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- Horizon Minerals (HRZ) has wrapped-up drilling at its wholly owned Peyes Farm gold project in Western Australia
- Throughout the December quarter, reverse circulation and diamond drilling was undertaken to infill areas within the mineralised envelope to improve the JORC classification
- The drilling also aimed to extend the areas of mineralisation beyond the current resource model and provide diamond core for geotechnical assessment
- Results peaked at 22g/t gold and they have extended the mineralisation to the north and increased the strike to over 500 metres
- The results will also enable Horizon to update the current mineral resource estimate which reads 0.53 million tonnes at 1.7g/t gold
- Horizon has ended the day in the grey with shares trading at 10 cents
Horizon Minerals (HRZ) has wrapped up drilling at its wholly owned Peyes Farm gold project in Western Australia.
Throughout the December quarter, 59 reverse circulation (RC) holes and three diamond holes were drilled to infill areas within the mineralised envelope to improve the JORC classification.
This drilling also aimed to extend the areas of mineralisation beyond the current resource model and provide diamond core for geotechnical assessment.
Best results include six metres at 5.33g/t gold from 30 metres including one metre at 22g/t gold from 30 metres, and eight metres at 8.53g/t gold from 52 metres including four metres at 14.2g/t gold from 52 metres.
These results have extended the mineralisation to the north and increased the strike to over 500 metres. Additionally, mineralisation remains open to the north and south.
The results will also enable Horizon to update the current mineral resource estimate which reads 0.53 million tonnes at 1.7g/t gold for 28,860 ounces.
Further drilling has been planned for later in the year.
“Our aim is to define a number of supergene deposits for open pit mining as we did with the successful Teal mine 400 metres to the north,” Managing Director Jon Price said.
“We now look forward to releasing the updated resource and maiden reserve in the coming months and building the project into the long-term production plan,” he added.
Horizon has ended the day in the grey with shares trading at 10 cents in a $56.79 million market cap.
