Horizon Minerals Limited has announced further high-grade drilling results from its 100 per cent owned Jacques Find gold project, which forms a part of the Teal project area positioned 10 kilometres north-west of Kalgoorlie-Boulder, Western Australia.
The Teal camp comprises the Teal, Jacques Find and Peyes Farm deposits and is one of four core satellite gold project areas being advanced by the company as part of the company’s initial five-year mine plan to underpin the establishment of a stand-alone processing facility at the Boorara mine site [1].
The drilling program at Jacques Find is the first since the highly successful drilling campaigns completed by Horizon in 2017-2018 which delivered a Mineral Resource Estimate of 1.91 million tonnes (Mt) grading 2.14 grams per tonne (g/t) of gold (Au) for 132,000 ounces (oz) at a 1 g/t Au lower cut-off grade [2].
In the December Quarter 2020, the company completed 45 Reverse Circulation (RC) and three diamond holes for 4,483 metres to a maximum depth of 163 metres.
The aim of the drilling was to:
- Infill a number of areas within the current mineralised envelope to improve JORC classification to the Measured and Indicated Categories for Ore Reserve generation;
- Extend areas of supergene mineralisation beyond the current resource model; and
- Provide diamond core for additional geotechnical assessment and confirmatory metallurgical test work for mine optimisation, design and economic analysis.
On Tuesday Horizon reported that new shallow high-grade drilling results received from Jacques Find to-date include [3]:
- 2 metres at 12.53g/t Au from 42 metres (JFD2001)
- 8 metres at 12.10g/t Au from 60 metres (JFRC20003)
- 12 metres at 4.70g/t Au from 60 metres (JFRC20004)
- 8 metres at 6.28g/t Au from 72 metres (JFRC20008)
- 24 metres at 3.04g/t Au from 80 metres including 4 metres at 6.47g/t Au from 84 metres (JFRC20040)
- 6 metres at 6.06g/t Au from 54 metres including 1 metre at 25.6g/t Au from 59 metres (JFRC20012)
- 4 metres at 9.28g/t Au from 52 metres (JFRC20013)
- 8 metres at 4.17g/t Au from 44 metres (JFRC20007)
The results demonstrate excellent width and grade continuity within the supergene zone with new mineralisation intercepted to the south and remaining open to the north and south.
The current Mineral Resource Estimate for Jacques Find stands at 1.91Mt at 2.14g/t Au for 132,000oz at a 1g/t Au lower grade cut-off [4].
Horizon Minerals’ Managing Director, Jon Price, said further excellent high-grade mineralisation being intercepted at Jacques Find improves both the scale and quality of the deposit.
“These results continue to demonstrate the growth potential of the entire Teal gold camp that sits only 10 kilometres from Kalgoorlie and 25 kilometres on existing roads to Boorara,” Mr Price said.
The company anticipates that the latest assay results will enable compilation of an updated Mineral Resource estimate due for completion in the June Quarter 2021 [1].
Open-cut mine optimisation and design studies will then be completed for maiden reserve generation as part of the consolidated Feasibility Study [1].
Further extensional drilling is also planned at Jacques Find later in 2021 as part of Horizon’s organic growth plan.
[1] See Cautionary and Forward-Looking Statements on Page 11 of the announcement here.
[2] As announced to the ASX on 19 September 2018, see also Tables and Competent Persons Statement on Page 9 of the announcement here.
[3] See Table 1 on Page 5-7, Competent Persons Statements on Page 7 and JORC Tables on Pages 12-21 of the announcement here. Assays are 4 metres composite results except holes JFD2001 and JFRC20012.
[4] As announced to the ASX on 9 September 2018, see also Tables and Confirmatory Statements on Page 9 of the announcement here.
