Horizon Minerals Limited (Intermin Resources)
Horizon Minerals Limited (Intermin Resources)
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Successful drilling at Horizon Minerals’ Kalpini Gold Project, 65km NE of Kalgoorlie-Boulder in the Western Australian goldfields, has yielded an updated mineral resource estimate of 1.87Mt grading 2.33g/t Au for 139,000oz using a 0.8g/t lower cut, with over 78% now in the indicated category.
Horizon Minerals has come up some top results from successful infill drilling at the company’s Jacques Find-Peyes Farm Gold Project, part of the Teal project area, 10km NW of Kalgoorlie in the Western Australia goldfields.
West Australian developer Horizon Minerals has posted a new independent openpit mineral resource as it advances a consolidated feasibility study on its 100%-owned Boorara gold project 15km E of Kalgoorlie.
Drawing on grade control drilling, trial mining and toll milling campaigns in 2016 and 2020, the resource now stands at 11Mt @ 1.26g/t for 448,000oz gold, at 0.5g/t cutoff. Over 77% of the resource is measured-indicated with resource grade increasing 34%.
Latest definition/extension drilling at Horizon Minerals’/Orminex’ 50/50 Penny’s Find gold project, 50km NE of Kalgoorlie in Western Australia, has come up with some excellent width and grade results, improving the geological confidence in the underground ore body with mineralisation open to the north and at depth.
Sustained commodity price improvements have convinced West Australian gold miner Horizon Minerals to switch strategies at the historic Nimbus silver-zinc project, rejecting several acquisition and earn-in proposals to go it alone with a definitive feasibility study.
West Australian miner Horizon Minerals has emerged debt-free after the early repayment of the $A4M Sparta AG loan facility that funded the successful late-2020 trial mining campaign at its 100%-owned Boorara gold project in Kalgoorlie.
MD Jon Price says the Sparta loan facility in March 2020, when the COVID-19 pandemic was first impacting global debt and equity markets, delivered timely funding at a time when it was difficult to raise capital.
Horizon Minerals has posted gold sales of 3,374oz from toll milling campaigns in the Dec qtr (Q4FY2020) following the completion of three trial pits at its Boorara mine in Western Australia.
Total openpit ore mined at the project 10km E of Kalgoorlie was 267,000t @ 1.23g/t mine claimed grade for 10,560oz.
Revenue of $A8.47M at average sale prices of $2,512/oz resulted in net cash flow of $4.36M and enabled Horizon to end the period with cash of $15.9MN and $5.4M in listed investments.
West Australian miner Horizon Minerals is set to take a 50% JV interest with a view to fast tracking the further development of the Penny’s Find gold mine 50km N of Kalgoorlie.
Under a binding term sheet with owner Orminex, Horizon through subsidiary Black Mountain Gold will acquire the half-share in the project for $A1.5M cash plus $1M project funding expenditure.
West Australian miner Horizon Minerals continues to build the openpit and subsequent underground development potential at its Rose Hill project in Coolgardie after reserve conversion infill drilling delivered more significant shallow high-grade intercepts.
Rose Hill is one of Horizon's four core satellite products being progressed to complement its baseload Boorara gold project at Kalgoorlie, 35km to the east, where it recently completed a trial mining campaign.
Miner/explorer Horizon Minerals has completed its $A2.75M cash acquisition of the 255,600oz Kalpini gold project near the recently producing Boorara Gold Mine, 10km E of Kalgoorlie in Western Australia.
The company now intends to complete the resource review with 4,000-5,000m of drilling at Kalpini in the current Dec 2020 qtr to upgrade the resource. Kalpini is 50km NE of Boorara and has an historic JORC resource before depletion of 4.6Mt grading 1.7g/t Au for 255,600oz.