Cannon, Glandore and Cowarna Acquisitions Completed
The projects comprise 22 granted mining, prospecting, exploration and miscellaneous licences and 2 applications covering an area of approximately 180km2 strategically located in close proximity to the Company's 100% owned Boorara gold project.
As announced to the ASX on 18 May 2021, the Company agreed to acquire 100% interest in the projects from Aurenne Group Holdings Pty Ltd ("Aurenne") for a total consideration of A$5 million in cash on the following terms:
- A$2.5 million in cash at settlement
- A$2.5 million in cash on the earlier of 12 months from settlement or first gold production from the Cannon underground gold mine
All conditions precedent including provision of signed transfers, all mining information and statutory consents have now been completed and the A$2.5 million payment made to Aurenne from existing cash reserves.
The Company's review of the geological data, resource and reserve models and high priority drilling targets is well advanced with an updated Mineral Resource estimate and Ore Reserve for the Cannon underground gold mine expected in the current December Quarter 2021.
For more information on the acquisition, we refer you to the ASX announcement "Acquisition of the Bulong South, Glandore and Cowarna gold projects near Boorara" dated 18 May 2021 on the Company's website.
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