Quarterly Activities Report 31 December 2022
Perth, Jan 31, 2023 AEST (ABN Newswire) - Horizon Minerals Limited (
ASX:HRZ) is pleased to provide the December 2022 Quarterly Activities Report. Horizon is an exploration and production company within the Kalgoorlie and Coolgardie regions of Western Australia.
A key focus for the Company is on exploration upside within our 1,100km2 tenement package with up to three drill rigs operating as part of the large-scale multi-element new discovery and project generation exploration program. Horizon holds numerous multi - commodity assets including listed investments in the world class 1.8Bt Richmond vanadium project in northwest Queensland.
Primary activities during the Quarter included the continuation of the CY2022-23 multi-element project generation and new discovery exploration program and release of results, resource modelling and mine optimisation studies for Ore Reserve estimation, advancement of the Cannon, Penny's Find, and Rose Hill underground projects, joint venture assessment and review of further consolidation and divestment opportunities.
In addition, the Company has completed the in-specie distribution to eligible shareholders of 20 million shares in Richmond Vanadium Technology (ASX:RVT) after the successful IPO and listing of RVT on the ASX.
Horizon now holds 8.94% of RVT who are now fully funded to complete the BFS after raising $25 million (before costs).
HIGHLIGHTS
- Exploration program continues with field work conducted at the Greater Boorara - Cannon, Yarmany and Lakewood project areas testing for high priority gold and nickel sulphide targets
- Excellent drilling results received from Blair North and Euston prospects with further results expected from multi-element testing in the March Quarter 2023
- Horizon's total Mineral Resource estimate stands at:
o 22.6Mt grading 1.71g/t Au for 1.24 million ounces at various cut-off grades
- Divestment of Kangaroo Hill and Phoenix projects completed with review of further noncore asset expressions of interest underway
- Successful Initial Public Offering raising $25 million (before costs) and ASX listing of Richmond Vanadium Technology (ASX:RVT) on 13 December 2022
- In-specie distribution of 20 million RVT shares to eligible Horizon shareholders completed with the Company retaining 19.8 million shares representing 8.94% of RVT's issued capital
- RVT now fully funded to complete the BFS for the 100% owned Richmond vanadium project in Queensland amid significant growth in grid scale renewable energy storage market
- Share Purchase Plan (SPP) and shortfall offer completed raising $668,000
- Loan Agreements executed for a US$5 million Convertible Loan facility to advance the Cannon gold project
- Cash at bank of A$1.6 million and listed investments totalling A$6.0 million
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/C6716L0K
About Horizon Minerals Limited
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
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