Horizon Minerals Limited (ASX: HRZ) has obtained maiden Mineral Resource estimates for the Monument and Golden Ridge North prospects located near Kalgoorlie in the heart of the Western Australian Goldfields.
Highlights
The Monument gold prospect is part of the Cannon project group and is located less than one km from the proposed Cannon underground project, 30km to the southeast of Kalgoorlie.
The Golden Ridge North prospect is immediately adjacent to the historic Golden Ridge open pit mine, 20km to the southeast of Kalgoorlie in the WA goldfields.
- Two maiden JORC compliant resources have been estimated by Horizon for both deposits which are as follows:
- Monument – 395,000t grading 1.97g/t Au for 25,000oz at a 0.8g/t Au cut-off grade
- GoldenRidgeNorth–1.42Mtgrading1.23g/tAufor57,000ozata0.8g/tAucut- off grade
- With the addition of these new resources, and reduction due to the completion of the Gunga West divestment , Horizon’s total Mineral Resource estimate now stands at:
- 23.22 Mt grading 1.69 g/t Au for 1,262,000 oz.
- Further drilling at Monument is currently underway, focussing on the shallower mineralisation aiming to upgrade this portion of the resource to an Indicated category. A scoping study will be commissioned to assess open pit viability, with approvals progressed in parallel to leverage off synergies with the Cannon underground project.
- At the Golden Ridge North deposit, a scoping study has been initiated to examine open pit mining opportunities in conjunction with Monument. In addition, recent sampling (380 samples) at Golden Ridge has identified a small-scale treatment opportunity with many of the historic stockpiles, truck dumps and bunds returning economic grades (>1.0 g/t) from the previous open cut mining operation.
These projects provide Horizon with additional potential for satellite ore sources to complement the underground production at the Cannon gold project due to their proximity, enabling synergies with shared infrastructure and personnel,” CEO, Grant Haywood, said.
“We shall immediately commence the study work to bring these maiden resources into an Ore Reserve and progress approvals in parallel, as we build our production profile to reach our ultimate goal of becoming an emerging mid-tier gold business for the benefit of all stakeholders.”