Perth, Australia, Feb 10, 2020 - (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ.AX - News) ("Horizon" or the "Company") is pleased to announce the results of the Boorara Stage 1 Feasibility Study ("FS" or "Study").
The proposed mining project comprises predominantly oxide and transitional material contained within the project's maiden Ore Reserve. The 100% owned project is located 10km east of Kalgoorlie-Boulder, adjacent to the Super Pit in the heart of the Western Australian goldfields (Figure 1*).
Commenting on the Boorara Stage 1 Study outcomes, Horizon Managing Director Mr Jon Price said:
"The Boorara Stage 1 Feasibility Study has delivered robust economic results with strong projected cash margins and significantly reduced geological risk with grade control drilling completed ahead of a decision to mine. As with the successful Teal gold mine, the Company has taken a conservative approach to both resource estimation and mine development parameters, adopting conservative cut-off grades, dilution and ore recovery to reduce risk and underpin strong future cash generation."
"The key drivers for developing Stage 1 of Boorara are to leverage off the current high gold prices to generate cash and to de-risk the larger scale development by confirming the tonnage and grade uplift demonstrated by the infill drilling and previous mining and milling reconciliations."
Feasibility Study Parameters
The Study is based on the following key parameters:
- Gold price of A$2,000/oz
- Open pit mining operations and road haulage conducted by contractors
- Ore processing through Golden Mile Milling's 1Mtpa conventional carbon in leach Lakewood plant in close proximity
- Project implementation and oversight by Horizon's own team in conjunction with contractors
The key consultants and companies engaged during the Study and their areas of responsibility were:
- Geology and Resource Estimates BM Geological Services Pty Ltd
- Geotechnical Green Geotechnical Pty Ltd
- Mining and Ore Reserve Minecomp Pty Ltd
- Metallurgical Test work ALS Metallurgy and Bureau Veritas Minerals
- Processing facility In house review of third party processing plants
- Hydrology and hydrogeology Rockwater Pty Ltd
- Environmental Strategen-JBS&G Environmental Consultants
Key Outcomes of the Feasibility Study
The key Study outcomes for the project are included in Table 1 in link below: The estimated Ore Reserve, which constitutes 100% of the production target, has been prepared by competent persons in accordance with JORC Code 2012.
The FS reflects the mining of three starter pits, one within the Crown Jewel deposit, and an east and west pit within the Regal deposits that currently make up the Boorara gold project. The removal of a very limited amount of waste over burden is required to reach the ore zone and grade control drilling has been completed for all pits enabling ore production within the first week of mining. Mining will precede processing by two months to build ore stockpiles with mining taking six months and the overall project undertaken in eight months. The FS assumes low powder factor "paddock" blasting will be conducted to ensure acceptable dig rates without unnecessary ore movement impacting ore loss and dilution. Final pit depths average 33m.
*To view tables and figures, please visit:
To view the Investor Presentation, please visit:
About Horizon Minerals Limited:
Horizon Minerals Limited (ASX:HRZ.AX - News) 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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Horizon Minerals Limited
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