- Horizon Minerals (HRZ) completes reverse circulation (RC) and diamond drilling at its Kalpini gold project in Western Australia
- All up, 49 RC and three diamond holes were drilled to improve the confidence of the mineralisation and test extensions
- This forms part of a 50,000-metre drilling program that is aiming to upgrade the JORC 2004 resource to a JORC 2012 standard
- Up to 54.25g/t gold was intersected and an updated mineral resource estimate is expected to be released in the December quarter
- Horizon has ended the day 2.13 per cent in the red with shares trading at 11.5 cents
Horizon Minerals (HRZ) has completed reverse circulation (RC) and diamond drilling at its Kalpini gold project in Western Australia.
Kalpini lies 50 kilometres northeast of Horizon's Boorara gold project and consists of the Atlas, Gambia and Camelia deposits.
All up, 49 RC holes, for 5677 metres, and three diamond holes, for 346 metres, were drilled to improve the confidence of the mineralisation and test extensions.
This forms part of the 50,000-metre drilling program that is testing high-priority and new targets across the project area.
The aim of this program is to infill and extend the historical drilling to upgrade the JORC 2004 resource to a JORC 2012 standard.
Currently, Kalpini has a JORC 2004 mineral resource of 4.6 million tonnes at 1.7 grams of gold per tonne for 255,000 ounces.
Best results from this drilling include 1.5 metres at 20.74g/t gold from 99.5 metres including 0.5 metres at 54.25g/t gold from 99.5 metres; and one metre at 41.35g/t gold from 195 metres.
All data is now being incorporated into an updated mineral resource estimate (MRE) which is expected to be released in the December quarter.
Managing Director Jon Price is pleased with the results received as they demonstrate the open-pit potential of Kalpini.
"The first drilling program we have completed has delivered excellent results confirming the potential for further open pit stages and significant upside at depth for potential underground development," Mr Price said.
"We now look forward to completing the updated MRE and advancing the project as part of the consolidated feasibility study."
Horizon has ended the day 2.13 per cent in the red with shares trading at 11.5 cents in a $66.73 million market cap.