Horizon Minerals Limited (ASX: HRZ) has unveiled a major new strategy aimed at key production and resource growth milestones in 2020 and beyond.
Managing Director Jon Price said: the company is focussed on its 850 km of major geological structures holding gold in the Western Australian goldfields.
Mr Price added that following significant exploration work an updated global Mineral Resource Estimate is expected in the June Quarter 2020.
“The company has now reset its immediate growth plan while maintaining our overriding objective of building an emerging mid-tier gold business centred in the heart of the West Australian goldfields,” Mr Price said.
“This strategy is centred around the exciting Boorara gold project and existing satellite projects in close proximity. We now look forward to delivering on our promises, moving into production, generating cash to support our strategy, growing our resource base and building a long term sustainable production profile for the benefit of all stakeholders.”
Mr Price said Horizon’s updated strategic plan being implemented with a focus on near-term cash generation from gold production, reserve and resource growth and further asset consolidation in the West Australian goldfields.
Results from an extensive 18,000m grade control drilling programme completed at Boorara in December 2019 are expected in the coming weeks.
An updated grade control model will then be optimised to generate an initial mining inventory across three starter pits with the aim to be mining in the June Quarter 2020 and toll milling in September Quarter 2020 1
Mr Price said a staged development of Boorara provides early cash flow and improved geological confidence while assessment of a larger scale development is evaluated, including options for a stand-alone processing facility and collaboration with neighbouring companies.
An updated geological models and reserve/resource estimates for all projects will feed into the Feasibility Study due for completion in the December Quarter 2020 with the aim of delivering a minimum 4-5 year production plan underpinning a long-term processing solution.
In the meantime, the 2020 reserve and resource drill programme is in the final planning stages and includes infill and extensional drilling at core project areas including Boorara, Rosehill, Binduli and Teal.