- Horizon Minerals (HRZ) has acquired 50 per cent of the Penny’s Find Gold Project from fellow ASX-lister Orminex (ONX)
- The $1.5 million deal was announced in November last year and outlined a 50:50 joint venture between the two companies
- While Horizon is spending $1 million on pre-development expenditure, the companies will jointly fund project activities thereafter
- Infill drilling has been completed with results expected next quarter
- This program is aimed at upgrading the existing mineral resource, which is expected to be delivered in the September quarter
- Horizon’s shares are up 5 per cent and are trading at 10.5 cents per share
Horizon Minerals (HRZ) has completed the 50 per cent acquisition of the Penny’s Find Gold Project from fellow ASX-lister, Orminex (ONX).
The $1.5 million deal was announced at the end of November 2020 and would see Orminex and Horizon enter an equally-split joint venture.
As part of the acquisition, Horizon is spending $1 million on pre-development expenditure, however the companies will jointly fund the project thereafter.
The Penny’s Find Gold Project is located 50 kilometres northeast of Kalgoorlie, Western Australia. It aligns with Horizon’s strategy and aim to build a stand-alone production business in WA.
“Penny’s Find is a quality high-grade gold project with considerable work completed enabling an accelerated pathway to production with approvals and toll milling agreement in place for the first phase of development,” Horizon Minerals Managing Director Jon Price said.
The project currently has a mineral resource estimate of 248,000 tonnes at 7.04g/t gold for 56,000 ounces — of which 147,000 tonnes at 8.06g/t gold is in the indicated category.
However, Horizon has completed reverse circulation (RC) and diamond drilling at the project to infill multiple areas to upgrade the mineral resource estimate ahead of an updated mine optimisation and design study.
Drilling results are expected in the June quarter with an updated resource, maiden
reserve and development decision expected in the following quarter. Additionally, statutory approvals are in place for Penny’s Find and a toll milling agreement has been executed for ore processing this year.
Horizon’s shares are up 5 per cent and are trading at 10.5 cents at 1:38 pm AEDT.