Horizon Minerals Limited: First Gold Poured From The Boorara Gold Mine
Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce first gold production from the first stage of the Boorara Gold Mine, 10km east of Kalgoorlie-Boulder in the goldfields of Western Australia.HIGHLIGHTS
- Mining continues ahead of schedule at the Boorara gold mine, 10km east of Kalgoorlie-Boulder in the Western Australian goldfields
- First ore processing campaign commenced on 17 July 2020 with first gold poured on the 23rd July for shipment and gold revenue commencing before the end of July
- Unreconciled mill grades to date generally in line with expectations and a formal grade reconciliation update will be provided on completion of the first mill campaign
- Monthly milling campaigns scheduled through to January 2021 to treat 159,000t of ore grading 1.86g/t Au for 8,700 ounces recovered generating $7m cash at current gold prices
Mining commenced at Boorara on 5 May 2020 with first ore mining shortly thereafter from the Regal East pit. The Regal East and Regal West pits will be mined concurrently to enable efficient cycling of mining production and drill and blast activities. Mining of the Crown Jewel pit has now commenced to provide an alternative dig location as the Regal pits advance.
To date, a total movement of 376,000 BCM has been mined with approximately 90,000 tonnes of oxide and transitional ore mined at a fully diluted grade of 1.5g/t Au, in line with reserve model estimates for the upper areas of the pits.
The first milling campaign commenced on 17 July 2020 with first gold poured on 23 July. Grades through the mill have been in general agreement with expectations with processing continuing at expected throughput rates and gold recoveries. The first milling campaign is scheduled for completion in late July with first mine to mill reconciliations shortly thereafter.
Dore bullion is shipped to the Perth Mint for refining and sale with first revenue expected in coming weeks. Ore treatment campaigns will continue on a monthly basis through to January 2021.
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About Horizon Minerals Limited:
Horizon Minerals Ltd. (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 Ltd.
Contact:
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
