Completion of Asset Swap with Northern Star
As announced to the ASX on 12 September 2019, the Company agreed to divest its 100% interest in the Anthill, Blister Dam, New Mexico, White Flag and Kanowna North tenements and acquire 100% interest in Northern Star's Rosehill, Brilliant North and Gunga West projects in Coolgardie and the Golden Ridge, Balagundi, Abattoir and Mt Monger projects in Kalgoorlie (Figure 1*) for nil cash consideration.
Horizon now intends to consolidate all information and complete a detailed review of all projects to feed in to the exploration, resource growth and mine development plans for 2020. Further information on these plans will be released early in January 2020.
Priority advanced gold projects include Rosehill, Brilliant North, Gunga West1 and Golden Ridge that have potential to become significant satellite mine developments to complement the base load Boorara gold project.
Mineral Resource estimates for Rosehill, Gunga West and Golden Ridge were last reported by Westgold Resources Limited in their ASX release titled "2017 Annual Update of Mineral Resources & Ore Reserves" dated 4 September 2017. The Company will now conduct an internal and independent review of the geological models for these projects and expects to provide a resource update in the March Quarter 2020.
*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.
Northern Star Resources Ltd
Horizon Minerals Limited