Gold aspirant Horizon Minerals has announced the first ore from its Boorara gold project in the Goldfields is being hauled to nearby Paddington Mill for first gold production.
Ashok Parekh-chaired Horizon told the market that the 54,380 tonnes of ore were tipped to reach a grade of 0.8 grams per tonne of gold at a recovery rate of 94 per cent.
The junior said it expects this inaugural stockpile grade to fetch around $5.8 million in gross revenue.
It is very pleasing that we are transporting our first ore delivery from Boorara, with first revenue due shortly,” managing director and chief executive Grant Haywood said.
“This milestone has been achieved despite the tight labour market during our ramp up phase and some inclement weather.
We are now fully manned up and the team has been making good progress. We look forward to ongoing gold production from Boorara.
“In addition to Boorara, our Phillips Find project is progressing well and is on track for first ore delivery to the Greenfields mill in February 2025.”
Earlier this year, Horizon announced it had entered an ore sale agreement with Paddington, a wholly owned subsidiary of Norton Gold Fields, to process 1.4 million tonnes of ore from Boorara across a 22-month period.
At the time, Mr Haywood said the deal would provide a great chance for the company to build its cashflows prior to its merger with Greenstone Resources, which was finalised in June.
Horizon shares last traded at 4.3 cents, up 10 per cent, as of 11am WST.
