Horizon Minerals (ASX:HRZ) has signed a binding tenement sale agreement with Yandal Resources (ASX:YRL), executing the sale of its portfolio of assets in the Western Australian Goldfields.
Commenting ahead of the company’s presentation at the Diggers & Dealers Mining Forum, Horizon says it will pay a total consideration of $2.81 million, already covering a $200,000 deposit to execute the sale agreement.
The company will be presenting tomorrow (6 August) at 2:25pm AWST.
Horizon will be required to pay an additional $1 million cash on completion of the agreement, as well as $1.61 million in shares to Yandal.
The issue price of shares will be determined by a 10% discount to the 15-day volume weighted average price immediately prior to the execution date.
The company will also be offered the opportunity to pay the share consideration in cash.
This package offers Horizon whole interest in around 77km2 area comprising the Gordons, Mt Jewell, Malone, and Mulgarrie gold projects, with 34 mining, prospecting, exploration, and miscellaneous licences.
CEO Grant Haywood says these projects are strategically located near its Black Swan processing facility.
“Our key focus is completing study work with the aim of generating a five-year life of mine plan processing through our Black Swan processing plant,” Haywood says.
“In addition to the resource at Gordons Dam, these assets complement our current large strategic landholdings in the Western Australian Goldfields. We see great potential in this area for further resource growth along with enormous exploration upside.”
The Gordons Dan Project holds a resource of 365,000 tonnes grading 1.7 grams per tonne gold for 20,000 ounces, where mineralisation remains open at depth and along strike.
Horizon also intends to commence drilling across multiple targets including the Star of Gordon and Malone prospects, following a detailed review of historical work.
Yandal Managing Director Chris Oorschot says the company is pleased to divest its non-core assets to Horizon, cashing up for its active exploration schedule spanning the rest of the year and beyond.
“The execution of this transaction comes as we await further results from the rapidly advancing Caladan target area, with results from the first 46 holes having already defined a possible 1.2km mineralised trend at Arrakis,” Oorschot says.
The Diggers mining forum is running from 4-6 August 2025, held in Kalgoorlie, Western Australia. Mining.com.au is again attending the event with Executive Producer Shae Russell on the ground.
Write to Maddison Elliott at Mining.com.au
Images: Horizon Minerals
