Horizon Minerals Ltd (ASX:HRZ) is continuing to advance its large-scale multi-element new discovery and project generation exploration program across its 1,100 square kilometre tenement package in the Kalgoorlie and Coolgardie regions of Western Australia.
The company holds numerous multi-commodity assets including listed investments in the world-class 1.8 billion tonnes Richmond vanadium project in northwest Queensland.
Horizon has significant resource growth potential along strike and at depth with 20,000 metres of brownfields exploration drilling planned in CY2023 -24 focused on:
- Near mine extensions at Penny’s Find, Rose Hill, Golden Ridge and Cannon
- Extensions and new resources at Binduli, Yarmany and Lakewood
Cannon Gold Project
Horizon’s Cannon Gold Project in Kalgoorlie has a total resource of 230,000 tonnes at 4.4g/t gold for 32,330 ounces with mineralisation remaining open at depth.
The Cannon feasibility study demonstrated positive economic results under a contract mining and toll milling model:
- Reserves total 135,000 tonnes at 4.1 g/t gold for 17,680 ounces
- Production of 15,900 ounces at 90% recovery over 13 months
- $4.3 million upfront capex with development from a portal within the existing open pit
- Contract mining and toll milling delivers ~$10 million cash at $2,600/oz gold price and AISC of $1,873/oz
Cannon open pit looking northeast.
Next steps
Horizon plans to utilise the contract mining and toll milling model to advance a sequence of underground developments including Cannon, Penny’s Find and Rose Hill.
The company’s exploration budget for CY 2023 - 2024 is about $3.5 million with the flexibility to reduce/expand programs based on results.
Horizon is planning to complete 20,000 metres of exploration drilling across core gold assets including Penny’s Find, Rose Hill, Greater Boorara - Cannon -Golden Ridge and Binduli.
Key milestones and news flow.
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