Phillips Find Mining Update
Perth, Sep 12, 2024 AEST (ABN Newswire) - Horizon Minerals Limited (
ASX:HRZ) is pleased to provide an update on the development of the Phillips Find Gold Project ("Phillips Find").
HIGHLIGHTS
- Joint Venture (JV) Agreement executed with BML Ventures Pty Limited (BML) to develop and mine two open pits at Phillips Find
- All management, technical, operational and maintenance roles to be undertaken by BML with oversight by the Company
- Low financial risk JV structure with BML to fund all project costs, with net cashflow after the asset recovery and repayment of costs to be split 50/50 between Horizon and BML
- Mining Proposal submitted to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) to develop Phillips Find lodged in early June 2024 with approval expected shortly
- The Mining Proposal is the last key approval required to develop Phillips Find
- Existing 200kt Toll Milling Agreement executed with FMR Investments in May 2024 to be utilised for Phillips Find JV ore
- In light of awaiting final permitting, the milling schedule has been renegotiated with PhillipsFind ore treated at FMR Investments Greenfields mill from February 2025 to June 2025
- Timing of cashflows to Horizon are expected to be unaffected as initial cash from gold revenue will repay BML's working capital prior to splitting out surplus net cashflows on a 50/50 asis towards the end of the project
- Pre-production planning is well advanced, with clearing and site establishment crews and the200 tonne excavator ready to mobilise to site from mid-September 2024 subject to Mining Proposal approval.
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.
| ||
|
