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Horizon Gold Ltd.
Summary
| Project: | Gum Creek | |
|---|---|---|
| Deposit: | Gum Creek | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/12/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 12-7-2019: Horizon Gold Ltd. announces a Resource Estimation report for its Gum Creek deposit at the Gum Creek project. Updated mineral resource estimate. Horizon Gold Limited (ASX:HRN) (“Horizon”, the “Company”) is pleased to announce the Company’s Annua | |
| Resources: | (Resource, I+I): 15.89Mt @ 2.7g/t Au Gum Creek total | |
| CP/QP: | [Resources]: Richard Buerger (Mining Plus Pty Ltd.) | |
| ABSTRACT: | Horizon Gold Limited (ASX:HRN) (“Horizon”, the “Company”) is pleased to announce the Company’s Annual Mineral Resources Statement as at 30 June 2019. Total Mineral Resources as at 30 June 2019 are 15.9Mt @ 2.7 g/t Au for 1.39 million ounces contained gold (Table 1), which is an increase of 138,000 ounces contained gold from 30 June 2018 and from the Resources reported in Horizon’s IPO Prospectus dated 21 October 2016 and previously by Panoramic Resources Limited (refer Panoramic Resources Limited (ASX:PAN) ASX announcement of 14 October 2016 titled, “Gum Creek Gold Project Mineral Resources at 30 September 2016”). Of the total, approximately 52% of the contained gold in the Resource is classified as Indicated. No Ore Reserves have been declared for the Company’s Gum Creek Gold Project (“Gum Creek” the “Project”). The change in the Total Mineral Resources inventory since 30 June 2018 relates to updated Mineral Resource Estimates (“MRE”) completed for the Swan and Swift deposits by Mining Plus Pty Ltd (“Mining Plus”) in 2018/19. A detailed synopsis of the MRE completed by Mining Plus for Swan and Swift is included in this announcement. All other Gum Creek Resources reported in Table 1 remain unchanged from 30 June 2018. Mining Plus was engaged by Horizon in November 2018 to update the MRE for the Swan and Swift deposits at Gum Creek. The deposits form part of the Gum Creek greenstone belt and Black Range gold district of the East Murchison Mineral Field and Southern Cross province of the Archaean Yilgarn Craton in Western Australia. The updated in situ, drill-defined, open pit and underground MRE for the Swan and Swift deposits have been reported at cut-off grades of 0.5 g/t Au within an A$2,000/oz pit shell optimisation and 2.5 g/t Au beneath the pit optimisation. The results of the MRE are summarised in Table 2. Mining Plus completed the open pit optimisations using a set of criteria which satisfy the JORC Code (2012) “reasonable prospect” requirement that the reported Mineral Resource will be eventually economically viable (see page 6 on price and cost assumptions used). In areas of previous underground mining it has been assumed that open pit recovery around existing workings will be 100%, and underground recovery around existing workings will be zero. The shapes generated during this optimisation work have been used to constrain the reported Mineral Resource for the Swan Deposit. | |
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