Horizon Minerals Limited Cannon Gold Project Mineral Resource Update (HRZ.AX)

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Horizon Minerals Limited

Horizon Minerals Limited Cannon Gold Project Mineral Resource Update (HRZ.AX)

Perth, Australia, November 3, 2021 – (ABN Newswire) – Horizon Minerals Limited (ASX: HRZ) is pleased to announce an updated Mineral Resource Estimate (MRE) for the Cannon gold project located 30 km away east-southeast of Kalgoorlie-Boulder in the heart of the gold fields of Western Australia (Figure 1 *).

STRONG POINTS

– Acquisition of the recently completed Bulong South, Glandore and Cowarna gold projects, including the Cannon high grade underground gold mine, 30 km east of Kalgoorlie-Boulder and 10 km east of Boorara in the Western Australian gold fields

– Cannon is on consolidated mining leases granted with the open pit mine operated until 2017 producing 55koz at 2.98g / t Au with a gold recovery of 91%

– An estimate of mineral resources and ore reserves generated by previous owners included a portal into the existing open pit mine and decline development to access the deposit from underground

– Detailed review of all geological, engineering and metallurgical data now completed and an independent mineral resource estimate compiled for Cannon and located at:
o 232kt grading 4.29 g / t Au for 32,070 oz at a lower cut-off grade of 1.0 g / t Au

– It is important to note that more than 89% of ounces are in the indicated resource category

– Significant potential for resource growth while submerged and along strike over the Cannon Shear Zone with further drilling planned from both surface and underground drill locations

– Horizon’s total mineral resources now stand at:
o 20.73 Mt grading 1.72 g / t Au for 1,148,800 oz of which 77% in M&I categories

– Mine optimization and underground design work well underway with a first ore reserve for Cannon expected in the current December 2021 quarter

Commenting on the Cannon resource update, Horizon CEO Jon Price said:

“The recently acquired Cannon underground gold project presents a short-term development opportunity and is only 10 km on existing roads from the proposed Boorara plant site being assessed as part of the feasibility study. consolidated. ”

“The project has the potential to provide high grade ore early in the production profile with significant growth potential down dip and along the Cannon Shear Zone and we look forward to completing the underground mining studies and update ore reserves in the current December quarter. ”

“The generation of targets for resource growth and new discoveries along the Cannon Shear Zone and in the Glandore and Cowarna Project areas is also well advanced with surface drilling scheduled for the March 2022 quarter with depth extensions to be tested from underground during the mining cycle. ”

The Cannon high grade underground gold project was acquired as part of the recently completed acquisition of the Bulong South, Glandore and Cowarna projects for $ 5 million in cash. The project is located 10 km east by existing roads to the proposed Boorara mill site, and includes a historic open pit mine operated in 2017.

Cannon is now one of six main surface and underground satellite gold projects that are being advanced to complete the Core Boorara Gold Project as part of the Consolidated Feasibility Study to provide an initial mine plan of at least five years. and support the establishment of an autonomous centralized processing plant at the Boorara mine site.

* To view tables and figures, please visit:
https://abnnewswire.net/lnk/26663506

About Horizon Minerals Limited:

Horizon Minerals Limited (ASX: HRZ) is a gold exploration and mining company focused on the Kalgoorlie and Menzies regions of Western Australia, which are home to some of Australia’s richest gold deposits. The Company is developing a portfolio of mining projects to generate cash and self-finance aggressive exploration, mining developments and other acquisitions. The Teal gold mine was recently completed.

Horizon aims to significantly increase its JORC-compliant mineral resources, complete definitive feasibility studies on high-grade open-pit and underground base projects, and build a sustainable development pipeline.

Horizon has a number of joint ventures in place in several commodities and regions across Australia providing exposure to vanadium, copper, PGEs, gold and nickel / cobalt. Our quality joint venture partners are earning in our project areas by spending over $ 20 million over 5 years, allowing us to focus on gold trading while maintaining upward leverage.

Contact:

Jon Price
General manager
T: +61 8 9386 9534
E: [email protected]

Michael vaughan
Press relations – Fivemark Partners
Phone. : +61 422 602 720
E: [email protected]

Source:
Horizon Minerals Limited

Copyright (C) 2021 ABN Newswire. All rights reserved.


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