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Horizon said the drilling demonstrated "excellent" grade continuity, with the shallow mineralisation set to enable "cost effective low impact mining, significant upgrade potential at the site followed by conventional concentrate treatment to produce electrolyte or flake".
The updated Lilyvale resource estimate at the project is 560 million tonnes grading 0.48% V205 for 2.6Mt V205 at a 0.30% V205 lower grade cut-off, with over 76% now in the indicated resource category.
Prefeasibility results are due next quarter.
Horizon's key focus is developing a gold project in the Kalgoorlie region of Western Australia.
Shares in Horizon were unchanged at 10c in morning trade, capitalising the company at $45 million.
