Growth Strategy Presentation
Sydney, Mar 28, 2023 AEST (ABN Newswire) - Horizon Minerals Limited's (
ASX:HRZ) plans are to advance the Cannon underground in H2 2023 getting back into production and cash generation.
Cannon produces 16,000 ounces at AISC ~$1,900/oz delivering high margins at current A$ gold prices. We have a selected our contract / JV partner and working on formal docs and logistics now. We have a milling allocation at FMR's 1Mtpa Greenfields Mill and aim to be cutting the portal in the Sept Qtr and first production in the Mar Qtr.
The Penny's Find underground is next in sequence and has 43,000oz in resource. Drilling last year identified a new lode system to the north with intercepts including:
o 5.0m @ 5.27g/t Au from 180.3m (P1_010)
o 3.7m @ 7.46g/t Au from 215.3m (P1_005)
o 2.7m @ 8.64g/t Au from 171.4m and 1.7m @ 17.91g/t Au from 178.9m (P1_007)
o 1.9m @ 13.95g/t Au from 251m (P1_009)
o 0.9m @ 23.56g/t Au from 216.7m (P1_006)
o 2.0m @ 8.47g/t Au from 227m (P1_008)
o 2.5m @ 7.45g/t Au from 226m (P1_020)
This new lode system will be followed up with ~4,000m of RC and DD in April to grow the resource and reserve along strike and at depth. In addition, resource and production drilling will be completed at Rose Hill UG, Binduli (Coote, Crake and Kestrel) and the greater Cannon-Golden Ridge area.
Plenty of news flow to come from Cannon and drill results. Horizon is now in a trading halt pending an announcement on a capital raise for Cannon capex and drilling.
To view the Growth Strategy Presentation, please visit:
https://www.abnnewswire.net/lnk/9NOD7240
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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