Update on The Coolgardie Gold Project
Horizon wishes to advise that it has received formal notification from Focus under the Exclusivity Deed that Focus is unlikely to obtain the internal, board and regulatory approvals necessary for it to proceed with the Proposed Transaction before the expiry of the Exclusivity Period on 17 December 2019.
Horizon is not contemplating any further extension of the Exclusivity Period.
In October 2019, the Company commenced an 18,000m grade control program at Boorara (Figure 1*) on a 10m by 5m drill spacing designed to generate a detailed grade control model to enable a mining inventory to be established which will underpin staged mining and toll milling in 2020.
The results of the model and subsequent mill reconciliation will feed in to the updated resource model for Boorara as part of the Study to support the base load feed for the proposed mill. Potential satellite feed sources in close trucking distance include Crake, Coote, Teal, Rosehill and Golden Ridge (Figure 1) which will form part of the Study due for completion in the September Quarter 20201.
The Company's current cash position stands at $4.3 million and holds listed investments with a current total value of approximately $4.7 million.
*To view tables and figures, please visit:
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