(MENAFN- ABN Newswire)
Horizon Minerals Limited (ASX:HRZ) is pleased to provide an update on the development of the Boorara
Gold Project. The 100% owned Boorara project is 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 1.24Mt of ore at 1.24g/t Au for 49.5koz of
gold -
mining to occur over 14 months and processing over 19 months at Norton Gold Fields' Paddington
plant to generate $30M in estimated free cashflow at a A$3,600/oz gold price
- Boorara mining services and surface ore haulage contracts awarded to Hampton Transport Services Pty Ltd on competitive terms, with no mining contractor payments until first gold pour sold and funds received
- Grade control program well advanced with nearly 80% of the program completed
- Mining commenced in August 2024 on single shift and first ore was exposed and mined in late September 2024
- Night shift operations commencing this week to increase production rates, building to four digger shifts
- Plan to establish an ore stockpile of 40-50kt at Boorara prior to haulage commencing
- First ore on track for delivery to Paddington in late October 2024 and first gold production expected in November
Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said:
"It is very pleasing that Boorara is on track for first ore delivery this month, with pouring of gold occurring in this high gold price environment delivering first revenue from Boorara very shortly.
Despite some labour shortages at site and in the general market, the work is progressing safely, efficiently and on schedule. We look forward to providing further updates on our progress at Boorara in due course".
Next Steps
Complete the remaining Phase 1 grade control drilling program, and continue to build the first parcel of ore for delivery to Paddington in late October 2024.
*To view tables and figures, please visit:
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.
Grant Haywood
Chief Executive Officer
T: +61 8 9386 9534
E: ...
Michael Vaughan
Media Relations - Fivemark Partners
T: +61 422 602 720
E: ...
MENAFN02102024000111011020ID1108741718
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.