Horden Lake
Pivotal owns 100% of the Horden Lake project; located 140km north of Matagami in northwest Quebec, sitting just 10km from the all-weather sealed James Bay Highway which leads to the second largest hydroelectric complex in the world, La Grande.
Horden Lake is copper dominant, but also rich in battery and precious metals meaning it has a favourable commodity mix for the transitional economy.
The Horden Lake project is defined by 52,000m of drilling, having been discovered by INCO in the 1960s before it benefited from the excellent road access it enjoys today.
The project hosts a partially pit constrained JORC compliant mineral resource estimate of 27.8 Mt of 1.49% CuEq (0.3% CuEq Open Pit cut-off and 1.12% CuEq Underground cut-off applied), with 55% currently classified in the Indicated Resource category and 45% in the Inferred Category.*
“JORC Compliant Mineral Resource Estimate at Horden Lake”
Pivotal’s recently completed exploration program builds upon this robust resource, with clear expansion potential defined in results to date.
* Cautionary statement: There is a lower level of geological confidence associated with Inferred mineral resources and there is no certainty that further exploration work will result in the determination of Indicated mineral resources.
CuEq = Cu% + (Ni.% x 2.59) + (Au.g/t x 0.63) + (Pd.g/t x 0.74)
The Mineral Resource Estimate is based on 52,000m of historical drilling, and includes Cu, Ni, Pd, and Au limited to certain parts of the deposit where assay information is available.
Category | Tonnes | Grade | Contained Metal | ||||||||
CuEq (%) | CU (%) | Ni (%) | Au (g/t) | Pd (g/t) | CuEq (kt) | Cu (kt) | Ni (kt) | Au (koz) | Pd (koz) | ||
Indicated | 15.2 | 1.50 | 0.77 | 0.20 | 0.13 | 0.19 | 228.6 | 117.6 | 30.5 | 59.4 | 91.3 |
Inferred | 12.5 | 1.47 | 0.67 | 0.25 | 0.02 | 0.20 | 184.3 | 84.0 | 31.4 | 6.9 | 76.7 |
TOTAL | 27.8 | 1.49 | 0.74 | 0.22 | 0.08 | 0.19 | 413.9 | 201.6 | 61.9 | 66.2 | 168.0 |
Pivotal has an active exploration program which aims to increase the size and quality of the Mineral Resource Estimate.
Pivotal completed its first exploration program on the property, which has demonstrated both the quality and scale potential of the asset. Summary highlights include:
- 34 hole, 7,092m diamond drilling program successfully executed at Horden Lake.
- Step-out drilling shows continuity of mineralisation down plunge and along strike, expanding the mineralised envelope.
- Down-hole electromagnetic surveys (DHEM) showing strong continuity of mineralisation below the deepest drilling, as well as along strike, highlighting the excellent prospects for continued MRE expansion with additional drilling.
- Satellite/repeat discovery potential for new deposits on the property, as evidenced in detailed magnetic surveys, new drilling, and reinterpretation of historical drilling .
- Wide zones of shallow mineralisation has demonstrated continuity and confidence in the MRE via infill drilling.
- By-product Au, Pd, Co and Ag assays confirmed in all drilling, expanding this data to the full deposit extent (previously much of the deposit was assayed for Cu and Ni only).
Drilling highlights include:
- 8.2m @ 3.24% CuEq from 5.8m, incl 3.2m @ 7.44% CuEq (HN-24-117)
- 37.5m @ 1.31% CuEq from 51.15m (HN-24-93)
- 32.1m @ 1.2% CuEq from 264.3m, incl 14.2m @ 1.79% CuEq (HN-24-98)
- 39.1m @ 0.97% CuEq from 154.1m (HN-24-103)
- 21.5m @ 0.98% CuEq from 266.1m, incl 7.2m @ 1.56% CuEq (HN-24-97)
- 11.9m @ 1.39% CuEq from 229.7m, and 7.8m @ 2.1% CuEq (HN-24-96)
Preliminary metallurgical testwork has demonstrated the potential for good recoveries across the payable metals in the Horden Lake deposit, further supporting the projections from a 1993 WGM report where historical test work produced copper concentrates grading 22-30% copper at recoveries ranging from 85-96%. The company is conducting an additional round of metallurgical test work during 2024.
The Horden Lake deposit presents with a number of favourable characteristics that support the economic potential of the deposit.
- Pit constrained resources highlighting the potential for lower risk and capex starter open pit scenario
- Thick zones of mineralisation, in places over 30m thick, potentially suitable for lower cost higher tonnage open pit and underground mining methods
- Dip of between 45-55⁰ which is a favourable geometry for mining
- All season national highway access to within 10km of the deposit.
- Flat terrain with no mountain or river crossings
- Potential to connect to the Quebec grid, which is 99% renewable hydroelectricity – regularly among the lowest power costs in the world
- Northern Quebec is a mining state, with abundant mines, smelters, skilled labour, and all the services expected in a modern mining jurisdiction
Category | Tonnes | Grade | Contained Metal | ||||||||
CuEq (%) | CU (%) | Ni (%) | Au (g/t) | Pd (g/t) | CuEq (kt) | Cu (kt) | Ni (kt) | Au (koz) | Pd (koz) | ||
Open Pit | 17.3 | 1.38 | 0.67 | 0.21 | 0.08 | 0.19 | 239.6 | 115.7 | 35.6 | 43.9 | 100.5 |
Underground | 10.5 | 1.66 | 0.82 | 0.25 | 0.01 | 0.13 | 173.9 | 85.9 | 26.3 | 22.3 | 67.5 |
TOTAL | 27.8 | 1.49 | 0.74 | 0.22 | 0.08 | 0.19 | 413.9 | 201.6 | 61.9 | 66.2 | 168.0 |
