Horizon banks $12.9M from toll treating first | Australian Markets

Horizon Minerals is on a tear after toll treating the first 37,000t of ore from its Phillips Find three way partnership within the Western Australian Goldfields and 50,604t from its Boorara mine to bank a cool $12.9 million.

The company has made spectacular progress reworking its initiatives, simply 15 kilometres east of Kalgoorlie, into full-scale mining and processing operations. With gold costs hovering to US$3,122 (A$5000) per ounce, its timing couldn’t be higher.

Horizon has teamed up with mining specialists BML Ventures below a three way partnership settlement to develop and mine two open pits at Phillips Find. Under the settlement, BML is overlaying all of the project prices upfront.

The mining contractor can be managing all of the project’s operational, technical and upkeep features to streamline a cost-efficient mining marketing campaign below Horizon’s watchful eye.

The first ore hauled from Phillips Find was processed at FMR Investment’s Greenfields Mill and consisted of 37,624 dry tonnes grading 1.46 grams per tonne (g/t) gold to provide 1675.3 ounces at 94.8 per cent recoveries.

At an average price of $4,728 per ounce, the three way partnership banked $7.9M from the deposit.

Horizon can be hitting its stride at Boorara. The first ore parcel of 50,604t grading 0.79g/t was processed via Norton Gold Fields’ Paddington Mill to yield 1163 ounces of gold for $4.95M in money.

A second parcel is now being pushed via the mill with a third consignment en route and a fourth being prepped for haulage. High-grade stockpiles are growing onsite, with more than 100,000t now stacked and prepared for processing.

Following on from our first gold pour for Boorara in January, now we have constructed up important ore stockpiles, with mining now in regular state operation and in a place for the continual processing of ore and cashflow era.

Back at Phillips Find, the three way partnership is lining up one other 80,000t to be handled at FMR’s Three Mile Hill plant within the subsequent quarter, to be adopted by an further 80,000t to finish a 200,000t toll remedy settlement with FMR.

To keep the momentum going, Horizon has locked in a new milling deal to course of a additional 70,000t from the mine on the Three Mile Hill plant in September/October.

The new toll association additionally frees up 80,000t of milling capability on the Greenfields Mill, permitting for decrease grade materials from Boorara to be processed to bank additional cashflows whereas the gold price stays high.

A current drilling program has additionally opened up deeper-than-expected ore zones at Horizon’s Newminster pit, within the Phillips Find grounds. The company pushed out the mining timeline, nonetheless, with the upper gold grades and robust gold price it ought to have the ability to enhance the mine’s total economics.

Grade control drilling has now firmed up the new mining plan and Horizon’s flexibility in processing places has given the company more room to manoeuvre.

The subsequent milling marketing campaign kicks off April 9, combining 40,000t every from Boorara and Phillips Find on the Greenfields mill. An identical run is scheduled for June.

Beyond that, processing of the Phillips Find ore will shift to Three Mile Hill for a remaining 70,000t spherical, whereas Boorara retains feeding the Paddington mill in a steady cycle

With a number of milling pathways, robust ore grades and the price of the yellow metallic now bursting above $5000 per ounce, Horizon is rapidly changing into one to watch because it accelerates towards sustained manufacturing and a growing battle chest.

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