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Horizon Gold Ltd.
Summary
| Project: | Gum Creek | |
|---|---|---|
| Deposit: | Swan, Premium-Butcherbird | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 8/31/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 31-8-2018: Horizon Gold Ltd. announces an Exploration/Drilling Update report for its Swan, Premium-Butcherbird deposit at the Gum Creek project. Drilling results incl. 5m @ 10.6g/t Au from 257.0m. As reported in the Horizon’s ASX announcement of 7 June 20 | |
| Resources: | (Resource, I+I): 17.303Mt @ 2.25g/t Au for 1.25Moz Au contained at project | |
| CP/QP: | [Overall Report]: John Hicks (Panoramic Resources Ltd.) | |
| ABSTRACT: | As reported in the Horizon’s ASX announcement of 7 June 2018, the Company recently undertook a reinterpretation of the geological controls on high-grade gold mineralisation in the Premium Lode and Butcherbird Shear at the northern end of the Swan system. This reinterpretation highlighted the potential to significantly increase the underground Mineral Resources in this area with additional exploration drilling. Following the geological reinterpretation, the Company estimated Exploration Targets of between 30,000oz to 100,000oz contained gold for the Premium Lode and 270,000oz to 800,000oz contained gold for the Butcherbird Shear. For details on the assumptions and methodologies used to derive the Exploration Targets refer to the Company’s ASX announcement of 7 June 2018. An initial diamond drill program of 12 holes totalling 4,897 drill metres on the Premium Lode and Butcherbird Shear Exploration Targets commenced in late June 2018 and was completed on 22 August 2018. The aim of the program was to assess the validity of the Exploration Targets by drilling a broad spread of holes to test and support the predicted thickness and grade of the models in those areas. Drill-hole locations are shown in Figure 2, a representative cross section is shown in Figure 3 and hole co-ordinates are reported in Table 1 in Appendix 2. Zones of quartz flooding with minor sulphide mineralisation were intersected at the anticipated target depth in most holes. True widths of the quartz flood zones intersected in the current program are estimated to be up to 5 metres. Figure 1 shows the mineralised quartz flooding intersected in hole SBDD073. | |
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