Quarterly Activities Report 30 June 2022
Perth, July 18, 2022 AEST (ABN Newswire) - Horizon Minerals Limited (
ASX:HRZ) is pleased to provide the June 2022 Quarterly Activities Report. Horizon is an exploration and production company within the Kalgoorlie and Coolgardie regions of Western Australia.
HIGHLIGHTS
- Restructure and demerger of the Company's 25% interest in the 1.8Bt Richmond vanadium project in northwest Queensland completed
- Richmond Vanadium Technology (RVT) now owns 100% of the project with shares held by Horizon (25%) and the existing shareholders of RVT (75%)
- New RVT Board in place and the IPO process commenced to seek a listing on the ASX with Horizon shareholders to receive and in-specie distribution and priority offering
- Exploration drilling continues with 8,879m completed at the Greater Boorara, Yarmany and Black Flag areas testing high priority multi-commodity targets
- Nickel sulphides intercepted at the Euston prospect with follow up drilling and down hole EM surveys underway and further assay results pending
- Highly anomalous Platinum-Palladium-Nickel-Cobalt results received within the Lakewood project area with further results expected in the September Quarter 2022
- Non-core asset divestment process commenced including the sale of the Gunga West gold project tenements for cash and a toll milling allocation
- Placement of 44.4 million fully paid ordinary shares completed at $0.09 per share raising $4 million (before costs)
- Placement comes with a 1 for 1 free attaching option with an exercise price of 11c and expiry date of 30 June 2025
- Share Purchase Plan (SPP) announced to raise up to an additional $2 million enabling all eligible retail shareholders the opportunity to participate on the same terms as the Placement
- Cash at the end of quarter of A$5.58 million and listed investments totalling A$2.3 million
SEPTEMBER QUARTER ACTIVITIES
- Continuation of the large-scale exploration program and release of further drilling results
- Advancing the Cannon, Penny's Find and Rose Hill underground gold projects
- Progressing the IPO and ASX listing of the Richmond Vanadium Project (RVP)
- Continuing to pursue value accretive consolidation and divestment opportunities
A key focus for the Company is on exploration upside within our 1,100km2 tenement package with up to four drill rigs operating as part of the large-scale multi-element new discovery and project generation exploration program. Horizon holds numerous multi - commodity assets including listed investments and a 25% interest in the world class 1.8Bt Richmond vanadium project in northwest Queensland.
Primary activities during the Quarter included the continuation of the CY2022-23 multi-element project generation and new discovery drilling program and release of results, resource modelling and mine optimisation studies for Ore Reserve estimation, advancement of the Cannon, Penny's Find, and Rose Hill underground projects, joint venture assessment and review of further consolidation and divestment opportunities.
In addition, the Company has completed the demerger and restructure the Richmond Vanadium Project and is now progressing a dedicated ASX listing of RVT and IPO in 2022 providing Horizon shareholders with a free allocation of new shares in the IPO and a priority offering.
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/ZUCNUTR7
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.
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