Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Horizon Minerals Limited    HRZ   AU0000053373

HORIZON MINERALS LIMITED

(HRZ)
  Report
SummaryChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Horizon Minerals Limited (ASX:HRZ) Enters High Grade Underground Development JV

11/29/2020 | 05:57pm EST

Perth, Australia, Nov 30, 2020 - (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) has executed a binding agreement for the acquisition of a 50% interest in the high-grade Penny's Find gold project in the Western Australian goldfields for $1.5 million cash from Orminex Ltd.

Highlights:

- The asset is located 50km northeast of Kalgoorlie on a granted Mining Lease, aligning with Horizon's regional consolidation strategy and aim to build a stand-alone production business

- Penny's Find is a high-grade, underground mining and toll treatment opportunity with near term cash flow potential and longer-term exploration upside which will be included in the consolidated Feasibility Study as a fifth higher-grade satellite operation

- The project has a current JORC 2012 Mineral Resource Estimate of 248,000t at 7.04g/t Au for 56,000 ounces with 147,000t at 8.06g/t Au in the Indicated Category

- Mine development work well advanced and statutory approvals in place for underground mining in the first half of 2021

- Horizon will sole fund the first $1 million in pre-development expenditure with the joint venture partners funding the project on a 50:50 basis thereafter

- Toll treatment agreement in place at the Lakewood Mill commencing in July 2021

- Defined pathway for Horizon to acquire 100% of Penny's Find through the exclusive right to acquire the remaining 50% on completion of the toll milling contract

- Acquisition and development work funded from existing cash reserves of over $15m

- Agreement subject to standard conditions precedent for a transaction of this nature including Ministerial consent, any third party assignments and provision of mining information with Settlement expected in the current quarter

Commenting on the Penny's Find acquisition, Horizon Managing Director Mr Jon Price said:

"Horizon's core focus remains firmly set on developing a stand-alone gold production business in the Kalgoorlie and Coolgardie region and this acquisition aligns with this focus and our strategy of further regional consolidation of advanced development assets in close proximity to our core assets."

"Penny's Find has had considerable work completed in the past, including resource modelling, open pit mining, processing and environmental studies which enables rapid advancement of the underground deposit. We also see considerable growth potential below the current high-grade resource which remains open at depth."

"We look forward to working with the highly experienced Orminex team completing the technical work required to advance the project into development next year initially via toll milling in 2021-2022 for early cash flow generation. Beyond this, the project has the potential to provide further high grade satellite ore at the proposed standalone plant at Boorara."

About the Penny's Find gold project

Penny's Find is located approximately 50km north-east of Kalgoorlie in the Eastern Goldfields of Western Australia (Figure 1) in close proximity from the Company's 100% owned Kalpini gold project and comprises granted mining lease M27/516 and associated miscellaneous and general purpose leases covering approximately 91 hectares.

Open pit mining at Penny's Find was completed in 2018 with 18,350 ounces recovered from the treatment of 140,000t grading 4.5g/t Au with an overall gold recovery of 92.4%. Empire Resources Ltd ("Empire") then commenced work on updating the underground mining resource and assessing mine optimisation and design.

Orminex Limited acquired 100% of the project in May 2019 from Empire and completed further underground mine evaluation and design work, gained statutory approvals for mine development and independent assessment of further drilling required to improve geological confidence and convert current Inferred resources into the Measured and Indicated Category for inclusion in the reserve generation studies.

Mineral Resource and supporting information

Penny's Find has 56,000 ounces of gold at high grades contained within the previously announced underground mineral resource reported by Empire (refer ASX announcement entitled "Penny's Find Gold Mine New Underground Resource Estimate" dated 13 December 2017) ('Empire Announcement'). Horizon and Orminex are not aware of any new information or data that materially affects the information in the Empire Announcement and considers that all material assumptions and technical parameters underpinning the mineral resource disclosed in the Empire Announcement continue to apply and have not materially changed.

The underground 2012 JORC compliant Mineral Resource Estimate totals 248,000t grading 7.04g/t Au for 56,000oz 1 (refer Table 1 below*) and extends from the base of the completed open pit (approximately 85m depth) to at least 250m below surface and remains open at depth (Figure 2*).

This underground resource only reports fresh mineralisation and is defined by a 1.5g/t Au lower cut-off wireframe model. It also reflects only those parts of the mine's total resource which have the potential to be economically viable for extraction by underground mining methods.

The high-grade gold mineralisation at Penny's Find is hosted by quartz veins at the contact between sediments and basalt. Metallurgical test work has shown fresh mineralisation to be free milling with a high gravity recoverable gold component and a total gold recovery which has historically exceeded 92%.

The resource estimation was calculated by DataGeo Geological Consultants ('DataGeo') and incorporated results from all appropriate drilling with the most recent being diamond drilling reported to the ASX by Empire on 6 November 2017.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/SPJ4K14C


<b>About Horizon Minerals Limited:</b>

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.

<b>Contact:</b>

Jon Price
Managing Director
T: +61 8 9386 9534
E: jon.price@horizonminerals.com.au

Michael Vaughan
Media Relations - Fivemark Partners
T: +61 422 602 720
E: michael.vaughan@fivemark.com.au

Copyright (C) 2020 ABN Newswire. All rights reserved., source Press Releases English

Stocks mentioned in the article
ChangeLast1st jan.
HORIZON MINERALS LIMITED -4.35% 0.11 End-of-day quote.0.00%
ORMINEX LIMITED 0.00% 0.044 End-of-day quote.69.23%
All news about HORIZON MINERALS LIMITED
01/19HORIZON MINERALS : Starts Exploration Program Across Asset Portfolio Near Boorar..
MT
01/18HORIZON MINERALS : Launches 50,000m Exploration Program for 2021
PU
01/18HORIZON MINERALS LIMITED (ASX : HRZ) Launches 50,000m Exploration Program for 20..
AQ
01/18HORIZON MINERALS : Appendix 3G – Performance Rights
PU
01/17HORIZON MINERALS : Debt Free After Early Loan Repayment
PU
01/17HORIZON MINERALS LIMITED (ASX : HRZ) Debt Free After Early Loan Repayment
AQ
01/11HORIZON MINERALS LIMITED (ASX : HRZ) Quarterly Activities Report 31 December 202..
AQ
2020HORIZON MINERALS : Completes Third Milling Campaign at Boorara Gold Mine in West..
MT
2020HORIZON MINERALS : Third Boorara Milling Campaign Nets $3.6 Million Cash
PU
2020HORIZON MINERALS LIMITED (ASX : HRZ) Third Boorara Milling Campaign Nets $3.6 Mi..
AQ
More news
Financials
Sales 2020 - - -
Net income 2020 1,04 M 0,81 M 0,81 M
Net cash 2020 1,50 M 1,16 M 1,16 M
P/E ratio 2020 45,9x
Yield 2020 -
Capitalization 62,5 M 48,2 M 48,3 M
EV / Sales 2019 148x
EV / Sales 2020 -
Nbr of Employees -
Free-Float 93,9%
Chart HORIZON MINERALS LIMITED
Duration : Period :
Horizon Minerals Limited Technical Analysis Chart | HRZ | AU0000053373 | MarketScreener
Technical analysis trends HORIZON MINERALS LIMITED
Short TermMid-TermLong Term
TrendsBullishBearishBullish
Income Statement Evolution
Managers and Directors
NameTitle
Jonathan Paul Price Managing Director & Director
Ashok Aaron Parekh Non-Executive Chairman
Grant Haywood Chief Operating Officer
Julian Simon Maheson Tambyrajah Chief Financial Officer & Joint Secretary
Peter Ross Bilbe Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
HORIZON MINERALS LIMITED0.00%48
NEWMONT CORPORATION3.11%49 798
BARRICK GOLD CORPORATION3.17%41 710
POLYUS-2.90%26 441
WHEATON PRECIOUS METALS CORP.-3.18%18 179
AGNICO EAGLE MINES LIMITED0.26%17 134