The free milling portion of the updated MRE is 29.24Mt @ 1.26g/t Au for 1.19Moz, representing over 66% of the global resource ounces and a 46% increase to the 2021 MRE free milling ounces
MRE includes nine maiden resources. (Credit: jplenio from Pixabay)
Horizon Gold Limited (ASX:HRN) (Horizon, the Company) is pleased to announce a significant increase to the Company’s total Mineral Resource Estimate (MRE) that includes updates to the Swan/Swift, Howards, Heron South, Specimen Well, and Kingfisher deposits, and maiden MRE’s for the Kingston Town, Manikato, Think Big, Orion, Snook, Camel Bore, Psi, Eagle, and Wahoo prospects all within its 100% owned Gum Creek Gold Project (Gum Creek or the Project) located in the Murchison Region of Western Australia.
Following 34,700 metres of infill and extension reverse circulation (RC) and diamond drilling completed at 16 priority targets in 2021, a revised total MRE of 36.83Mt @ 1.51g/t Au for 1.79Moz gold for the Gum Creek Gold Project (Table A), includes Indicated and Inferred resource classifications in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC Code 2012 edition) with all resources located within granted mining leases. This updated MRE represents a 433,100oz (32%) increase in Indicated and Inferred gold when compared with the February 2021 MRE1 at a discovery cost of less than A$14/oz2.
Managing Director Leigh Ryan said: “We’re very pleased with the 433,100 ounce increase to the Gum Creek gold resource which can be largely attributed to our 2021 drilling campaign, and the efforts of our exploration team. This MRE includes nine maiden resources, each with excellent expansion and development potential.
Our 2022 drilling campaign is well underway with over 15,000m of the proposed 25,000m completed, and we’re reasonably confident that we’ll add significant new ounces to our global MRE at the completion of this program. We’re also working on a large pipeline of regional gold and base metal targets to fully evaluate the potential of this exciting, underexplored, highly strategic asset.”
The revised Gum Creek MRE is summarised in Table A, and broken down by material type and metallurgical categories in Tables B and C. The free milling portion of the updated MRE is 29.24Mt @ 1.26g/t Au for 1.19Moz, representing over 66% of the global resource ounces and a 46% increase to the 2021 MRE free milling ounces. Table D compares the current and previous MRE’s by resource category, and within the technical section of the announcement Tables I to L and N to P compare the seven updated MRE’s with previous published resource estimates. Details of all maiden and updated Mineral Resource Estimates by material type are included in Appendix 1, all resources are located in Figure 2, and plans and 3D diagrams of each resource are presented in Figures 3-30.
Over 15,000m of the Company’s proposed 25,000m 2022 drill program targeting shallow oxide and high-grade depth extensions to new and existing high priority gold targets has been completed, however after 9 weeks since the commencement of drilling all assay results are still pending. The first of two diamond core holes planned at the Altair Zn-Cu prospect has also been completed, with an additional 4 diamond core holes planned for the Eagle and Kingfisher prospects.
Source: Company Press Release