Horizon Minerals Ltd outlines multi-product potential of Yarmany through first pass program

“We look forward to the release of new results and the start of the full-scale, multi-product exploration program in the coming months,” MD said.

Horizon Minerals Ltd (ASX:HRZ) has filed the first batch of reverse circulation drilling and core results from the Yarmany project area – analyzes which the company says highlight the multi-product potential of the property.

The drilling activity is part of HRZ’s 2021 and 2022 programs, testing new discovery targets for several commodities across its 1,100 square kilometer portfolio, with a focus on the Yarmany, Greater Boorara project areas and Lakewood in Western Australia.

Since the main Yarmany concessions were granted in 2020, the company has carried out extensive geophysical/geochemical work, soil and rock chip sampling and field reconnaissance which has identified the prospectivity of several products.

All assays are being analyzed for gold, silver, nickel, cobalt, copper, lead, zinc and platinum group elements (PGE).

Opportunity to discover new deposits of gold and base metals

Commenting on the first-pass results at Yarmany, Horizon Managing Director Jon Price said, “While the company remains focused on growing our gold business, these first-pass results have also highlighted the potential for discovery of new deposits of base and energy metals. in the form of gold in a relatively unexplored region of the goldfields.

“The company owns over 50 kilometers of the highly prospective Mount Ida Fault at Yarmany and we look forward to the release of further results and the start of the full-scale multi-product exploration program in the coming months.”

Turing the ground at Yarmany

The Yarmany drilling campaign was the company’s first program on this underexplored project.

The drilling was completed in two phases, namely reverse circulation (RC) and air drilling.

Aircore drilling is generally used as a lower cost alternative to RC drilling, especially in the early exploration phase while covering a larger test area.

However, it is often limited to drilling in softer, more weathered rocks.

A total of 47 RC holes, covering 4,413 meters, and 72 core holes, covering 2,617 meters, were completed at Yarmany.

Reptile shears

Two small historical prospects along the Reptile shear, which had reported high grade gold mineralization (up to 14.5 g/t gold), were tested by six RC holes without significant results.

Better results were obtained in areas where there was little historical rotary air blast drilling.

The best reptile shear results to date came from a quartz stockwork zone, where 19 reconnaissance RC holes discovered at least two new gold systems.

Significant results include:

  • 2 meters at 4.95 g/t gold from 86 meters;
  • 2 meters at 3.58 g/t from 66 meters and 2 meters at 1.25 g/t from 78 meters;
  • 1 meter at 1.27 g/t from 54 meters and 2 meters at 1.41 g/t from 59 meters;
  • 2 meters at 1.33 g/t from 63 meters; and
  • 1 meter at 1.81g/t from 111 meters.

A kilometer further to the southeast, another emerging prospect at Wotan reported:

  • 1 meter at 1.61 g/t from 48 meters; and
  • 1 meter at 1.81 g/t from 111 meters (DTH finished at 114 meters, grading 0.34 g/t).

big red

Further encouraging gold mineralization has been observed at the Big Red prospect, where historical auger sampling revealed a 3.5 kilometer by 2 kilometer ground anomaly with a maximum value of 75 parts per billion gold. .

Approximately 6,500 meters of rotary airblast drilling outlined six anomalous zones which returned downhole results of over 1.0 g/t gold.

Additionally, four diamond drill holes that followed the best prospects returned modest gold grades — the best result was 1.1 meters at 2.56 g/t from 56.9 metres.

Horizon drilled five RC holes in the main Big Red prospect area, where old drill cuttings showed strong alteration and pyrite mineralization.

Top results include:

  • 1 meter at 2.91 g/t from 39 meters;
  • 2 meters at 2.94 g/t from 82 meters;
  • 2 meters at 2.37 g/t from 86 meters; and
  • 6 meters at 1.14 g/t from 66 meters.

Horizon considers these results very encouraging, noting that they provide a solid lead in Big Red’s progress.

During routine logging at the prospect, there were traces of sphalerite (zinc) and possibly galena (lead) in the fresh chips.

Accordingly, all composite samples were tested for multi-element analysis, with one hole returning 4 meters at 5.2 g/t silver, 498 parts per million (ppm) lead and 202 ppm zinc at from 20 meters.

Nickel and lithium exploration

Horizon’s recent coring program was designed to test some magnetic highs for nickel and track pegmatite outcrops observed in October 2021.

Drilling through the many magnetic peaks revealed regolith with anomalous nickel-chromium-cobalt – and occasionally copper – geochemistry.

Overall air drilling results include:

  • 27 meters at 0.42% nickel and 299 ppm cobalt from 4 meters, including 4 meters at 0.71% nickel and 767 ppm cobalt from 20 meters;
  • 3 meters at 0.58% nickel and 412 ppm cobalt from 28 meters;
  • 16 meters at 0.33% nickel and 344 ppm cobalt from 4 meters; and
  • 30 meters at 0.26% nickel and 130 ppm cobalt from the surface, including 2 meters at 0.67% nickel and 136 ppm cobalt from 28 meters.

Ultimately, according to Horizon, the results confirm the nickel prospectivity of this 1.6 kilometer long magnetic ultramafic unit.

Although there are laterites and low grade clays within the Yarmany regolith, Horizon is focused on finding nickel sulphides that may be located beneath this laterite mineralization.

HRZ notes that there is very little historical or recent drilling targeting nickel sulphides along this zone or any of the other ultramafic mapped magnetic highs within the 50 kilometer tenure.

Most of the core drilling was aimed at locating and testing pegmatites, especially lithium-rich pegmatites.

The pegmatite outcrop discovered in October gave Horizon a starting point as very little pegmatite had been documented at Yarmany.

However, lithium pegmatites have been well documented in the wider region, with several nearby companies advancing their projects.

Next steps

The 50 kilometer Ida fault zone in the Horizon concession, comprising secondary structures and associations of ultramafic rocks, remains a key exploration target for the Company in 2022.

Unlike many other major faults in the Eastern Goldfields, the Ida Fault remains one of the few to have received little significant exploration today despite the presence of major deposits nearby.

Several new gold prospects and tracks were discovered during the 2021 drilling program.

Prospects for the Big Red and Reptile shear zones are encouraging and will be explored further.

Priority targets also include testing several other ultramafic or magnetic high outcrops along the Ida Fault with deep RC drilling, targeting nickel sulphides.

Planned exploration along the Mount Ida Fault includes wide-spaced multi-element geochemical or ultrafine geochemical sampling and aircore/RC drilling.

Alongside the 2021 gravity survey, a new generation of gold, nickel and pegmatite targets are being delineated and will be tested.