Quarterly Activities Report 31 March 2019
- Intermin and MacPhersons' proposed combination through a Scheme of Arrangement progresses with the scheme booklet registered with ASIC and released to MacPhersons shareholders
- Independent Expert concludes the Scheme is in the best interests of MacPhersons shareholders with the scheme meeting to be held on 31 May 2019
- Exclusivity Deed signed with Focus Minerals Ltd for potential acquisition of the 2.1Moz Coolgardie gold project including the 1.2Mtpa processing plant
- Maiden independent Mineral Resource estimate released for Crake which stands at:
o 1.12Mt grading 1.59 g/t Au for 57,700oz at a 1.0g/t Au lower grade cut-off
- Over 69% in the Indicated Category with mineralisation open to the west and north
- Intermin's Total Mineral Resource grew to:
o 10.38Mt grading 2.00g/t Au for 667,500oz at a 1.0g/t Au lower grade cut-off
- Menzies and Goongarrie gold project areas returned to Intermin on a 100% basis
- Excellent drilling results received from the Lady Irene prospect, part of the Menzies project area
- Exploration drilling program commenced with an initial 11,000m planned at Binduli, Teal East, Olympia, Scotia and Windanya at Kalgoorlie and Lady Irene, Selkirk and regional targets at Menzies
- Janet Ivy Mining Royalty payments of A$0.50/t continue with A$56,000 received in the March Quarter and regular quarterly payments expected through FY2019
- Cash and tradeable securities of A$6.3 million
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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