- Horizon Gold (HRN) has updated the mineral resource estimate (MRE) for the Swan and Swift deposits in Western Australia
- The open-cut MRE had a 474 per cent increase in indicated gold ounces while the underground MRE had a 1550 per cent increase in indicated gold ounces
- The resource estimates were updated to include the high-grade results intercepted via reverse circulation drilling in October last year
- Additionally, the updated MRE’s form part of the geological and targeting reviews that are being finalised to support a major drilling program
- Horizon has ended the day in the grey with shares trading at 51 cents
Horizon Gold (HRN) has updated the mineral resource estimate (MRE) for the Swan and Swift deposits.
Both Swan and Swift lie within Horizon’s 100-per cent owned Gum Creek Gold Project which is situated in Western Australia, 640 kilometres northeast of Perth.
The updated open-cut MRE for Swan and Swift reads 4.16 million tonnes at 2.41g/t gold for 323,000 ounces of contained gold.
This represents a 474 per cent increase in indicated gold ounces and 66 per cent and 21 per cent respective decreases in gold grade and total gold ounces.
The underground MRE has also been updated to 700,000 tonnes at 6.71g/t gold for 150,000 ounces of contained gold.
This update represents a 1550 per cent increase in indicated gold ounces, a 15 per cent decrease in total gold grade and a 70 per cent decrease in total gold ounces.
Both of these updates were completed by Carras Mining and are in accordance with JORC 2012 standards.
The resource estimates at Swan and Swift were updated to include the high-grade results intercepted via reverse circulation drilling in October last year.
Additionally, the MRE for the Gum Creek Project was also updated to 18.59 million tonnes at 2.3g/t gold for 1.36 million ounces of contained gold.
In the updated MRE, there was a less than two per cent decrease in total gold ounces.
All of the updated MRE’s form part of the geological and targeting reviews, which are being finalised to support a major drilling program.
This program will aim to significantly increase the global MRE and solidify the potential of the underexplored Gum Creek greenstone belt.
Horizon has ended the day in the grey with shares trading at 51 cents in a $44.77 million market cap.