Quarterly Activities Report 31 December 2020
- Trial mining completed and results of two toll milling campaigns released from the Boorara gold mine, 10km east of Kalgoorlie - Boulder in the Western Australian Goldfields
- Total open pit material movement of 513,000 BCM with total ore mined (high and low grade) of 267,000t at a mine claimed grade of 1.23g/t Au for 10,560 ounces mined
- Second toll milling campaign produced 1,845 ounces from the processing of 46,700t at a reconciled feed grade of 1.30g/t Au and gold recovery of 95.1%
- Third toll milling campaign produced 2,491 ounces from the processing of 50,270t at a reconciled feed grade of 1.62g/t Au and gold recovery of 95.0%
- Gold sales for the Quarter of 3,374 ounces raising $8.47 million in revenue at an average sale price of $2,512 per ounce generating $4.36 million in net cash flow
- Excellent drilling results received from Binduli and Rose Hill as part of the 70,000m reserve conversion, resource growth and new discovery drilling program
- Updated Mineral Resource estimate for the Rose Hill gold project demonstrating high grade open cut and underground potential
- Acquisition of the Kalpini gold project completed for $2.75 million in cash
- Agreement reached for the acquisition of 50% of the high grade Penny's Find underground gold project for $1.5 million in cash
- Positive Pre-Feasibility Study released for the Richmond-Julia Creek vanadium JV
- Finance and technical team strengthened ahead of a significant growth phase
- Cash on hand at Quarter end of $15.9 million and listed investments totalling $5.4 million
A key focus for the Company is on exploration upside within our tenement package of 890 km2 with up to four drill rigs currently operating as part of the largest ever 70,000m exploration program. Horizon holds numerous non-core assets including royalties, listed investments and a joint venture in place covering the 1.8Bt Richmond-Julia Creek Vanadium Project in North Queensland.
Primary activities during the Quarter included trial mining and toll milling at Boorara, continuation of a 70,000m reserve conversion, resource growth and new discovery drilling program, resource modelling and mine optimisation studies as part of the consolidated Feasibility Study, release of the Richmond vanadium PFS, review of further regional consolidation, joint venture and divestment opportunities and strengthening of the team ahead of significant growth phase.
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About Horizon Minerals Limited
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Horizon Minerals Limited