Phillips Find Mining Update

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an update on the development of the Phillips Find Gold Project ("Phillips Find").

HIGHLIGHTS

- Joint Venture (JV) Agreement in place with mining specialists BML Ventures Pty Limited (BML) to develop and mine two open pits at Phillips Find

- All management, technical, operational and maintenance roles to be undertaken by BML with oversight by the Company

- Low financial risk JV structure with BML to fund all project costs, with net cashflow after the asset recovery and repayment of costs to be split 50/50 between Horizon and BML

- Mining Proposal to develop Phillips Find has been approved by the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS)

- Site clearing works underway and offices and workshop being established

- 200 tonne excavator and two blast hole rigs have been mobilised to site, with haul trucks arriving this week

- Mining to commence in the coming weeks

- Existing 200kt Toll Milling Agreement executed with FMR Investments Pty Ltd (FMR) in May 2024 to be utilised for Phillips Find JV ore

- First ore from Phillips Find on track to be treated at FMR's Greenfields mill from February 2025 to June 2025

Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said:

"Our Phillips Find project is gearing up, with equipment mobilisation and site establishment well underway. We look forward to commencing production at Phillips Find later this month, along with mining our Boorara project, we will be mining and generating income from two independent assets in a strong gold price environment.

This is another major achievement for Horizon creating significant cashflows and value from our suite of in ground assets on our path to be a long-term sustainable gold producer."

Next Steps

Site mobilisation and establishment is well underway, with key equipment on site or scheduled for delivery shortly. Mining is due to commence in the coming weeks with early mining predominantly in waste whilst accessing ore through cutbacks of existing open pits. Ore stockpiles will be developed over the coming months, with processing of ore to occur through February to June 2025.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/M59603OL

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.

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an update on the development of the Phillips Find Gold Project ("Phillips Find").

HIGHLIGHTS

- Joint Venture (JV) Agreement executed with BML Ventures Pty Limited (BML) to develop and mine two open pits at Phillips Find

- All management, technical, operational and maintenance roles to be undertaken by BML with oversight by the Company

- Low financial risk JV structure with BML to fund all project costs, with net cashflow after the asset recovery and repayment of costs to be split 50/50 between Horizon and BML

- Mining Proposal submitted to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) to develop Phillips Find lodged in early June 2024 with approval expected shortly

- The Mining Proposal is the last key approval required to develop Phillips Find

- Existing 200kt Toll Milling Agreement executed with FMR Investments in May 2024 to be utilised for Phillips Find JV ore

- In light of awaiting final permitting, the milling schedule has been renegotiated with PhillipsFind ore treated at FMR Investments Greenfields mill from February 2025 to June 2025

- Timing of cashflows to Horizon are expected to be unaffected as initial cash from gold revenue will repay BML's working capital prior to splitting out surplus net cashflows on a 50/50 asis towards the end of the project

- Pre-production planning is well advanced, with clearing and site establishment crews and the200 tonne excavator ready to mobilise to site from mid-September 2024 subject to Mining Proposal approval.

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.

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to announce changes to its Board of Directors.

Experienced mining executive and director, Mr Warren Hallam, has agreed to join the Horizon Board of Directors as a Non-Executive Director effective 1 September 2024. Mr Hallam is currently a Non-Executive Director of St Barbara Limited and Poseidon Nickel Limited, and Non-Executive Chairman of Kingfisher Mining Limited.

Mr Hallam has a built a strong track record over 35 years in operations, corporate and senior leadership roles across multiple commodities. This includes previous Managing Director roles at Metals X Limited, Millenium Metals Limited and Capricorn Metals Limited. Mr Hallam is a metallurgist who also holds a Masters in Mineral Economics from Curtin University.

The Company also advises that Mr Jon Price has tendered his resignation as Non-Executive Director to focus on other business commitments, effective from 31 August 2024. Mr Price joined the Board of the Company in January 2016 as Managing Director and has guided Horizon through a transformational period of substantial resource growth prior to stepping down as Managing Director in June 2023.

Commenting on the Board changes, Non-Executive Chairman Mr Ashok Parekh said:

"We are delighted to welcome Warren to the board of Horizon as we transition the Company from an explorer to producer. We look forward to his guidance during this exciting growth phase.

On behalf of the board and broader Horizon team, I would also like to acknowledge and thank Jon for his significant contribution to the Company over many years and wish him well in his future endeavours."

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.

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (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.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/11CT3RGX

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.

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an update on the Nimbus silver-zinc project, adjacent to the Boorara gold mine, 17km east-southeast of Kalgoorlie-Boulder in the goldfields of Western Australia (Figure 1*).

HIGHLIGHTS

- The current global Mineral Resource estimate for Nimbus stands at:

o 12.1Mt grading 52g/t Ag for 20.24Moz of silver and 0.9% Zn for 106kt zinc

- A high-grade subset exists within this global resource immediately below the historical pits and has a Mineral Resource estimate of:

o 260kt grading 774g/t Ag for 6.4Moz silver and 12.8% Zn for 33kt zinc

- Concept study has confirmed the optimal economic development pathway through mining of the higher-grade lodes and generation of a silver / zinc concentrate with more drilling required to increase overall tonnage and mine life

- Silver currently trading at A$42/oz and zinc at A$4,000/t

- A Programme of Work (POW) has been approved by DEMIRS and drilling expected to be undertaken in the first half of 2025 to drill test the exploration target

- Exploration Target defined below Nimbus to be tested.

Commenting on the Nimbus silver-zinc project, Horizon Managing Director and CEO Mr Grant Haywood said:

"We see the potential to grow the higher-grade core within the Nimbus resource at depth down plunge and along strike. Whilst we are firmly focussed on delivering on gold production at Boorara and Phillips Find, the Company will continue working to develop a longer-term production profile at Nimbus. We look forward to undertaking drilling in 2025 with the aim of increasing the resource prior to re-instigating a feasibility study for the project".

The Nimbus Project is sits 2km east of the Company's cornerstone Boorara project and 6.5km northnorthwest of Golden Ridge. Both Boorara and Golden Ridge are historic gold mining centres, with Boorara recommencing production activities.

The Nimbus mine site on granted mining leases M26/490 and M26/598 and easily accessed from the Kalgoorlie-Bulong Road via an unsealed haul road. The tenements are located within the Hampton Hill Pastoral Station (Figure 2).

The Nimbus Project was mined by Polymetals in two stages. Phase 1 (Jan 2004 - April 2005) concentrated on mining extremely weathered oxide material in the Discovery and East Pits. Phase 2 (Nov 2005 - May 2006) concentrated on mining remnant oxide and supergene material from the Discovery Pit. Ore treatment was undertaken at an onsite mill utilising a Merrill-Crowe circuit.

The Nimbus Silver-Zinc Project was placed on care and maintenance in 2007 after producing 3.6 Moz of silver from 318 kt of ore processed at a grade of 353 g/t Ag.

MacPhersons Resource Limited (MRP) completed due diligence in August 2011and purchased the Nimbus property on 8th September 2011 from Kalgoorlie Ore Treatment Company Pty Ltd (KOTC) in order to treat ore hauled from their proposed Coolgardie gold mining operations, some 55km to the west. MacPhersons fast tracked the development of the Nimbus project, securing financing and purchasing necessary plant infrastructure.

In June 2019 the former Intermin Resources Limited finalised its merger with MRP, becoming Horizon Minerals Ltd. The Nimbus project was put on hold pending review.

Nimbus was classified as a contaminated site by the Department of Water and Environmental Regulation (DWER) in 2006 as Contaminated - Remediation Required under the Contaminated Sites Act from the historic mining and processing of ore which restricted some activities. Following the merger with MacPherson Resources in 2019, Horizon undertook a Mandatory Review Audit process under the Contaminated Sites Act to carry out cleanup works to reclassify the site. The Company completed the clean-up in 2022 and the MAR report is nearing completion to submit to DWER to reclassify the site. The old plant was removed and the area rehabilitated. The mine office and other infrastructure is still in place and operational and on grid power.

An independent review by Australian Mining Consultants (AMC) and Sedgmen was commissioned in 2022 to assess the historic data, mine optimisations and metallurgical work to evaluate the optimal pathway forward for the project.

The review highlighted the potential of the project through underground mining the fresh higher-grade ore below the historic Discovery pit and generating a silver and a zinc concentrate for sale to potential offtake partners. A gold concentrate was also assessed to improve overall life of mine given the need for additional tonnage to underpin a concentrator at site.

Exploration Target Drilling Zones Identified

Given the drilling success to date along the Gretel-Nimbus-Brindabella trend and the potential for repeat high grade lenses at Nimbus deeps and along strike, a drilling campaign has been designed to commence in the first half of 2025 pending cashflows from gold mining operations.1 Exploration Target drilling zones identified below the Nimbus pits which remain untested are show below (Figure 3 and 4*).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/UD6988IY

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.