Quarterly Activities Report 31 March 2021
A key focus for the Company is on exploration upside within our tenement package of 890km2 with up to four drill rigs currently operating as part of the largest ever 70,000m exploration program. Horizon holds numerous non-core assets including royalties, listed investments and a joint venture in place covering the 1.8Bt Richmond-Julia Creek Vanadium Project in North Queensland.
- Trial mining and toll milling testing the geological model completed at the Boorara gold mine, 15km east of Kalgoorlie - Boulder in the Western Australian Goldfields
- Total open pit material movement of 513k BCM with total ore mined (high and low grade) of 267kt at a mine claimed grade of 1.23g/t Au for 10,560oz mined
- Final milling campaign comprised 15kt of Regal east ore grading 1.60g/t Au and a parcel of low-grade ore grading 0.9g/t Au producing 1,183oz at 93.4% recovery
- All gold sold during the Quarter for A$2.8 million in revenue at an average sale price of A$2,356/oz generating $1.2 million in net cash flow after haulage and toll milling costs
- In total, trial generated A$3.6 million net cash flow from haulage and toll processing of 156kt of ore at a mill reconciled grade of 1.4g/t Au and gold recovery of 94.5%
- Grade control, extensive pit mapping and trial data now completed enabling the compilation of an updated Mineral Resource estimate expected in the June Quarter 2021
- Commenced 50,000m exploration program across the 890km2 portfolio with excellent results received from Crake, Jacques Find and Peyes Farm and further results pending
- New high-grade mineralisation discovered at Windanya with further assay results pending and follow up drilling underway at the new Gemini and Scorpio prospects
- Acquisition completed for 50% interest in the high-grade Penny's Find gold project
- Nimbus silver zinc project to be retained and advanced
- Sale Agreement executed for divestment of two royalties for A$7 million
- Full repayment of debt facility and interest with the Company now debt free
- Current Cash on hand of $12.9 million and listed investments totalling $5.3 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