The Eastern Goldfield explorer's efforts have increased its total resources by 91,000 ounces to 1.24Moz.

 

The bulk of that, 69,000oz, comes from the Coote, Baden Powell and Windanya deposits.

 

Coote, which is just 500m west of the 66,500oz Crake deposit, in the Binduli camp, 10km outside Kalgoorlie, now contains an estimated 21,000oz grading 1.54 grams per tonne.

 

In the Bardoc area, 60km north-east of the city, the Baden Powell and Windanya deposits now contain a combined 48,000oz at 1.2gpt.

 

Part of the increase is due to a lower 0.5gpt cut-off.

 

In addition, the recent move to 100% of the Penny's Find project from Labyrinth Resources has allowed it double underground resources there to 43,000oz at a lowered 1.5gpt cut-off.

 

Horizon managing director Jon Price said the resource growth had been generated with only modest drilling and helped firm the company's plans to resume production using a third-party mill. 

 

He noted all the deposits remain open at depth. 

 

Horizon raised A$4.5 million at 9c in June to fund its drilling programs. 

 

The company shelved plans to advance its Boorara mill development earlier this year due to the uncertain inflationary environment, pivoting to early production opportunities.

 

The stock has traded between 6.4c and 15c over the past year, and closed yesterday at 6.8c, valuing it at $42 million.