Horizon Minerals high-grade gold results demonstrate open-pit and underground potential at Kalpini

Horizon Minerals Ltd is encouraged by high-grade results from its first reverse circulation and diamond drilling program over the wholly-owned Kalpini Gold Project in Western Australia. The explorer and producer uncovered as much as 1-metre at 41.53 g/t gold during resource validation and infill drilling across the precious metals asset, which joins Horizon’s Boorara, Binduli, Cannon, Rose Hill and Teal tenements as core projects under assessment in a consolidated feasibility study. Ultimately, Horizon believes the latest results demonstrate Kalpini’s strong open-pit and underground potential, indicating the project’s width and grade continuity and that mineralisation remains open along strike and at depth. The fresh intersections will help generate an updated JORC 2012 mineral resource, which is slated for completion early in the December quarter. Program delivers “excellent results” Commenting on the drilling results, Horizon Minerals managing director Jon Price said: “The first drilling program we have completed has delivered excellent results confirming the potential for further open-pit stages and significant upside at depth for potential underground development. “We now look forward to completing the updated mineral resource estimate and advancing the project as part of the consolidated feasibility study.” Kalpini is a relatively new addition to the Horizon portfolio; it was acquired in November last year for $2.75 million under a plan to collect development-ready assets near the ASX-lister’s proposed Boorara Mill. The emerging precious metals play is around 65 kilometres northeast of Kalgoorlie in WA’s Eastern Goldfields and 50 kilometres by road to the 100%-owned Boorara gold project. Horizon’s Kalpini asset currently hosts three main ore deposits: the Gambia, Atlas and Camelia targets. Exploration at Kalpini The bulk of recent drilling over Horizon’s Kalpini asset was dedicated to drill hole and resource validation across priority regions. There were 49 reverse circulation holes executed for 5,677 metres and three diamond drill holes, for 346 metres, as part of a broader 50,000-metre exploration campaign taking place across Horizon’s 1,100-square-kilometre portfolio. In a bid to upgrade the Kalpini’s project’s JORC-classified resources to the indicated category, Horizon set out to conduct infill exploration over areas with wide-spaced drilling. One of the best intersections from this campaign covered 5 metres at 3.97 g/t gold from 3 metres, including 1-metre at 11.04 g/t from 6 metres. Additionally, Kalpini’s Atlas mineralisation was tested with eight holes, directed south across the deposit’s strike, where the best result was an encouraging 2 metres at 6.25 g/t from 31 metres. The majority of exploratory drilling in this area was directed between the south end of the Camelia pit and the north end of the Gambia pit in a bid to validate historical high-grade drill holes and infill drilling. Horizon considers these latest results promising, with assays confirming high-grade quartz mineralisation. Some of the better intercepts include: 5 metres at 10.21 g/t from 70 metres, including 1-metre at 28.83 g/t from 72 metres; 7 metres at 6.01 g/t from 91 metres, including 1-metre at 22.04 g/t from 93 metres; 1-metre at 41.53 g/t from 195 metres; and 6 metres at 4.45 g/t from 90 metres, including 1-metre at 10.24 g/t from 92 metres. At the Gambia pit, several holes were also dedicated to validation drilling and testing depth extensions. The best result was 12 metres at 5.57 g/t from 203 metres, including 2 metres at 12.92 g/t from 211 metres. Ultimately, Horizon believes the thickness and tenor of this intercept is an encouraging sign of Gambia’s underground, high-grade resource potential As a result, follow-up drilling in this area has been prioritised. What’s to come? All of the new exploration data from Kalpini is being incorporated into a broader geological model, which will support an updated JORC 2012-compliant mineral resource estimate. Horizon hopes to release the updated estimate early next quarter. Beyond that, the updated resource will be used for mine optimisation, design and economic analysis for ore reserve generation at the Kalpini asset. Now, further drilling at priority targets across the Gambia and Atlas deposits is being planned, with drilling approvals submitted to support further exploration in 2021.