Penny's Find Gold Project Acquisition Completed
As announced to the ASX on 30 November 2020, the Company agreed to acquire 50% interest in the project from Orminex Limited ("ONX") for a total consideration of A$1.5 million in cash funded from existing cash reserves. Horizon will also fund the first $1 million in pre-development expenditure with the joint venture partners funding the project on a 50:50 basis thereafter.
All conditions precedent including provision of signed transfers, all mining information and statutory consents have now been completed and payment made to ONX.
The Company has completed RC and diamond drilling at the project to infill a number of areas for improved JORC Classification enabling an updated Mineral Resource Estimate to be compiled ahead of an updated mine optimisation and design.
Results from the drilling are expected in the June Quarter 2021 with an updated resource, maiden reserve and development decision expected in the September Quarter 2021. Statutory approvals are in place for the project and a toll milling agreement executed for ore processing in 2021.
Commenting on completion of the Penny's Find acquisition, Managing Director Jon Price said:
"Penny's Find is a quality high-grade gold project with considerable work completed enabling an accelerated pathway to production with approvals and toll milling agreement in place for the first phase of development. We look forward to working with the Orminex team and releasing the drilling results, updated resource model and mine optimisation and design work in coming months enabling a development decision in the September 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