Horizon Minerals Ltd (ASX:HRZ) has divested its remaining interest in Kingwest Resources Ltd (ASX:KWR) through a managed off-market sale process, receiving proceeds totalling $1.3 million.
The company has sold around 37 million KWR shares it held as part of the divestment of the Menzies Gold Project back in 2019 at a price of 3.5 cents per share.
Proceeds from the sale, together with existing cash, will be applied towards Horizon’s 2023 exploration program which will kick off this quarter.
Monetising non-core assets
Horizon managing director Jon Price said: “The sale of our investment in Kingwest is in line with our strategy of monetising non-core assets and utilising the proceeds to continue our resource growth and new discovery exploration programs.
“We would like to thank the team at Kingwest for assisting in the sale process and wish them every success as they embark on their own growth phase.”
Exploration program
Horizon’s 2023 exploration program will focus on follow-up and extensional drilling at a number of the company’s core gold assets.
This includes the Cannon-Golden Ridge mining hub, lateral and depth extensions at the 100% owned Penny’s Find Gold Project and regional drilling within the company’s 1,100 square kilometre portfolio in the Western Australian Goldfields.