Horizon Minerals (ASX:HRZ) has scheduled the first 40,000 tonnes of ore to be processed next week from the Phillips Find Gold Project in Western Australia.
The ore is currently being hauled to the Greenfields Mill and will be processed for two weeks.
As such, Horizon, which has a market capitalisation of $87.95 million, says the first gold pours and revenue is due shortly.
The initial revenue from gold sales will go to the joint venture with mining specialist BML Ventures to pay for working capital, as BML sole funded the development at Phillips Find.
Both companies will receive a 50:50 distribution of net cash after asset recovery and the repayment of development costs have been covered.
CEO Grant Haywood says this marks another milestone in the company’s journey to become a gold producer.
“We are now fully manned up and the team has been making good progress,” Haywood says.
“We look forward to the next phase as we advance towards the first gold production from Phillips Find.”
Further, the joint venture agreement is in place with BML to develop and mine two open pits. The mine plan involves cutbacks to two existing open pits called Newhaven and Newminster.
The company notes mining is well advanced with over 800,000 bank cubic metres mined to date at both open pits.
Horizon Minerals is focused on becoming Western Australia’s next standalone gold producer via its extensive portfolio of gold projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Horizon Minerals
