Horizon Minerals Limited: Quarterly Activities Report 31 March 2020
Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) s pleased to provide the March 2020 Quarterly Activities Report. Horizon is a gold exploration and development company with a key focus in the Kalgoorlie and Coolgardie regions of Western Australia (Figure 1*) and has a joint venture in place covering the world class 2.6Bt Richmond oxide vanadium project in North Queensland (Figure 12*).Primary activities during the Quarter included technical, statutory and financial preparations for the development of the Boorara gold mine, commencing a small drilling program at Rose Hill and reviewing all aspects of the business in response to the COVID-19 pandemic.
HIGHLIGHTS
- $2 million Placement completed and $4 million Working Capital Facility Deed executed
- Highly successful grade control drilling program completed and positive Feasibility Study for Boorara Stage 1 released with the following results:
o Open pit mine design producing 159,000t at a fully diluted grade of 1.86g/t Au for 9,500 ounces over a six month mine life
o Toll milling at 91.5% metallurgical recovery produces 8,700 ounces recovered
o Low up-front capital costs of A$0.44m
o C1 Cost of A$1,570/oz and All In Sustaining Cost of A$1,680/oz
o Project generates A$7.1m in free cash flow at a current gold price of A$2,600/oz after all costs including debt and interest repayment
- Toll milling Agreement in place, statutory approvals, award of mining and haulage contracts and mine development planned for the current June Quarter 2020
- High grade drill results received from the Rose Hill gold project and additional historic data recovered growing both the quality and scale of the project
- Follow up RC and diamond drilling commenced at Rose Hill with results expected in the current June Quarter and an updated open cut and underground Mineral Resource estimate expected in the September Quarter 2020
- Cash on hand of $3.9 million, listed investments totalling $3 million and a $4 million undrawn Working Capital Facility in place for Boorara mine development
- Subsequent to Quarter end, the Company released a number of cash conservation measures and management guidelines in response to the COVID-19 pandemic
JUNE QUARTER ACTIVITIES
- Safe and efficient mine development at Boorara with first ore mining planned in the upcoming June Quarter and first gold production in the September Quarter 2020
- Drilling results and open cut and underground Mineral Resource compilation for the Rose Hill gold project
- Continued monitoring of the COVID-19 pandemic and further responses as required
*To view the full report, please visit:
https://abnnewswire.net/lnk/I2W4B2Y1
About Horizon Minerals Limited:
Horizon Minerals Ltd. (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.
Source:
Horizon Minerals Ltd.
Contact:
Jon Price Managing Director Tel: +61-8-9386-9534 E: jon.price@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners Tel: +61-422-602-720 E: michael.vaughan@fivemark.com.au