Commenting on the latest results from Boorara, Horizon Managing Director Mr
"The results from Regal and Crown Jewel continue to demonstrate the considerable potential at Boorara with high grades intercepted at mineable widths and the ore starting at surface. The drilling has intercepted both the main NNW striking zones and multiple flat cross cutting vein sets and has certainly exceeded our expectations. "
"The focus is now on delivering a robust model, mine optimisation and economic evaluation to meet our objective of bringing Stage 1 of Boorara into production in 2020 and unlocking further value from the larger scale development being assessed as part of the Feasibility Study due out in
During the
Project Summary and Geology
The Boorara gold project is located on granted Mining Leases 1km southwest of the Nimbus site where established offices are connected to mains power and a production water supply from the Stoneville bore field.
The deposit is hosted in a typical quartz dolerite comprising a sheeted quartz vein array system with bounding shear zones and late stage cross faults. Mineralisation occurs as:
1. Northwest dipping sheeted and stockwork quartz-carbonate vein arrays within the quartz dolerite host rocks
2. Steeply dipping zones along sheared geological contacts trending to the north-northwest
A significant amount of RC and diamond drilling has been completed at Boorara over the last 10 years with the project hosting a current Mineral Resource Estimate totalling 16.45Mt grading 0.96g/t Au for 507,000oz at a 0.5g/t Au cut-off grade.
Gold mineralisation is associated with pyrite and arsenopyrite with alteration halos of iron carbonate, sericite and bleaching. The current resource covers a strike length of over 1.8km and widths of over 250m and remains open along strike to the south and north and at depth.
A small scale trial pit to 20m depth was mined in the Royal area at Boorara in 2016, with ore up to 15m wide mined on 2.5m high flitches. A close spaced grade control program undertaken prior to mining yielded planned trial pit grades well above the global resource grade of 1g/t 1. Ore mined from the trial pit was processed at
Depth of weathering can vary from less than 10m in the northern area and over 60m in the southern area. The ore is free milling with gold recoveries > 90% with a high gravity recoverable component as demonstrated through extensive metallurgical test work and trial mining and ore processing.
The aim of the current grade control program was to further test the grade uplift potential on a larger scale and enable a new geological model to be compiled for mine optimisation, design and economic analysis. In addition, the data will be used to update the global resource model as part of the Feasibility Study underway for the larger scale development to underpin a standalone processing facility at Boorara or collaboration with neighbouring companies.
The results received from the Regal and Crown Jewel deposit (Figures 2 - 8*) demonstrate the higher gold grades resulting from this close spaced grade control drilling.
Three parallel lodes were grade control drilled at Regal, with all lodes at a 060deg azimuth and -60deg dip on a 5m x 10m drill spacing. Near vertical quartz dolerite lodes with multiple quartz vein arrays were intercepted as well as multiple flat NW dipping quartz lodes.
At Crown Jewel, vertical grade control holes (4mx10m drill spacing) intercepted the quartz dolerite lode from surface with multiple vein arrays.
Next Steps
All results will now be used to compile an independent geological model for Boorara Stage 1 comprising all three deposits. The model will be generated by
Significant metallurgical test work has been completed and previous mining and milling data demonstrated expected gold recoveries of >91% with a high gravity recovery component.
Discussions with mining, haulage and toll milling contractors are well advanced and all statutory approvals have been submitted to meet the Company's objective to be mining at Boorara in the
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/58675QOQ
About
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
Contact:
Managing Director
Tel: +61-8-9386-9534
E: jon.price@horizonminerals.com.au
Media Relations -
Tel: +61-422-602-720
E: michael.vaughan@fivemark.com.au
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