Horizon Minerals has picked up a respectable $6M in a combined debt and equity that looks like it will be enough to see the ASX junior pour it first gold bar from the Boorara gold project near Kalgoorlie. As part of the package, Horizon made a $2M placement before costs at A$0.08c per share representing a 10% discount to its 15-day VWAP of $0.089c, an astounding effort in a terrible market.
Horizon Minerals has executed a $4 million loan facility with a German investment group, while also announcing a share placement to raise $2 million to fund the development of its Boorara gold project in Western Australia.
In what is looking like an industry trend now, Horizon Minerals has uncovered some strong gold intercepts amongst historical drilling data and mine design records at its Rose Hill gold project 45km west of the proposed Boorara mill in Kalgoorlie. The additional data points to the confirmation of high-grade gold mineralisation with both open pit and underground mining potential to over 500m vertical depth.
Horizon Minerals has developed a plan to bank between $2.8m and $5.8m over 8 months from toll treating its gold from Boorara near Kalgoorlie. A feasibility study suggests that open pit mining and toll milling of Horizon's Regal, Crown Jewel and Royal deposits would only cost around $440k in upfront capital costs. Horizon is looking to toll treat at Golden Mile Milling's Lakewood plant, 7km to the West.
Horizon Minerals has kicked off what is shaping up to be a highly anticipated drilling and resource development program at its newly acquired Rose Hill project near Coolgardie in the prolific Goldfield's region of WA. The project already boasts a resource of some 1.2 million tonnes grading 2.49 grams per tonne for 95,200 ounces of gold and recent excellent intersections include 11m grading 8.79g/t gold from 43m and 10m grading 6.28g/t gold from 28m.
Mid-tier, ASX-listed gold developer, Horizon Minerals, is continuing to scrub up its Boorara gold project with exciting pockets of high-grade ore just 10km east of the Kalgoorlie super-pit. After 18 kilometres of infill drilling, some excellent assays from parallel mineralized lodes have been identified at the Regal and Crown Jewel deposits with individual assay grades as high as 12.62 grams per tonne gold.
Horizon Minerals isn't leaving anything to chance after getting its hands on MacPhersons Resources' Boorara Gold project just east of Kalgoorlie post its merger with MacPhersons. The ASX listed company is headlong into an infill drilling campaign at Boorara ahead of the expected commencement of mining in the June quarter with drill spacings now down to a minimum of just 4m x 10m – and the numbers haven't disappointed.
Horizon Minerals' Boorara gold project east of Kalgoorlie is nearing its moment of truth as the aspiring developer aims to commence production on three ‘starter' pits later this year. A major grade control drilling program has recently been completed that will underpin an updated suite of mine optimisations and designs at the project. The geological model to follow from the drilling will provide a significant amount of confidence and potential grade upside.
Horizon Minerals and mega gold miner, Northern Star Resources, have put the final ink on an agreement for a straight swap of mining and exploration tenements, which will strengthen Horizon's gold project holdings near Kalgoorlie and Coolgardie in the WA Goldfields region. Horizon will secure three gold projects near Coolgardie and four projects near Kalgoorlie, including Golden Ridge which has produced over 253,000 ounces of gold.
Horizon Minerals has firmed up confidence in the Crake prospect within its Binduli gold project near Kalgoorlie after drilling returned a top intersection of 3 metres grading 7.41 grams per tonne gold from 81m down-hole. The results demonstrate both width and grade continuity across a 450m strike length with the company saying that mineralisation remains open in all directions.
Horizon Minerals has rounded off a drilling campaign at its Kalgoorlie gold project with results such as 12 meters grading 3.62 grams per tonne gold from just 28 meters downhole at the Capricorn prospect. At the historic Baden Powell North prospect, new intercepts include 5m going 2.67g/t from only 12m. With multiple processing facilities in the area, Horizon could even produce some quick and easy cashflows from Capricorn.
Horizon Minerals has kicked off a major grade control drilling program at its Boorara project that neighbours Kalgoorlie's Super Pit. A 2016 trial pit delivered a reconciled mill gold grade of 1.73g/t against an initial resource modelled grade of 1g/t. This demonstrates the importance of the appropriately named ‘grade control drilling' program ahead of mining to optimise the mining operation and potentially boost the head grade.
Horizon Minerals remains focussed on taking control of one of Australia's oldest gold addresses and has agreed with Focus Minerals to extend an Exclusivity Deed for the potential $55 million acquisition of significant land, a mill and associated plant in WA's Coolgardie region. The purchase could see the West Australian listed explorer become the Goldfields region's next major gold producer. Horizon already has its foot on multiple gold resources surrounding Kalgoorlie.
UPDATED: Focus Minerals has opted to continue negotiating with Horizon Minerals over the sale of its Coolgardie gold project, despite Hong Kong-listed Hanking Gold Mining submitting an alternative offer.
Perth-based Horizon Minerals has completed its agreement with Kingswest Resources to fully divest its interest in the Menzies and Goongarrie gold projects, located north of Kalgoorlie in Western Australia. Horizon will receive a total consideration of some AUD$8 million for Kingswest's acquisition of 38 mining, prospecting and exploration licenses.
Horizon Minerals and Northern Star Resources have reached an agreement to swap tenements prospective for gold mineralisation in WA's Goldfields region. Horizon will secure three projects near Coolgardie to support its current acquisition proposal for Focus Minerals' adjacent Coolgardie gold project holdings and four projects near Kalgoorlie, including Golden Ridge which has produced over 253,000 ounces of gold.
Horizon Minerals has firmed up confidence in the Crake prospect within its Binduli gold project near Kalgoorlie after drilling returned a top intersection of 3 metres grading 7.41 grams per tonne gold from 81m down-hole. The results demonstrate both width and grade continuity across a 450m strike length with the company saying that mineralisation remains open in all directions.
Intermin Resources' ongoing regional drilling activities in the Goldfields region of WA, have delivered encouraging assays following up on historical drill results and testing of new prospect areas. At the Teal East prospect, an intersection of 12m @ 4.19g/t gold from 76m down-hole has extended the existing mineralisation and provided a good foundation for growing the current Teal mineral resource of nearly 290,000 ounces.
Intermin Resources is selling its non-core Menzies and Goongarrie gold projects north of Kalgoorlie to gold explorer Kingwest Resources for a total consideration of $8 million in cash and shares. The sale supports Intermin's goal of developing a standalone gold project in the Kalgoorlie and Coolgardie regions, while allowing it to retain exposure to any upside in the two projects through a substantial shareholding in Kingwest.
Our daily board moves wrap includes Sonu Cheema, Malcolm James, Craig Barnes, John Blower, Jude Turton, Jeffrey Williams, Ashok Parekh, Peter Hunt, Peter Bilbe, Jonathan Price, Peter Rozenauers, Bianca Taveira, Stephen Hewitt-Dutton, Shannon Green, and Steve Formica.
Intermin Resources has signed an exclusivity deed with Focus Minerals to potentially acquire its Coolgardie gold project for $40 million over a three-and-a-half year period.
Local gold explorers Intermin Resources and MacPhersons Resources have announced plans for a $62 million merger to form Horizon Minerals, which will hold significant assets in the Kalgoorlie region.
Perth mining executive Michael Ruane is seeking a board spill at Empire Resources, less than two months after the gold miner was forced to restructure its board due to a push from a separate group of dissident shareholders.
Perth-based gold juniors Gascoyne Resources and Intermin Resources have both reached milestones, with Gascoyne earmarking GR Engineering Services for construction of processing infrastructure while Intermin has achieved first production.
SPECIAL REPORT: Some of Western Australia's biggest gold miners plan to boost their exploration spend in the coming year, with Saracen Mineral Holdings and Northern Star Resources among those committed to putting increasing amounts ‘into the ground'.
Michael Fotios's Eastern Goldfields has made its second strategic investment this week, announcing today a $6 million deal to earn-in to Windward Resources and Mark Creasy's nickel and gold portfolio in the Fraser Range.
Two Western Australian gold hopefuls, Intermin Resources and Primary Gold, have announced earn-in and drilling-for-equity deals, respectively, to progress potential gold projects.
Contractor Resource Mining has inked an agreement to co-fund Intermin Resources' Teal gold project to production, with the mine to cost an estimated $4.5 million.
Gold company Evolution Mining has finalised its purchase of La Mancha Resources' Australian assets and secured $100 million in financial firepower to continue its growth opportunities.
La Mancha Resources has signed an agreement to acquire up to 70 per cent of Perth-based explorer Intermin Resources' Binduli gold project near Kalgoorlie.
Virtualplus HoldingsLtd, 11/11/05, Intermin Resources Ltd Became a substantial shareholder with a relevant interest of 2,050,000 ordinary shares (12.04%)
