- Horizon Minerals (HRZ) reports an upgraded mineral resource for its Penny’s Find gold project in Western Australia
- The project is held via a 50:50 joint venture with fellow ASX-lister Orminex and located in the WA Goldfields
- Penny’s Find’s upgraded mineral resource clocked in at 250,000 tonnes, grading 5.22g/t gold for 42,000 ounces at a 1.5g/t gold lower grade cut-off
- In addition, over 83 per cent of the resource sits within the indicated category
- Horizon Minerals shares closed today’s session down 7.96 per cent to trade at 12 cents.
Horizon Minerals (HRZ) has reported an upgraded mineral resource for its Penny’s Find gold project in Western Australia.
The project, which is situated 50 kilometres northeast of Kalgoorlie in the WA goldfields, is held in a 50:50 joint venture arrangement between Horizon Minerals and Orminex (ONX).
The update comes after the company compiled results from a 21-hole drill effort earlier this year, which returned notable findings including 1.9 metres at 13.95 grams of gold per tonne (g/t) and 2.7 metre at 8.64g/t gold from 171.4 metres.
Penny’s Find’s upgraded mineral resource clocked in at 250,000 tonnes, grading 5.22g/t gold for 42,000 ounces at a 1.5g/t gold lower grade cut-off.
Over 83 per cent of this resource sits in the indicated category, marking a 19 per cent increase on the previous allocation. The project’s previous mineral resource stood at 248,000 tonnes at 7.04 g/t for 56,000 ounces.
Looking ahead, the company said it anticipates delivering a maiden ore reserve for Penny’s Find for early in the December quarter this year.
In addition, Horizon said approvals for mine development are in place and a toll milling agreement executed for ore processing is expected in the March quarter 2022.
Horizon Minerals shares closed today’s session down 7.96 per cent to trade at 12 cents.