Perth, Australia -
Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce excellent reverse circulation ("RC") drilling results from the 100% owned Nanadie Well Cu-Au prospect 100km southeast of Meekatharra in the Murchison Mineral Field of Western Australia (Figure 1*).
Commenting on the Nanadie Well project, Horizon Managing Director Mr Jon Price said:
"While our focus remains firmly on growing our gold business in the Kalgoorlie and Coolgardie regions, we see significant potential for value creation at Nanadie Well for copper, PGEs and gold. On the back of the geological review and drilling results, we will assess the next steps for the project including retention, further joint ventures or divestment."
During the December Quarter 2019, Horizon announced the Nanadie Well and Stark projects returned to the Company on a 100% basis and conducted a review of previous work undertaken over the last 4 years.
To ensure the tenure remained in good standing and to follow up a number of historic high grade copper and gold supergene zones intercepted from previous drilling, the Company completed 14 Reverse Circulation (RC) holes for 1,046m to a maximum depth of 50m.
The project covers part of the northwest trending belt of Archean mafic and metasedimentary units with demonstrated prospectivity for both magmatic copper-nickel-PGE mineralisation and lode gold mineralisation. The oxide mineralisation comprises malachite/azurite which often forms a zone of localised supergene enrichment. The ore below 40m depth is mostly fresh, disseminated fine grained chalcopyrite within a sequence of basalts/amphibolites, felsic volcanics and dolerite.
The drilling results are extremely encouraging with previously unknown, high grade gold hits being discovered at Nanadie Well. Highlights include:
- 6m @ 1.48% Cu and 4.11g/t Au from 38m including 1m @ 3.85% Cu and 23.3g/t Au from 43m (NRC19009)
- 12m @ 2.16% Cu and 2.16g/t Au from 20m including 1m @ 3.70% Cu and 30.15g/t Au from 31m (NRC19010)
- 6m @ 2.35% Cu and 1.57g/t Au from 4m including 1m @ 4.89% Cu and 4.00g/t Au from 7m (NRC19012)
- 13m @ 1.02% Cu and 0.63g/t Au from 25m (NRC19008)
- 6m @ 4.79% Cu and 0.36g/t Au from 1m depth (NRC19005)
- 7m @ 1.49% Cu and 0.11g/t Au from 95m (NRC19001)
Better gold and copper grades appear to be related to supergene concentration process and are typically observed in discrete, narrow bands (1-5m) in the lower oxide-transitional weathering zone.
Sporadic, thin (1-2m) Cu-Au gold shoots have previously been drilled in the southern area and typically average about 1-2 g/t Au. Most of the historic follow up holes did not target the transitional boundary but were set back and angled deeper looking for copper sulphides and possibly missed potential supergene zones.
Much of the prospect shows signs of having a stripped laterite profile with fresh rock often encountered at shallow depths and amenable to soil geochemistry. Intermin Resources (2012) outlined a 500m long, significant 50ppb Au soil anomaly within a broader >1.0 km, 10ppb Au halo to the south (Figure 2*). Several spot highs (up to 194 ppb Au) have not been drill tested.
At the Stark prospect, 1.2km to the Southeast of Nanadie Well, drilling intercepted thin zones of copper and low grade gold and PGE's at depth. Better results included:
- 4m @ 1.90% Cu and 0.32 g/t Au (and 0.32 g/t Pt-Pd) from 194m (NRC18008)
- 2m @ 3.27% Cu and 0.55 g/t Au (and 0.19 g/t Pt-Pd) from 157m (NRC15001)
Collectively these results suggest that Nanadie Well and surrounds have a much higher and genuine copper, and importantly, gold prospectivity than previously thought. In addition to the drilling, Horizon lodged a mining lease application (M51/887) over the Nanadie Well and Stark Cu-Ni-PGE prospects. Another 1 year extension on E51/1040 was also granted.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/QN86759Z
About Horizon Minerals Limited:
Horizon Minerals Ltd. (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Source:
Horizon Minerals Ltd.
Contact:
Jon Price Managing Director T: +61 8 9386 9534 E: jon.price@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners T: +61 422 602 720 E: michael.vaughan@fivemark.com.au
