porphyry intrusives. The regional Janet Ivy Shear Zone cuts across the stratigraphy to the N-NW. Late-stage NE faults have created significant offsets.
The gold mineralisation is typically found in cm scale quartz veins which can span from 1-15m width with minor pyrite and various amounts of silica-carbonate-sericite-chlorite alteration. The quartz vein structure appears to crosscut lithological boundaries and is more common in or adjacent to the porphyry host rock. Typically, the porphyry is a speckly black and white colour, different to the Crake pink porphyry. Some quartz veins observed to date are unmineralised.
The saline environment and strong weathering profile at Kestrel has resulted in a 30m depletion zone from the surface. This was also observed at the nearby Jacques Find and Teal deposits 4km to the east. Many of the historic holes are now regarded as being too shallow and ineffective.
Looking further south from the salt lake, historical drilling 350m south of Kestrel had also intersected minor amounts of anomalous gold in quartz from 30m depth. Six holes were drilled into this area, with high grade porphyry mineralisation discovered at depth in KRC21034 which also contained several narrow ore shoots (1-2m width) with an encouraging 1m @ 7.59 g/t Au from 100m depth. The mineralisation appears to be similar in style to the Coote-Crake mineralisation 7km south. Further drilling around this hole is warranted. Another 100m step out south of this drill line, returned anomalous quartz veining in KRC21038 with a maximum result of 1m @ 3.41 g/t Au from 49m. Collectively these six holes suggest there is strong potential to expand the Kestrel trend another 450m to at least 650m.
*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.
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