Horizon Minerals Limited: Boorara Gold Project Mining Underway
Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to provide an update on the development of the Boorara Gold Project. The proposed mining project is 100% owned and located 15km east of Kalgoorlie-Boulder, adjacent to the Super Pit in the heart of the Western Australian goldfields (Figure 1).HIGHLIGHTS
- Horizon approved the development of Boorara in late July 2024 to mine a series of four open pits containing 1.24 Mt of ore at 1.24 g/t Au for 49.5 koz of gold
- Mining to occur over 14 months and processing over 19 months at Norton Gold Fields' Paddington plant to generate $30 million in free cashflow at a gold price of A$3,600/oz
- Boorara mining services and surface ore haulage contracts awarded to Hampton Transport Services Pty Ltd ("Hampton") on competitive terms, with no mining contractor payments until first gold pour sold and funds received
- Hampton has successfully mobilised and established the site, and grade control drilling is well advanced
- Mining has commenced with the first drill and blast pattern fired last week to build up broken stocks in conjunction with free dig areas in Pit 2, the larger pit in the Regal zone of the Boorara ore system
- Excavation has commenced on single shift, transitioning to double shift by the end of August, with a second digger shift commencing in September and ramping up to four digger shifts by the end of September
- All activities have been undertaken productively and safely
- First ore on track to be mined in September and processed at Paddington in October 2024
Commenting on the mining of Boorara, Managing Director and CEO Mr Grant Haywood said:
"It is very pleasing to see mining accelerating at Boorara, with all activities being undertaken ahead of schedule and safely, which is a credit to the site team and our contract business partners.
We are eagerly awaiting mining progressing to expose first ore in September and pouring gold bars in October to give us first revenue from Boorara in this strong gold price environment.
This is a major milestone for Horizon as we commence our journey to be a long-term sustainable gold producer, delivering significant cashflows into the business to create further value through our significant portfolio of assets.
Next Steps
Complete Phase 1 of the grade control drilling program, and gradually ramp-up load and haul production activities throughout the remainder of August and September. First milling and gold production is expected in October 2024.
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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.
Source:
Horizon Minerals Limited
Contact:
Grant Haywood Chief Executive Officer T: +61 8 9386 9534 E: grant.haywood@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners T: +61 422 602 720 E: michael.vaughan@fivemark.com.au