Horizon Gold Limited (ASX:HRN) has announced a substantial update to the Mineral Resource Estimate (MRE) for its 100%-owned Gum Creek Gold Project in the Murchison Region of Western Australia. Horizon Gold is focused on the exploration and development of gold projects in Western Australia. The Gum Creek Gold Project is a significant asset for the company.
The updated MRE now stands at 37.97Mt @ 1.89g/t Au for 2.30Moz, marking an 8% increase in total gold ounces and a 26% increase in gold grade compared to the previous estimate in May 2023. A key highlight is the growth in the Indicated gold resource, which has increased by 21% to 26.72Mt @ 1.90g/t Au for 1.63Moz, now representing 71% of the total MRE.
The free milling portion of the resource estimate has also seen an increase, now totaling 28.64Mt @ 1.74g/t Au for 1.60Moz, accounting for 70% of the total MRE ounces. Managing Director Leigh Ryan expressed confidence in further resource growth, citing planned drilling programs aimed at expanding the global MRE and exploring the underexplored Gum Creek greenstone belt. All resource areas are located on granted mining leases and remain open along strike or at depth, indicating further potential for additional resource growth with further drilling.
