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- Horizon Minerals (HRZ) updates the mineral resource estimate (MRE) for the Crake project in Western Australia
- The updated MRE reads 1.42 million tonnes at 1.46g/t gold for 66,500 ounces with 95 per cent in the indicated category
- Horizon will use the MRE for open-pit mine optimisation, design and economic analysis for the release of a maiden ore reserve in the December quarter
- Further drilling has also been planned at Crake to test the northern strike and dip extensions of the mineralisation
- Horizon ends the day in the grey with shares trading at 12 cents
Horizon Minerals (HRZ) has updated the mineral resource estimate (MRE) for the Crake project in Western Australia.
The Crake project is part of Horizon’s 100 per cent owned Binduli gold project which lies nine kilometres west of Kalgoorlie-Boulder.
Throughout the December 2020 and March 2021 quarters, Horizon undertook reverse circulation (RC) and diamond drilling and incorporated the data into a geological model for the MRE.
The updated MRE reads 1.42 million tonnes at 1.46 grams of gold per tonne (g/t) for 66,500 ounces.
Notably, 95 per cent of the ounces are now in the indicated category.
As well as the updated MRE, the RC drilling also intersected up to two metres at 37.9g/t gold from 13 metres including one metre at 67.9g/t gold.
Horizon will use the updated MRE for open-pit mine optimisation, design and economic analysis for the release of a maiden ore reserve expected in the December 2021 quarter.
Further drilling has also been planned at Crake to test the northern strike and dip extensions of the mineralisation.
Managing Director Jon Price commented on the release of the MRE and what it means for the company.
“Crake and the Binduli area in general are certainly shaping up to be significant contributors to our future production profile providing high grade satellite feed to complement the baseload Boorara project 25 kilometres to the east,” Mr Price said.
“We look forward to completing the maiden ore reserve for Crake and continuing the step-out drilling at the Coote, Kestrel and Honeyeater prospects to the north.”
Horizon has ended the day in the grey with shares trading at 12 cents in a $68.15 million market cap.
