Commenting on the significant acquisition, Managing Director Mr
"Horizon's core focus remains firmly set on developing a stand-alone gold production business in the Kalgoorlie and Coolgardie regions and this significant acquisition aligns with our strategy of further regional consolidation of advanced, complementary development assets in close proximity of the proposed
"The Cannon underground gold project presents a high-grade near-term development opportunity that will now be incorporated into the consolidated Feasibility Study and can provide high grade ore feed in the early years to complement the base load Boorara deposit and the four advanced open pit and underground satellite projects currently under evaluation.
"We also see the potential for significant resource growth and exploration upside from the Bulong South, Glandore and exciting Cowarna project areas with multiple walk-up drill targets on major geological structures. Drill planning is now underway, and we look forward to providing further updates as we complete the transaction, update mine development studies and commence exploration drilling."
Bulong South contains the development ready high grade Cannon gold project (Figures 1 and 2*) which now joins the baseload Boorara project,
The following sections provide a summary of the projects and the significant development and exploration potential of the project areas.
Bulong South and Glandore gold projects
Bulong South is located approximately 28km southeast of Kalgoorlie in the
History
There are mine workings such as historic shafts, modern open cut pits (Cannon open pit) and trenches within the tenements that have been worked since the early 1900s with a significant amount of gold nuggets reported from local prospectors.
Previous exploration was undertaken by a number of companies and prospectors including
The Cannon open pit produced 53koz grading 3.02g/t Au and 91% metallurgical recovery with mining completed in
An underground Feasibility Study and maiden underground Ore Reserve was completed in
As announced by
In
Geology
The projects are located within the Kurnalpi Terrane which forms part of the regionally extensive Norseman-Wiluna greenstone belt and sit in the western part of the Bulong ultramafic complex in the Boorara domain.
The Bulong South and Glandore projects are located in the western part of the Bulong ultramafic complex consisting of a 5km thick sequence of komatiitic lava flows made up of thick serpentinised peridotite in the centre of the complex, flanked by thin spinifex-textured komatiitic flows at the top of the sequence.
The Cannon Deposit is hosted within a sequence of ultramafic and high-Mg basaltic rocks intruded by a mafic-intermediate suite of lamprophyre dykes, and rarer dacitic dykes. The greenstone sequence strikes N-S while intrusions strike NNE-SSW with variable dips to the west and east. In the vicinity of the Cannon pit, a prominent N-S trending quartz vein extends for at least 1.5km to the southwest of Cannon and a numbers of smaller quartz veins sub-parallel to the main vein is also present.
*To view the full release including tables and figures, please visit:
https://abnnewswire.net/lnk/31PY1457
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
T: +61 8 9386 9534
E: jon.price@horizonminerals.com.au
Media Relations -
T: +61 422 602 720
E: michael.vaughan@fivemark.com.au
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