HORIZON MINERALS LIMITED
The Company is focussed on gold in the Western Australian goldfields and has assets covering 850km2 on major geological structures in close proximity to the city of Kalgoorlie-Boulder. An updated global Mineral Resource Estimate is expected in the
Bringing Boorara Stage 1 into production
The 18,000m grade control drilling program as announced to the ASX on
A small scale trial pit to 20m depth was mined in the Royal (previously Southern Stockwork) area at Boorara in 2016, with ore up to 15m wide mined on 2.5m high flitches 1. A close spaced grade control program undertaken prior to mining yielded planned trial pit grades well above the in-situ resource grade estimate of 1g/t 1. Ore mined from the trial pit was processed at
The aim of the current grade control program is to further test the grade uplift potential and enable a new geological model to be compiled for mine optimisation, design and economic analysis. On completion, expected in the current
The resultant mine and mill reconciliation data will then be used to compare to the global resource model ahead of the larger scale mine development assessment being undertaken as part of the Feasibility Study due for completion in the
Growing the production pipeline2
Three projects have been prioritised based on current resource status, grade and open pit and underground upside potential.
Further stages of Boorara mine development will be determined by the outcome of the mining, pit mapping and mill reconciliations of Stage 1. The Boorara resource model will be updated during this period and fed into the Feasibility Study.
The Crake project, part of the Binduli project area has grown significantly in 2019 after a number of highly successful drilling programs. Internal optimisations have generated positive results and provided extensional drill targets along strike and at depth. Further infill and extensional RC and diamond drilling is planned in H2 2020.
The Rosehill project, recently acquired through an asset swap with Northern Star Resources Ltd1, is a high priority open pit and underground deposit in Coolgardie. The most recent resource information on Rosehill was compiled by
Resource growth through exploration and acquisition
Horizon has developed priority resource growth and new discovery targets for drilling in 2020. These include Boorara near mine (including Balagundi, Kanowna South,
Priority is to target areas hosting free milling ore within a 75km radius of Boorara with grade above 2g/t Au and strip ratio below 10:1 for open pit and grades above 4g/t Au for satellite underground projects.
Drilling in the
The Company will continue to pursue value accretive acquisitions that meet the disciplined criteria of value, continuity with existing tenure, location on major geological structures and proximity to a potential centralised mill at Boorara. Consolidation across the sector needs to continue and the Company will continue discussions with neighbouring companies and collaborate where mutual gain can be achieved.
Joint ventures
The Company's strategy for non-gold projects is typically to divest or farm out to avoid management distraction, reduce costs and to retain future upside exposure. The current joint venture with Richmond Vanadium Technology (RVT) covering the 2.6Bt Richmond vanadium project in central north
News flow and milestones
As the strategic plan is put in to action, significant news flow can be expected throughout 2020 as per below:
Contact:
Tel: +61 8 9386 9534
Email: jon.price@horizonminerals.com.au
Forward Looking and Cautionary Statements
Some statements in this report regarding estimates or future events are forward looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward looking statements include, but are not limited to, statements preceded by words such as 'planned', 'expected', 'projected', 'estimated', 'may', 'scheduled', 'intends', 'anticipates', 'believes', 'potential', 'could', 'nominal', 'conceptual' and similar expressions. Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward looking statements may be affected by a range of variables that could cause actual results to differ from estimated results, and may cause the Company's actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licenses, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for among other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rate, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward looking statements will prove to be correct.
Statements regarding plans with respect to the Company's mineral properties may contain forward looking statements in relation to future matters that can only be made where the Company has a reasonable basis for making those statements.
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