Quarterly Activities Report 30 September 2019
- Horizon and Focus Minerals Limited ("Focus") continue to progress the potential acquisition of Focus' 2.1Moz Coolgardie Gold Project, which includes the 1.2Mtpa Three Mile Hill processing plant (currently on care and maintenance)
- Focus and Horizon agreed to extend the Exclusivity Period to enable finalisation of formal documentation and required approvals
- Focus received a superior competing proposal from a third party and Horizon exercised its matching right under the Exclusivity Deed
- Agreement reached with Northern Star Resources to swap tenure in WA goldfields region with Horizon to acquire key strategic assets in Kalgoorlie and Coolgardie including the Rosehill and Brilliant north projects that consolidates the Brilliant north project area
- Horizon divested the Menzies and Goongarrie gold project areas to Kingwest Resources for a total consideration of $8 million
- Excellent drilling results received from the Binduli gold project area and regional targets with further follow up drilling underway and results expected in the December Quarter
- Cash on hand of $5.2 million and listed investments totalling $6.0 million
DECEMBER QUARTER ACTIVITIES
- Formal transaction documentation and necessary approvals for the potential acquisition of the Coolgardie gold project
- Boorara and regional drilling programs
- Mining studies on all core development projects as part of the consolidated Feasibility Study expected for completion in the June Quarter 2020
- Infill drilling, update resource modelling and metallurgical testwork at the Richmond vanadium JV project with Richmond Vanadium Technologies
- Reviewing opportunities for short term production scenarios to leverage off the high Australian dollar gold price
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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