Completion of Kalpini Gold Project Acquisition
As announced to the ASX on 12 October 2020, the Company agreed to acquire 100% interest in the project from NBT Metals Pty Ltd ("NBT") for a total consideration of A$2.75 million in cash funded from existing cash reserves.
All conditions precedent including provision of signed transfers, all mining information and statutory consents have now been completed and payment made to NBT.
The Company now intends to complete the resource review with 4-5,000m of drilling planned at Kalpini in the current December Quarter 2020 to upgrade the resource to JORC 2012, infill a number of areas for improved JORC Classification and test further extensions to the known mineralisation to the south, north and at depth.
Commenting on completion of the Kalpini acquisition, Managing Director Jon Price said:
"The Kalpini gold project is a significant acquisition for the Company adding quality resources to the portfolio in close proximity to the proposed Boorara mill site. We believe this development ready project will complement our Boorara base load feed and satellite mining projects and we look forward to the upcoming drilling results, resource updates and inclusion of Kalpini into the consolidated Feasibility Study due for completion in the June Quarter 2021."
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