Horizon Minerals Limited has announced further excellent high-grade drilling results from its 100 per cent owned Peyes Farm gold project, which forms a part of the Teal project area located 10 kilometres north-west of Kalgoorlie-Boulder.
The Teal camp comprises the Teal, Jacques Find and Peyes Farm deposits and is one of five core satellite gold project areas being advanced to complement the baseload Boorara gold project as part of the consolidated Feasibility Study to deliver an initial five-year mine plan and underpin the establishment of a stand-alone processing facility at the Boorara mine site [1].
The program at Peyes Farm is the first since the highly successful drilling campaigns completed by the Horizon in 2017 delivering a Mineral Resource Estimate of 0.53 million tonnes (Mt) grading 1.70 grams per tonne (g/t) of gold (Au) for 28,860 ounces (oz) at a 1 g/t Au lower cut-off grade [2].
The drilling program completed by Horizon in the December Quarter 2020 comprised 49 Reverse Circulation (RC) and three diamond holes for 3,808 metres to a maximum depth of 132 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
- Provide diamond core for additional geotechnical assessment and confirmatory metallurgical test work for mine optimisation, design and economic analysis.
The company advised on Tuesday that all single RC assays had now been received with shallow high-grade intercepts including [3]:
- 4 metres at 18.17 g/t Au from 79 metres including 1 metre at 61.21g/t Au from 81 metres (PFRC20038)
- 4 metres at 13.05 g/t Au from 53 metres including 2 metres at 24.25 g/t Au from 54 metres (PFRC20026)
- 7 metres at 3.97 g/t Au from 30 metres (PFRC20029)
- 5 metres at 2.87 g/t Au from 32 metres, 4 metres at 1.55 g/t Au from 40 metres and 1 metre at 16.35 g/t Au from 57 metres (PFRC20008)
- 9 metres at 1.74 g/t Au from 30 metres and 12 metres at 1.55 g/t Au from 48 metres (PFRC20018)
- 2 metres at 5.65 g/t Au from 28 metres, 2 metres at 1.44g/t Au from 44 metres and 6 metres at 2.25 g/t Au from 73 metres (PFRC20022)
Horizon said the results confirm excellent width and grade continuity within the supergene zone with mineralisation remaining open to the north and south.
The latest assay results will enable the compilation of an updated Mineral Resource Estimate, which is due for completion in the current June Quarter 2021 [1].
Open-cut mine optimisation and design studies will then be completed for maiden Ore Reserve generation as part of the consolidated Feasibility Study [1].
Further extensional drilling is planned at Peyes Farm later in 2021 as part of the company’s organic growth plan.
Horizon Minerals Managing Director, Jon Price, said that it is encouraging to see the final results from Peyes Farm, confirming the previous results and demonstrating the growth potential alongside the recent Jacques Find results 100 metres to the west.
“The Teal project area is now proving to be a significant potential mining hub to complement the baseload Boorara gold project and potential mill 25 kilometres to the east,” he said.
“Our aim now is to prove up these supergene deposits for open pit mining as we did with the successful Teal mine 400 metres to the north. We look forward to releasing the updated resource and maiden reserve in coming months and building these projects into the long-term production 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 Confirmatory Statements on Page 9 of the announcement here.
[3] See Table 1 on Page 6-7, Competent Persons Statements on Page 8 and JORC Tables on Page 12 of the announcement here.
