What does Horizon Minerals do?
The marry-up between the two companies was sealed in July 2019.
Horizon’s team now has a collective 12 million ounces at 1,082 square kilometres of tenure, it confirmed to delegates at this year’s annual Diggers and Dealers annual exhibition in the Western Australian Goldfields last month.
The company has its eye on the mid-cap space with a strategy of becoming a profitable standalone gold producer.
What does Horizon Minerals own in the Kalgoorlie area?
The key asset is the Boorara Gold Project 10 kilometres east of the gold centre of Kalgoorlie, on a world-class goldfield.
Boorara has a 507,000-ounce resource and approvals in place for an open pit mine development and a new processing facility.
Horizon views the project’s location as ideal for baseload mining and centralised processing.
It believes production of its processed ore could be increased with higher-grade feed from other projects in easy trucking distance.
In April 2019 before the merger, MacPhersons reported it believed the project had a low strip ratio and excellent metallurgy with high gravity gold content and soft oxide ore to a 70-metre depth.
Trial mining and processing had outperformed the resource model it had set for the project, MacPhersons said.
Updated mining studies and geological models are being worked on for the project.
The company also has a number of growth projects in the Kalgoorlie area within 65 kilometres of Boorara that could also provide feed for the mill, including the Teal, Binduli, Windanya, Baden Powell, Olympia, Balagundi, Kanowna South and Lakewood projects.
Horizon’s Kalgoorlie regional projects’ estimated mineral resource is 350,000 ounces.
What does Horizon Minerals own in the Coolgardie area?
The company also holds regional projects near the tiny town of Coolgardie.
Coolgardie is about 40 kilometres from the city of Kalgoorlie-Boulder and means 'munga tree'.
The ghost town was once the third-largest town in WA.
In the Coolgardie area, Horizon has the Anthill, Blister Dam, Area 54 and Yarmany projects within 65 kilometres of town.
Anthill has an estimated mineral resource of 125,000 ounces while Yarmany is viewed as highly prospective for large-scale open pit discoveries.
The company plans to start drilling the regional area in the December 2019 quarter.
Horizon has a farm-in project in the area known as the Coolgardie Gold Project, which covers 235 square kilometres of the greenstone belt 45 kilometres west of Kalgoorlie
This project features a shuttered 1.2 million tonnes a year processing plant and hosts an ore reserve of 171,000 ounces.
Recent results from the project include intersections such as 5 metres at 2.58 g/t gold from 58 metres and 6 metres at 1.65 g/t gold from 57 metres.
What JVs does Horizon Minerals hold that can add value?
Horizon has a number of joint ventures which it can use to add shareholder value to the company if its JV partners spend $7 million.
These include the Richmond Vanadium (RVT) Project in North Queensland which has 2.6 billion tonne resource.
Horizon continues to hold a 25% stake in the project where a pre-feasibility study (PFS) is underway for delivery in mid-2020 after resource drilling this year.
Another 25%-held project for Horizon is Nanadie Well, an exploration project for Mithril Resources Limited (ASX:MTH).
The Western Australian project covers 60 square kilometres in the Murchison region and is prospective for gold, copper, nickel, cobalt and platinum group elements (PGE)
- In-house and farm-out project successes
- Drilling achievements and new mineralisation finds
- Commodity sentiments, including for gold
- Feasibility study and financing milestones
- Key mergers and acquisition activity