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- Horizon Minerals (HRZ) completes the acquisition of the Cannon, Glandore and Cowarna gold projects in Western Australia
- On May 18, Horizon executed a binding tenement sale agreement with gold miner Aurenne to acquire a 100 per cent interest in three gold projects for $5 million
- This consists of $2.5 million in cash at settlement and $2.5 million in cash either 12 months from settlement or at the first gold production from Cannon
- Horizon expects to release an updated mineral resource estimate and ore reserve for Cannon in the December quarter
- Shares in Horizon are steady on the market and are trading at 12.5 cents at 2:20 pm AEDT
Horizon Minerals (HRZ) has completed the acquisition of the Cannon, Glandore and Cowarna gold projects in Western Australia.
These projects consist of 22 granted mining, prospecting, exploration and miscellaneous licences and two applications, covering a total area of roughly 180 square kilometres.
They also lie in close proximity to Horizon’s Boorara Gold Project which is 10 kilometres east of Kalgoorlie’s Super Pit gold mine and contains more than 1.5 kilometres of gold mineralisation.
On May 18, Horizon executed a binding tenement sale agreement with private gold miner Aurenne Group to acquire a 100 per cent interest in the three gold projects for $5 million.
This consists of $2.5 million in cash at settlement and $2.5 million in cash either 12 months from settlement or at the first gold production from Cannon.
All conditions, including the supply of signed transfers, mining information and statutory consents have been completed with the first $2.5 million payment made to Aurenne.
Horizon is now reviewing geological data, resource and reserve models, and high priority drilling targets. An updated mineral resource estimate and ore reserve for Cannon is expected in the December quarter.
Shares in Horizon were steady on the market and were trading at 12.5 cents at 2:20 pm AEDT.
