Horizon Minerals Limited has announced it is assessing all options to create value from the Nimbus silver-zinc project, located 15 kilometres east of Kalgoorlie-Boulder in the goldfields of Western Australia.
According to Horizon’s Managing Director Jon Price, with silver and zinc prices showing sustained increases in recent times, it is a significant opportunity to develop the high grades lodes at Nimbus either on a stand-alone basis or in joint venture with an expert group.
“There remains potential for the project to grow in scale and quality with further exploration beyond the current mineralised envelopes. Any strategic option we elect to pursue for Nimbus will take into account this growth and future development potential,” he said.
The Nimbus Silver-Zinc Project covers approximately 170 square kilometres and is situated on Mining Leases, Exploration Licences and Prospecting Licences and includes the Boorara gold project area.
Up until 2017, a significant amount of geological, metallurgical and engineering work was completed on Nimbus with the project put on hold due to depressed commodity prices.
Several ore processing options were reviewed based on extensive laboratory testwork with results indicating acceptable silver recoveries from conventional and proprietary processes.
The company has now commenced a desktop study of all previous technical work undertaken to evaluate options for the next steps in advancing the project.
As part of the study, the high-grade lodes will be evaluated for potential early-stage development and concentrate generation.
Considerable interest has reportedly been shown in the project from third parties with technical skillsets in developing Nimbus’ style of mineralisation.
Horizon is expected to provide an update on Nimbus in the December Quarter 2020 which may include a decision on the optimal pathway to create value for shareholders in the current high silver and zinc price environment.
Project highlights include:
- High-grade silver resource of 260 kilotonnes (kt) at 774 grams per tonne (g/t) of silver (Ag) and 12.8 per cent zinc (Zn) contained in JORC 2012 Resources of 12.1 Million tonnes at 52g/t Ag, 0.9 per cent Zn and 0.2g/t Au.
- Deposit remains open at depth and along strike with significant potential to increase existing silver-zinc resources with further drilling.
- Significant regional exploration potential to find additional silver and other base metal deposits.
- Close proximity to Kalgoorlie-Boulder and existing infrastructure
- Historical production of 3.6 Million ounces (Moz) of high-grade silver (352g/t)
