- Horizon Minerals (HRZ) has completed the first milling program at its Boorara Gold Mine, generating $2.93 million in revenue
- The Boorara Gold Mine lies within the Goldfields region of Western Australia
- 1050 fine ounces of gold were produced during the 12-day program and sold at an average price of A$2791 per ounce
- Mill performance exceeded Horizon’s expectations, with a 95 tonnes per hour throughput rate and overall calculated gold recovery of 93.8 per cent
- The next milling program is expected to start later this month and will include ore parcels from the Regal East and Regal West pits
- Further works are ongoing to compile an updated mineral resource model and maiden ore reserve
- Company shares are trading a healthy 16.7 per cent higher at 17.5 cents
Horizon Minerals (HRZ) has completed the first milling program at its Boorara Gold Mine.
The Boorara Gold Mine is located 10 kilometres east of the Kalgoorlie-Boulder in the Goldfields region of Western Australia.
Boorara has a total JORC 2012 mineral resource estimate of 16.45 million tonnes at 0.96g/t gold for 507,000 ounces.
The program began on July 16 and was completed on July 27, with first gold pour on July 23.
The total gold produced from the program was 1050 fine ounces and all gold was sold at an average price of A$2791 per ounce. This generated $2.93 million in revenue.
Reportedly, milling performance was impressive, with throughput averaging 95 tonnes per hour, gravity recoveries at 40 per cent and reagent consumption aligned with expectations.
Ore processed from this first milling program totalled 26,340 dry tonnes at a reconciled feed grade of 1.32g/t gold. This grading was in line with expectations for the near-surface upper oxide zones of the orebody in the Regal East pit.
“It is extremely pleasing to see the first mine to mill reconciliation coming in within expectations for the upper oxide areas of the orebody,” Managing Director Jon Price said.
“This completes a very successful first phase of activity with mining rates well ahead of schedule, mined grades increasing and completing our first gold sales into this very high Australian gold price environment,” Jon added.
Pleasingly, overall gold recoveries exceeded expectations with a recovery of 93.8 per cent.
The next milling program is scheduled to begin later this month and will include higher grade ore from the Regal East and Regal West pits.
The ore parcel from the Crown Jewell pit is expected to begin in October.
Additionally, Horizon is continuing pit mapping and detailed geological monitoring to compile an updated resource model and maiden reserve. This will support a feasibility study that is expected to be completed in the first half of next year.
Company shares are trading a healthy 16.7 per cent higher at 17.5 cents each at 1:09 pm AEST.