Horizon Minerals Limited: High Grade Drill Results and Resource Update for Rose Hill
Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce drilling results from Rose Hill and updated Mineral Resource estimates for the Rose Hill, Gunga West and Golden Ridge projects located in the Kalgoorlie and Coolgardie regions in the heart of the Western Australian goldfields (Figure 1*).The projects were acquired under an asset swap with Northern Star Resources Ltd. (ASX:NST) as announced to the ASX on 12 September and 20 December 2019. Northern Star acquired the projects as part of the purchase of Westgold Resources Ltd.'s (ASX:WGX) South Kalgoorlie Operations as announced to the ASX on 8 March 2018.
During January 2020, the Company completed 12 Reverse Circulation ("RC") holes for 1,200m at Rose Hill to a maximum depth of 200m. The aim of the program was to:
- Conduct due diligence on certain historic holes to assess the reliability in regards to grade, width and reproducibility.
- Infill a number of areas to improve the geological confidence within the current resource model and future reclassification to the Measured and Indicated categories for mine development evaluation. In addition, extensional drilling was conducted outside the current resource envelope, testing extensions both along strike and at depth
Rose Hill Project Geology
Rose Hill is located 0.5km southeast of Coolgardie and lies on the western margin of the Archean Norseman-Menzies Greenstone Belt. Mineralisation is hosted within the main Rose Hill porphyry, adjacent to the hanging wall ultramafic and an eastern porphyry unit. The mineralised porphyry is believed to have dioritic affinities.
Summary of Results
A list of significant assays is shown in Table 2*. Gold is found within a steep dipping, porphyry host rock and is associated with stock work quartz veining and increased pyrite abundance. Strong gold mineralisation was confirmed beneath the pit floor. Remnants of old workings are still visible.
Drilling close to these workings returned 11m @ 8.79g/t Au from 43m (RHRC2006) and 10m @ 6.28g/t Au from 28m and 6m @ 2.23 g/t Au from 40m (RHRC20001). Twin holes RHRC20007 (7m @ 3.76g/t Au from 45m and 2m @ 5.05g/t Au from 56m) and RHRC20009 (7m @ 7.26g/t Au from 27m and 7m @ 1.46g/t Au from 36m) both validated their respective historic counterparts (RH1090/3 8m @ 3.23g/t Au from 43m and 2m @ 2.93g/t Au from 57m, 18m @ 4.02g/t Au from 28m).
It is anticipated that much of this shallow ore will be upgraded to a measured category once the old pit is surveyed. Further infill pit drilling is planned.
Drilling outside the pit was more infill in nature. Two holes (RHRC20002 and RHRC20003) at the northern end of M15/652 tested the block model in the oxide zone with satisfactory results. Three holes were drilled deeper beneath the pit (RHRC20004, RHRC20005 and RHRC20012). RHRC20012 returned 16m @ 4.10g/t Au from 93m and confirms the underground potential at Rose Hill. Historic drilling has shown the mineralisation extends to 300m vertical depth.
Three drill holes were also drilled near some old workings close to the eastern edge of M15/652. These workings are unrelated to the main Rose Hill mineralisation to the west. Previous drilling had intersected shallow, but patchy high grade mineralisation presumably beneath these workings. No significant shallow gold was observed, however strong, visual mineralisation was confirmed at depth in RHRC20010 (7m @ 2.72g/t Au from 112m) and RHRC20011 (6m @ 3.04g/t Au from 97m).
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/YZK19B2M
About Horizon Minerals Limited:
Horizon Minerals Ltd. (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.
Source: Horizon Minerals Ltd.
Contact:
Jon Price Managing Director Tel: +61-8-9386-9534 E: jon.price@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners Tel: +61-422-602-720 E: michael.vaughan@fivemark.com.au
