What's Happening?
Horizon Minerals has announced significant results from its ongoing drilling program at the Burbanks gold project near Coolgardie, Western Australia. The company has completed 18 out of 45 planned holes in a 30,000-meter campaign, with assays from the first 15 holes showing promising results. Notably, the drilling has confirmed mineralization continuity to the north and west, extending known high-grade trends. Visible gold was observed in multiple holes, with several intercepts returning grades above 20 grams per tonne. The current program, which began in late June, targets both infill and extensional drilling across two phases. Phase one involves 15,000 meters of infill drilling to upgrade parts of the existing 6.1 million-tonne, 466,000-ounce JORC (2012) resource. Phase two, set to start early next year, will focus on expanding known lodes along strike and at depth.
Why It's Important?
The drilling results at Burbanks highlight the project's potential as a long-life, high-grade asset, which could significantly impact Horizon Minerals' future operations and profitability. The confirmation of high-grade gold continuity enhances the project's resource confidence, potentially leading to increased investment and development activities. This development is crucial for the regional economy, as it could lead to job creation and increased economic activity in Western Australia. Additionally, the high-grade gold findings could attract further interest from investors and stakeholders in the mining industry, potentially boosting Horizon's market position and financial performance.
What's Next?
Horizon Minerals plans to accelerate the completion of phase one by mobilizing a second diamond rig, with an expected finish by December. The company aims to release the remaining assay results through the March 2026 quarter and update its mineral resource estimate by June. This update will precede ore reserve and mine-planning studies, which are critical steps towards the project's development. Stakeholders, including investors and local communities, will be closely monitoring these developments, as they could influence future investment decisions and regional economic planning.
