Bridgetown-Greenbushes Lithium Acquisition
Perth, Oct 5, 2023 AEST (ABN Newswire) - Horizon Minerals Limited (
ASX:HRZ) is pleased to advise that it has entered into a binding Share Sale Agreement (SSA) with private company Charter Minerals Pty Ltd ("Charter" or "CMPL") for the acquisition of a 100% interest in two Bridgetown-Greenbushes Lithium Tenements, located north and southwest of Bridgetown and less than 20km from the world class Greenbushes Lithium Mine, in the south of Western Australia. The Company has also applied for five Exploration Licences in proximity to the Greenbushes Lithium Mine and near Bridgetown in addition to the Charter tenements (Figures 1 and 2*).
Horizon has also applied for five new Exploration Licences in proximity to the Charter tenements.
HIGHLIGHTS
- Opportunistic, low cost assemblance of a significant ground position in one of Western Australia's most attractive and active lithium mining regions.
- Acquisition cost of $75k in cash and 4 million ordinary HRZ shares, to Charter shareholders.
- The two acquired projects are granted Exploration Licences (E70/5980, E70/5981) located 5km north and 10km southwest of Bridgetown respectively and cover a total area of 33km2.
- E70/5980 and E70/5981 are situated along strike from the world-class Greenbushes mine, Albemarle Corporation tenements recently purchased from Lithium Power International (ASX:LPI) for $30m cash and Galan Lithium Ltd's (ASX:GLN) Greenbushes South project.
- Located within favourable geology and structure, particularly the regional ~20km-wide Bridgetown-Donnybrook shear zone which hosts the giant Greenbushes Sn-Ta-Li deposit and continues south for another 20km where it passes adjacent to E70/5981.
- Closer to Bridgetown, this shear zone also hosts the Smithfield pegmatite (Sn-Ta) field only 4km west of E70/5981. These pegmatites are up to 35m wide, with potential repetitions of these pegmatites on the newly acquired tenure being a priority exploration target.
- In addition, four small Exploration Licences (ELA's 70/6551-6554) have been applied for close to Bridgetown, covering a total of 15km2.
- Another tenement (ELA70/6555), covering approximately 214km2, has been applied for 40km northeast of Bridgetown. The tenement contains a number of historic and anomalous soil results that could be related to pegmatite intrusives.
- The Bridgetown-Greenbushes package has received little modern exploration and a process of data acquisition, compilation and review is being undertaken ahead of initial field work.
Commenting on the lithium acquisition, Chief Executive Officer Mr Grant Haywood said:
"We are very pleased to have acquired and pegged this prospective ground in a world class lithium province with strong potential for pegmatite-hosted lithium mineralisation. We continually assess opportunities to add value accretive projects to the business and moved quickly to secure this low cost opportunity when it presented. These projects build upside and diversification to our portfolio of gold and silver-zinc projects with minimal distraction from our current focus. We will progress these projects in parallel with our commitment to transitioning to a gold producer in early 2024, commencing from our Cannon underground gold project."
Overview
The Bridgetown-Greenbushes prospects are found within the Balingup Metamorphic Belt which has been intruded by numerous pegmatite dykes including the Greenbushes pegmatite. Greenbushes is also closely related to the regional Bridgetown-Donnybrook shear zone which extends through E70/5981 and offers enhanced prospectivity (Figure 3). The Greenbushes region in general has been subject to increased levels of exploration due to the lithium boom over the last few years.
The prospect areas acquired and pegged are considered early stage as very little historic exploration work for lithium or pegmatites has been undertaken, despite the interpreted prospectivity. Typical of the southwest area, the tenure contains a high level of land use (e.g. farming, state forest and various infrastructure) and requires careful land management and community engagement. Other companies operate under similar environments and conditions in the Bridgetown-Greenbushes district.
Horizon remains firmly focussed on the Kalgoorlie assets and advancing the Cannon underground mining development and committing to our Kalgoorlie exploration. The Bridgetown-Greenbushes opportunity presented as an exciting, low cost addition to our multi-commodity portfolio requiring minimal change from our current strategic focus. It is also consistent with the Company's business model of regularly reviewing its portfolio and acquiring value accretive and/or highly prospective projects when they become available.
*To view project details, tables and figures, please visit:
https://abnnewswire.net/lnk/6L71B097
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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