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Horizon Minerals Limited (ASX:HRZ) Quarterly Activities Report 31 March 2021
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 Horizon Minerals Limited (ASX:HRZ) is pleased to provide the March 2021 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.
A key focus for the Company is on exploration upside within our tenement package of 890km2 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.
HIGHLIGHTS
- Trial mining and toll milling testing the geological model completed at the Boorara gold mine, 15km east of Kalgoorlie - Boulder in the Western Australian Goldfields
- Total open pit material movement of 513k BCM with total ore mined (high and low grade) of 267kt at a mine claimed grade of 1.23g/t Au for 10,560oz mined
- Final milling campaign comprised 15kt of Regal east ore grading 1.60g/t Au and a parcel of low-grade ore grading 0.9g/t Au producing 1,183oz at 93.4% recovery
- All gold sold during the Quarter for A$2.8 million in revenue at an average sale price of A$2,356/oz generating $1.2 million in net cash flow after haulage and toll milling costs
- In total, trial generated A$3.6 million net cash flow from haulage and toll processing of 156kt of ore at a mill reconciled grade of 1.4g/t Au and gold recovery of 94.5%
- Grade control, extensive pit mapping and trial data now completed enabling the compilation of an updated Mineral Resource estimate expected in the June Quarter 2021
- Commenced 50,000m exploration program across the 890km2 portfolio with excellent results received from Crake, Jacques Find and Peyes Farm and further results pending
- New high-grade mineralisation discovered at Windanya with further assay results pending and follow up drilling underway at the new Gemini and Scorpio prospects
- Acquisition completed for 50% interest in the high-grade Penny's Find gold project
- Nimbus silver zinc project to be retained and advanced
- Sale Agreement executed for divestment of two royalties for A$7 million
- Full repayment of debt facility and interest with the Company now debt free
- Current Cash on hand of $12.9 million and listed investments totalling $5.3 million
To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/17219X6M
Jon Price
Managing Director
T: +61 8 9386 9534
E: jon.price@horizonminerals.com.au
Michael Vaughan
Media Relations - Fivemark Partners
T: +61 422 602 720
E: michael.vaughan@fivemark.com.au
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