The Cannon gold mine is located 30 kilometres east of the prolific Kalgoorlie-Boulder region and 10km east of Horizon’s 100 per cent owned Boorara mill. Cannon is one of three nearby gold projects recently acquired from privateer Aurenne Group Holdings for an all cash $5 million consideration. An open pit operated at the Cannon gold mine until 2017 producing 55,000 ounces of gold at 2.98 g/t gold with an outstanding 91 per cent gold recovery rate.
The tenure housing the mine sits on a current mining lease. Drilling will be undertaken both from surface and underground drilling locations. A maiden ore reserve for the Cannon project is expected in the current December quarter 2021.
Cannon is now one of six core open pit and underground satellite gold projects that are expected to compliment the Boorara gold project to deliver a minimum five-year initial mine plan. The satellite projects are intended to add mill feed to justify running a stand-alone, centralised processing facility at the Boorara mine site.
Gold followers have long known the untapped potential sitting to the east of Kalgoorlie-Boulder and Horizon looks to have amassed a serious chunk of it. Well-developed projects like the Cannon gold project are likely to bolster Horizons already burgeoning portfolio within a stone’s throw of its 100 per cent owned Boorara mill.
CREDIT – Matt Birney