Horizon Minerals (ASX:HRZ) has secured key approvals needed to begin development activities and mine two open pits at the Phillips Find Gold Project in Western Australia.
In early June 2024, a mining proposal was submitted to the Department of Energy, Mines, Industry Regulation and Safety to develop Phillips Find — with its first ore to be treated at FMR Investments Greenfields Mill from February 2025 to June 2025.
With approvals secured, site mobilisation and establishment work is currently underway. Key equipment, including a 200 tonne excavator and two blast hole rigs, have arrived onsite. Other equipment is scheduled to be delivered shortly.
Horizon Minerals, which has a market capitalisation of $62.63 million, says it will begin mining in the coming weeks, with early mining predominantly in waste while accessing ore through cutbacks of existing open pits.
Ore stockpiles will be developed over the coming months, with processing of ore to occur through February to June, 2025.
CEO Grant Haywood says the project is gearing up and the company is looking forward to beginning production this month, as well as mining the Boorara Project.
“We will be mining and generating income from two independent assets in a strong gold price environment,” Haywood says.
“This is another major achievement for Horizon creating significant cashflows and value from our suite of in ground assets on our path to be a long-term sustainable gold producer.”
Gold’s spot price is sitting at $3,931.5 per ounce, as of 9.30am AEDT this morning.
In August, Horizon executed a joint venture (JV) agreement with BML Ventures to develop and mine two open pits at the project. All of the management, technical, operational, and maintenance roles are to be carried out by BML, with oversight by Horizon.
The company notes there is a low financial risk JV structure with BML to fund all project costs, with net cashflow after the asset recovery and repayment of costs to be split 50:50 between both companies.
At Boorara, Horizon Minerals plans to mine 1.24 million tonnes of ore to produce 45,800 ounces of gold. The Boorara Gold Project lies 15km east of the Kalgoorlie-Boulder city in Western Australia.
Horizon Minerals is a gold explorer, developer, and miner focused on the Kalgoorlie and Coolgardie areas in the Western Australian Goldfields region.
It is also one of the 50 companies so far confirmed to be presenting at the Noosa Mining Conference, which is being held at the Peppers Noosa Resort from 13-15 November 2024.
Last year’s November event attracted more than 1,000 attendees in-venue and online. Equity Events General Manager Phil Dickson told Mining.com.au delegate numbers are again expected to be in excess of 500 in person and online this year.
Mining.com.au is an official media partner for this year’s Noosa Mining Conference. Click here to register.
Write to Aaliyah Rogan at Mining.com.au
Images: Horizon Minerals
