- Horizon Minerals has confirmed two new prospects at its regional gold projects in Kalgoorlie
- The Capricorn and Baden Powell North prospects returned significant new gold mineralisation in an area of limited historic exploration
- No further exploration drilling is scheduled for this year as Horizon is focusing on the 18,000 metre grade drilling at Boorara
- However, the company states that new prospects are expected to emerge across all project areas in 2020
- Horizon has ended the day up 8.33 per cent with shares going for 13 cents apiece
Horizon Minerals’ reverse circulation (RC) drilling has confirmed two new prospects at the Baden Powell and Windayna project areas.
During 2019 Horizon completed three RC programs with a focus on resource growth at Coote and Crake.
It also tested a number of under-explored regional prospects such as the Central Binduli area, Black Flag, Capricorn and Baden Powell.
These tenements are located within the highly prospective Abattoir Shear-Bardoc Tectonic Zone corridor.
To date, Horizon has drilled a total of 164 RC holes for 14,227 metres in 2019.
The Windayna group of tenements are located about 45 kilometres northwest of Kalgoorlie.
During March and April of this year, Horizon completed a first pass five-hole RC program at the historic Capricorn Prospect.
Earlier drilling at this prospect outlined gold bearing quartz veins on the contact of an ultramafic and basaltic unit.
Significant historical intercepts include 1 metre at 24.2g/t gold from 86 metres and 1 metre at 9.5g/t gold from 36 metres.
Given the positive nature of the results, Horizon conducted a follow-up resource style drill program on a 40 metre spacing along 360 metres of interpreted strike length.
In addition to this drilling, Horizon has also been actively exploring the entire Windayna tenement group having taken over 200 soil samples and rock chips in 2019.
Several anomalies coincident with interpreted structures were generated and remain to be tested.
Programme of works for 2020 drill programs have now also been submitted.
Located 60 kilometres north-northwest of Kalgoorlie lies the Baden Powell Project area.
Step back RC drilling by Horizon in 2017 confirmed that there was potential to build a limited resource around the old pit.
The gold mineralisation is steeply dipping and typically occurs in a shear zone along a porphyry and ultramafic contact.
Significant results from 2018 include 17 metres at 3g/t from 104 metres, and 14 metres at 1.87g/t gold from 129 metres.
Deep drilling 100 metres north of the pit did not intersect any significant mineralisation and the southern area is yet to be tested.
Two other historic workings located between Baden Powell North and the Scotia workings were also tested.
Some minor gold, 2 metres at 0.68g/t gold from 56 metres, was found. Follow-up infill drilling is now planned at Baden Powell North.
“The regional drilling program continues to deliver new and exciting results in areas where limited modern exploration has been conducted in the past,” Horizon Managing Director Jon Price said.
“The Widanya and Baden Powell areas are now demonstrating the potential for new resources to be established within trucking distance from a centralised processing facility,” he added.
No further exploration drilling is scheduled for this year as Horizon is currently focused on the 18,000 metre grade control drilling at Boorara.
Planning for the 2020 regional exploration campaign has already started with potential new resources having been identified at Baden Powell, Capricorn and Coote.
Priority drill targets include Baden Powell North, Black Flag, Darter and Honeyeater.
New prospects are expected to emerge across all the project areas in 2020.
Horizon is up 8.33 per cent at market close with shares trading for 13 cents apiece in a market cap valued at $55.63 million.