Horizon Minerals reports continued exceptional gold assay results from its Phase 1 drilling at the Burbanks project, reinforcing resource confidence and advancing plans for processing expansion.
- 75% completion of 15,000m Phase 1 diamond drilling program
- Exceptional high-grade gold intercepts including 2m at 235.7g/t Au
- Visible coarse gold confirms mineralisation continuity
- Metallurgical drilling underway to support Black Swan processing
- Updated Mineral Resource Estimate expected June 2026
Continued High-Grade Success at Burbanks
Horizon Minerals Limited (ASX – HRZ) has delivered another strong update from its ongoing Phase 1 diamond drilling program at the 100% owned Burbanks gold project, situated just 9 kilometres south of Coolgardie in Western Australia’s prolific Goldfields region. With 75% of the planned 15,000 metres completed, the latest assay results confirm the presence of consistently high-grade gold mineralisation, underpinning the company’s strategy to grow resources and enhance feed to its Black Swan processing hub.
Among the standout results is a remarkable intercept of 2.00 metres grading 235.7 grams per tonne (g/t) gold from 248.31 metres depth, including an even richer 1.16 metres at 396.62 g/t Au. This interval was recovered from a breccia zone characterised by angular clasts in a carbonate-rich matrix, hosting fine-grained pyrite associated with gold mineralisation. Visible coarse gold was also observed in this hole, reinforcing the exceptional grade continuity.
Targeting Resource Gaps and Expansion
The drilling program is designed to infill gaps between the Main Lode and Burbanks North deposits and test extensions south of the Main Lode workings. The recent high-grade hits, including multiple mineralised zones within single drill holes, provide increased confidence in the continuity and potential expansion of the resource base. These results build on previously reported spectacular grades, such as a 0.3-metre intercept grading 5,848 g/t Au, highlighting the project’s exceptional grade profile.
Phase 1 drilling comprises 45 holes, with 36 completed to date. Assay results for all 36 holes drilled in 2025 have now been received, with the remaining 15 holes’ results included in this update. The company has also completed two metallurgical drill holes to support mine feed planning for the Black Swan Processing Hub, with testwork results pending.
Historical Context and Future Outlook
Burbanks has a rich mining history, having produced approximately 324,000 ounces of gold at an average grade of 22.7 g/t from underground operations. This historical production is in addition to the current JORC (2012) Mineral Resource Estimate of 6.1 million tonnes grading 2.4 g/t Au for 466,000 ounces. The ongoing drilling aims to upgrade resource classifications and expand the resource base ahead of an updated Mineral Resource Estimate scheduled for release in the June 2026 quarter.
Following the completion of Phase 1, Horizon plans to commence a Phase 2 extensional drilling program in the first half of 2026, targeting along strike and down dip extensions of known high-grade lodes. These efforts are expected to further enhance the project’s resource profile and support subsequent Ore Reserve studies.
Strategic Implications
Managing Director and CEO Grant Haywood emphasised that the latest assays reinforce the consistency of mineralisation and align with the company’s strategy to increase feed to its 100% owned Black Swan processing plant. The secure tenure, existing infrastructure, and proximity to processing facilities position Burbanks as a key asset in Horizon’s portfolio, with the potential to deliver significant value as drilling progresses.
Bottom Line?
As Horizon advances drilling and metallurgical studies, the market will watch closely for resource upgrades that could reshape Burbanks’ role in the company’s growth story.
Questions in the middle?
- How will pending metallurgical test results impact processing plans at Black Swan?
- What is the expected timeline and scale for resource classification upgrades following Phase 1?
- To what extent can Phase 2 drilling expand the high-grade footprint at Burbanks?