Horizon Gold Extends High-Grade Gold at Depth Across Gum Creek
Horizon Gold has reported its strongest Snook drilling results to date alongside resource-growth extensions across nine prospects at Gum Creek. The exploration success comes with A$16.945 million in cash and a major funding requirement still ahead for development.
- 44m at 5.08g/t gold at Snook, including 11m at 16.30g/t
- 800m southern extension confirmed at Howards
- High-grade results across Kingfisher, Heron South and Melbourne Bitter
- A$6.551 million spent on exploration and evaluation
- A$16.945 million cash balance at quarter end
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Deep Snook drilling delivers Horizon’s standout intercept
Horizon Gold Limited (ASX:HRN) has produced a strong exploration quarter at its Gum Creek Gold Project in Western Australia, with the best result coming from the deepest drilling yet completed at Snook: 44 metres at 5.08 grams per tonne gold from 145 metres, including 11 metres at 16.30g/t from 174 metres. The company said mineralisation is now confirmed to about 230 metres below surface, extending known gold down plunge beneath the Snook North and Snook South pits.
The result is significant against Snook’s current 54,000-ounce Mineral Resource Estimate, which stands at 0.92 million tonnes grading 1.82g/t gold. Horizon completed 25 reverse-circulation holes for 5,151 metres during the quarter and said the program produced its strongest gram-metre intercept at the prospect to date. Further drilling is planned before an updated resource estimate early in 2027. The earlier deep Snook drilling results had already pointed to mineralisation extending to approximately 230 metres below surface.
Nine prospects add potential to the Gum Creek resource base
Snook was not a one-off result. At Kingfisher, 20 RC holes returned 23 metres at 5.26g/t gold from 188 metres, including 15 metres at 7.65g/t, while drilling confirmed mineralisation through the prospect’s “gap” and highlighted possible growth along strike to the north. Kingfisher already carries open-pit and underground resources totalling about 192,400 ounces, and further drilling is planned around the new intercept before the next resource update.
At Howards, every hole drilled on 100-metre-spaced lines intersected gold across an 800-metre southern extension beyond the existing resource model. The best results included 6 metres at 5.57g/t and 4 metres at 4.65g/t, with infill drilling now under way ahead of a planned early-2027 resource update. That result extends the 800m Howards extension reported earlier, while Heron South added a particularly high-grade interval of 6 metres at 12.67g/t, including one metre at 58.70g/t.
Elsewhere, Melbourne Bitter drilling pointed to wider and higher-grade mineralisation south and west of the existing model, including 21 metres at 2.14g/t from only 24 metres. Cobia and Alma May, which have no current resource estimates, returned results intended to support maiden resources. Hawk and Swan also extended or confirmed mineralisation, although the scale and economic significance of these results will depend on further drilling, modelling and resource work.
Exploration momentum meets a substantial funding task
Horizon spent A$6.551 million on exploration and evaluation during the September quarter, with no mining development or production activity recorded. Cash fell from A$24.045 million to A$16.945 million after exploration, operating and other investing outflows, while the Appendix 5B calculation showed approximately 2.43 quarters of funding based on reported relevant outgoings. The company had no financing facilities drawn at quarter end.
That balance is measured against a much larger development proposition. Horizon’s July Definitive Feasibility Study outlined a planned 2.4 million-tonne-per-year operation targeting 880,000 ounces of recovered gold over an initial 10-year mine life, with estimated initial capital of about A$350 million. The company has reiterated that future funding is not certain and could involve equity, debt, hybrid financing or other structures that may dilute existing shareholders. For now, the drilling is expanding the geological opportunity; the next test is whether those ounces can be converted into updated resources and ultimately support a financeable development plan.
Early 2027 resource updates become the next evidence point
Follow-up RC and diamond drilling is planned across all nine prospects. Diamond drilling continues at Kingfisher, RC work remains active at Howards, and the rig is due to move to the Wyooda resource area, including Kingston Town, Manikato and Think Big. Pending diamond results at Swift and further structural work at Heron South add to the near-term technical pipeline.
The most important upcoming disclosures are the planned resource updates at Snook, Kingfisher, Howards and Melbourne Bitter, together with potential maiden resources for Cobia and Alma May. Until those estimates arrive, the quarter offers compelling exploration evidence but not yet a revised resource, reserve or production forecast.
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Bottom Line?
The drilling is building a larger Gum Creek story, but early-2027 resource updates and a credible path to fund the A$350 million development will determine how much of that potential is investable.
Questions in the middle?
- How much will the Snook, Kingfisher, Howards and Melbourne Bitter drilling add to Gum Creek’s next resource estimates?
- Will Cobia and Alma May progress from exploration targets to maiden resources on the planned timetable?
- How will Horizon fund the estimated A$350 million development requirement as exploration cash continues to fall?
Sources
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Quarterly Activities/Appendix 5B Cash Flow Report (opens in a new tab)Verified company source. Horizon Gold Limited · 30 Oct 2026 · horizongold.com.au
