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Horizon Minerals (ASX:HRZ) - Managing Director, Jon Price
Managing Director, Jon Price
Source: Business News
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  • Horizon Minerals (HRZ) has hit high-grade supergene copper-gold at its Nanadie Well Copper-Gold Project in Western Australia
  • Horizon completed 14 reverse circulation (RC) drill holes to follow up on historic high-grade copper and gold zones
  • Pleasingly, drilling confirmed the presence of a high grade, shallow supergene copper-gold zone that remains open along strike and at depth
  • At the nearby Stark prospect, drilling intercepted thin zones of copper and low-grade gold and platinum group elements
  • Horizon Minerals is up 8.25 per cent, with shares trading for 10.5 cents each

Horizon Minerals (HRZ) has hit high-grade supergene copper-gold at its Nanadie Well Copper-Gold Project in Western Australia.

The Nanadie Project is located 100 kilometres southeast of Meekatharra in the Murchison Mineral Field of Western Australia.

It covers part of the northwest-trending belt of Archean mafic and meta-sedimentary units with demonstrated prospectivity for both magmatic copper-nickel-PGE mineralisation and lode gold mineralisation.

During the December Quarter 2019, Horizon announced the Nanadie Well and Stark projects returned to the company on a 100 per cent basis after receiving a notice of withdrawal from Mithril Resources’ subsidiary, Minex. Since then, Horizon has conducted a review of work undertaken over the last four years.

Horizon completed 14 reverse circulation (RC) holes for 1046 metres to a maximum depth of 50 metres to follow up on historic high-grade copper and gold zones.

Significant results include six metres at 1.48 per cent copper and 4.11g/t gold from 38 metres including one metre at 3.85 per cent copper and 23.3g/t gold from 43 metres, 12 metres at 2.16 per cent copper and 2.16g/t gold from 20 metres including one metre at 3.70 per cent copper and 30.15g/t gold from 31 metres, and six metres at 4.79 per cent copper and 0.36g/t gold from one metre.

These results confirm the presence of a high grade, shallow supergene copper-gold zone that remains open along strike and at depth.

“While our focus remains firmly on growing our gold business in the Kalgoorlie and Coolgardie regions, we see significant potential for value creation at Nanadie Well for copper, PGEs and gold,” Managing Director Jon Price said.

At the Stark prospect, which lies 1.2 kilometres southeast of Nanadie Well, drilling intercepted thin zones of copper and low-grade gold and PGE’s at depth.

Best results include four metres at 1.90 per cent copper and 0.32 g/t gold (and 0.32 g/t platinum-palladium) from 194 metres, and two metres at 3.27 per cent copper and 0.55 g/t gold (and 0.19 g/t platinum-palladium) from 157 metres.

Overall, these results suggest that Nanadie Well and surrounding areas have a much higher copper and gold prospectivity than previously thought.

Horizon Minerals is up 8.25 per cent, with shares trading for 10.5 cents each at 2:03 pm AEST.

HRZ by the numbers
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