Horizon Minerals (ASX: HRZ) has confirmed continued high-grade success from Phase 1 infill drilling at its Burbanks gold project in Western Australia.
The company reported results for 36 of a 45-hole, 15,000-metre diamond campaign to enhance resource continuity and confidence across multiple zones.
It returned best hits of 2m at 235.7 grams per tonne gold from 248.31m including 1.16m at 396.62g/t from 248.31m and 5.08m at 2.13g/t from 258.1m, 4.5m at 2.55g/t gold from 287.5m and 1.57m at 9.15g/t gold from 295.52m including 0.27m at 23.97g/t, and 2m at 2.59g/t gold from 220m and 3.09m at 2.16g/t gold from 229.7m including 0.56m at 7.63g/t from 230.33m, 3m at 2.07g/t from 267m and 1m at 6.24g/t from 381m.
Coarse visible gold was intersected within the second hole, nearby to a previously-reported spectacular hit of 5,848g/t gold over 0.3m at 259.17m depth.
Black Swan Refurbishment
Horizon also completed two metallurgical holes to support mine feed planning for Horizon’s wholly-owned Black Swan processing plant.
Test work on the two holes is currently underway and results are pending.
The company ++recently sold its Lake Johnston project++ in WA to Forrestania Resources (ASX: FRS) for $35 million to support the conversion of the historical nickel plant to process gold ores, with the majority of funds used to purchase long-lead items.
GR Engineering Services (ASX: GNG) was last year awarded a contract to complete an engineering studies work program to support the refurbishment and re-purposing, providing capital and operating cost estimates to an accuracy of plus or minus 20%.
Updated Resource Estimate
Drilling at Burbanks has resumed following the Christmas break and will continue until the Phase 1 program is complete.
Horizon expects to have received all assays by the end of March, enabling the completion of an updated mineral resource estimate in the June quarter.
Ore reserve studies will follow, based on improved confidence in resource classification from Inferred to Indicated.
Horizon plans to start a 15,000m Phase 2 extensional drilling program at Burbanks before mid-year, targeting along strike and down dip of known high-grade lodes to grow the resource base.
