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Horizon unveils gold plans for 2020

Tue Jan 07 2020

 

The share price of ASX-listed Horizon Minerals finished nearly 9% higher on Tuesday after the company released an updated strategic plan aimed at generating cash.

 

“The company has now reset its immediate growth plan while maintaining our overriding objective of building an emerging midtier gold business centered in the heart of the West Australian goldfields,” said MD Jon Price, adding that the strategy is centered around the Boorara gold project and existing satellite projects in close proximity.

 

He noted that the results from an extensive 18 000 m grade control drilling programme, which was completed at Boorara in December, would be used to update the grade control model to generate an initial mining inventory across three starter pits, with the aim to start mining in the June quarter of this year, and toll milling in the September quarter.

 

Updated geological models and reserve and resource estimates for all the projects would feed into a feasibility study, which is due for completion in the December quarter, with the aim of delivering a minimum four- to five-year production plan, underpinning a long-term processing solution.

 

Horizon told shareholders that the staged development of Boorara provided early cash flow and improved geological confidence, while assessment of a larger-scale development is evaluated, including options for a standalone processing facility and collaboration with neighbouring companies.

 

“We now look forward to delivering on our promises, moving into production, generating cash to support our strategy, growing our resource base and building a long-term sustainable production profile for the benefit of all stakeholders,” Price said.

 

Horizon shares closed at a high of 9c each, up from a low of 8.5c each.

 

Source: http://www.miningweekly.com