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Horizon Minerals Limited (ASX:HRZ) Quarterly Activities Report 31 December 2020
Horizon Minerals Limited (ASX:HRZ) is pleased to provide the December 2020 Quarterly Activities Report. Horizon is a gold production, development and exploration company with a key focus in the Kalgoorlie and Coolgardie regions of Western Australia.


- Trial mining completed and results of two toll milling campaigns released from the Boorara gold mine, 10km east of Kalgoorlie - Boulder in the Western Australian Goldfields

- Total open pit material movement of 513,000 BCM with total ore mined (high and low grade) of 267,000t at a mine claimed grade of 1.23g/t Au for 10,560 ounces mined

- Second toll milling campaign produced 1,845 ounces from the processing of 46,700t at a reconciled feed grade of 1.30g/t Au and gold recovery of 95.1%

- Third toll milling campaign produced 2,491 ounces from the processing of 50,270t at a reconciled feed grade of 1.62g/t Au and gold recovery of 95.0%

- Gold sales for the Quarter of 3,374 ounces raising $8.47 million in revenue at an average sale price of $2,512 per ounce generating $4.36 million in net cash flow

- Excellent drilling results received from Binduli and Rose Hill as part of the 70,000m reserve conversion, resource growth and new discovery drilling program

- Updated Mineral Resource estimate for the Rose Hill gold project demonstrating high grade open cut and underground potential

- Acquisition of the Kalpini gold project completed for $2.75 million in cash

- Agreement reached for the acquisition of 50% of the high grade Penny's Find underground gold project for $1.5 million in cash

- Positive Pre-Feasibility Study released for the Richmond-Julia Creek vanadium JV

- Finance and technical team strengthened ahead of a significant growth phase

- Cash on hand at Quarter end of $15.9 million and listed investments totalling $5.4 million

A key focus for the Company is on exploration upside within our tenement package of 890 km2 with up to four drill rigs currently operating as part of the largest ever 70,000m exploration program. Horizon holds numerous non-core assets including royalties, listed investments and a joint venture in place covering the 1.8Bt Richmond-Julia Creek Vanadium Project in North Queensland.

Primary activities during the Quarter included trial mining and toll milling at Boorara, continuation of a 70,000m reserve conversion, resource growth and new discovery drilling program, resource modelling and mine optimisation studies as part of the consolidated Feasibility Study, release of the Richmond vanadium PFS, review of further regional consolidation, joint venture and divestment opportunities and strengthening of the team ahead of significant growth phase.

To view the quarterly report, please visit:

Jon Price 
Managing Director
T: +61 8 9386 9534 

Michael Vaughan 
Media Relations - Fivemark Partners 
T: +61 422 602 720 

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