Horizon Minerals Limited

Board Approves Development of Boorara

Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to announce that its Board has approved the Final Investment Decision for the development of the Boorara Gold Project.


HIGHLIGHTS

  • 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
  • Horizon to provide management oversight and technical services support with the contractor undertaking the works
  • All management, including the Site Senior Executive and Quarry Manager, and most technical roles have been filled
  • Mobilisation commencing, with pre-production works undertaken in the first half of August, and mining commencing and ramping up thereafter
  • Boorara is fully permitted with all statutory approvals in place for operations to commence
  • Binding Ore Sale Agreement executed with Paddington Gold Pty Ltd (“Paddington”), a wholly owned subsidiary of Norton Gold Fields Ltd, now unconditional, with all conditions precedent satisfied
  • Independent Ore Reserve estimate of 1.24Mt at 1.24 g/t Au for 45.8 koz recovered at 92.5% metallurgical recovery
  • Mining to occur over 14 months, with processing over 19 months with first gold pour expected in October 2024
  • Boorara cashflow estimated to be A$30M at a A$3,600/oz gold price

Commenting on the development of Boorara, Managing Director and CEO Mr Grant Haywood said:1

“Mining at Boorara is a significant milestone for the Company and will make Horizon the newest gold producer in Australia. We take great pleasure in welcoming our new members of Horizon including our business partners Hampton Transport Services and the Norton Gold Fields team who will be processing Boorara ore at Paddington.

We are focussed on making Boorara a safe and efficient mining operation to create value through generating cash and the first step in sustainable gold production for Horizon. We are seeking to unlock the significant latent potential within our extensive portfolio of development assets which hosts a 1.8 million ounce Mineral Resource.

Following the resumption of production at Boorara, we aim to develop other projects in parallel to establish Horizon as a long-term, sustainable gold producer in a favourable gold price environment.”


Click here for the full ASX Release

This article includes content from Horizon Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

HRZ:AU
The Conversation (0)
Results of Share Purchase Plan

Results of Share Purchase Plan

Horizon Minerals (HRZ:AU) has announced Results of Share Purchase PlanDownload the PDF here. Keep Reading...
Boorara Mined Ore Stockpiles Support Ramp up of Black Swan

Boorara Mined Ore Stockpiles Support Ramp up of Black Swan

Horizon Minerals (HRZ:AU) has announced Boorara Mined Ore Stockpiles Support Ramp up of Black SwanDownload the PDF here. Keep Reading...
Gold Mining, Processing and Cash Update

Gold Mining, Processing and Cash Update

Horizon Minerals (HRZ:AU) has announced Gold Mining, Processing and Cash UpdateDownload the PDF here. Keep Reading...
Long lead items ordered to fast-track development of BSPH

Long lead items ordered to fast-track development of BSPH

Horizon Minerals (HRZ:AU) has announced Long lead items ordered to fast-track development of BSPHDownload the PDF here. Keep Reading...
Share Purchase Plan

Share Purchase Plan

Horizon Minerals (HRZ:AU) has announced Share Purchase PlanDownload the PDF here. Keep Reading...
New Break Announces Receipt of DTC Eligibility in the United States

New Break Announces Receipt of DTC Eligibility in the United States

New Break Resources Ltd. (CSE: NBRK) (OTCQB: NBRKF) (FSE: O91) ("New Break" or the "Company") is pleased to announce that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company ("DTC"). As a subsidiary of the Depository... Keep Reading...
Hand holding smartphone displaying Tether Gold with buy and sell options.

Tether's Gold Rush: Stablecoins Modernizing Precious Metals Investment

Gold is becoming more mainstream with the help of blockchain technology.With global instability on the rise, safe-haven assets such as gold have become increasingly attractive, while high-risk, high-reward cryptocurrencies such as Bitcoin are proving to be too volatile for investors with a low... Keep Reading...
Person in white shirt using a calculator beside stacked gold bars and coins on a dark table.

Jordan Rusche: My Gold Stock Strategy, Plus Unloved Commodities to Watch

Jordan Rusche of Mining Stock Monkey shares his outlook for gold and how he's approaching gold stocks right now — in his view, it's key for investors to protect their downside. He also weighs in on recent M&A activity, including Equinox Gold's (TSX:EQX,NYSEAMERICAN:EQX) plan to acquire Orla... Keep Reading...
Two gold bars on a financial chart with blue and yellow candlestick patterns; text reads: FINE GOLD 999.9 NET WT 1000g.

Precious Metals News: Tug-of-War Still at Play For Gold and its Sister Metals

Precious metals remain under pressure from the US-Iran stalemate and the resulting worsening macroeconomic outlook.This past week, prices for gold, silver, platinum and palladium experienced a sharp mid-May sell-off brought on by sticky inflation and a stronger US dollar, followed by a late-week... Keep Reading...

Interactive Chart

Latest Press Releases

Related News