Reasonable results to be sure. No stand out hits or zones which would drive a mine. Any economic assesment will need to be made in scoping study. The mineralisation could carry an underground operation, but more work needs to done to find decent grade/thickness nearer to surface to allow a start up Open Pit.
Yes, no word on mercury, however the higher grade copper, the higher the mercury. Suspect low levels, but still might be enough to cause concerns in both a sales of concentrate, and Safety and Health. Might need some more cash for more bonds if significant mercury is found.
The money in the bank is the biggest negative issue - accelerated exploration program will not leave much by next quarter. HOR WILL need cash by Xmas. Their current work programs will cost about $600-700K. They have lots of mid-deep level drill targets which are costly ($70/m). Geophysical surveys cost about $4K per day. Assays and people will need to be paid. Heritage surveys are $7K per day.
They need to make a decent discovery in this quarter.
HOR Price at posting:
23.0¢ Sentiment: None Disclosure: Not Held
