Horizon Minerals Ltd (ASX:HRZ) plans to undertake the next round of drilling at Rose Hill, Crake, Boorara, Golden Ridge, Balagundi and Teal prospects in the Boorara Gold Project region during the second half of 2020.
Preparatory work undertaken during the March quarter will enable rapid recommencement of drilling.
This work will assist in the ongoing compilation of updated resource and reserve models for Rose Hill, Crake, Teal and Boorara.
Horizon had $3.9 million cash at bank as at March 31 and holds investments in ASX-listed companies with a current value of around $3 million as well as a $4 million undrawn working capital facility in place for Boorara mine development.
Boorara stage-1 feasibility[hhmc]
During the quarter, the company released the results of a feasibility study comprising the mining of three starter pits in the Regal and Crown Jewel areas of the project.
The Boorara Gold Project is on granted Mining Leases 1 kilometres southwest of the Nimbus site, where established offices are connected to mains power and a production water supply from the Stoneville bore field.
Horizon submitted all statutory approvals and advanced discussions with local mining and haulage contractors during the March quarter.
A toll milling agreement has been executed with Golden Mile Milling Pty Ltd for ore treatment at their 1 million tonnes per annum Lakewood processing plant, 7 kilometres west of the Boorara mine site.
In response to the COVID-19 pandemic, an extensive risk assessment has been completed with all staff and contractors observing strict safety and operational guidelines to ensure the health and wellbeing of all staff and the community.
Site preparations are on track for mining to begin later this quarter with first gold production scheduled for the September quarter of 2020.
A further update on mine development of the first stage of Boorara is expected in coming weeks.
The development has two main goals:
- To generate cash capitalising on the strong Australian gold price to self-fund future growth; and
- To provide additional mine to mill reconciliation data for the compilation of an updated geological model for the larger scale Boorara development as part of the ongoing feasibility study.
Exploration and evaluation[hhmc]
During the quarter, drilling results were received from the first phase of drilling at the Rose Hill Gold Project, west of Kalgoorlie.
Given the highly successful drilling program and receipt of all historic geological and development reports, Rose Hill now forms part of the core open pit and underground development projects together with BindRead More – Source
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