HRZ is well advanced in its review of high priority geological data, resource and reserve models, and drill targets, with an updated estimate of mineral resources and ore reserves for the Cannon underground gold mine expected to to be announced this quarter.
() finalized the acquisition of the Cannon, Glandore and Cowarna gold projects in WA.
In May of this year, HRZ agreed to buy 100% of the assets for $ 5 million in cash from Aurenne Group Holdings Pty Ltd.
- $ 2.5 million in cash at time of settlement; and
- $ 2.5 million in cash no earlier than 12 months after settlement or first production of gold from the Cannon underground gold mine.
HRZ has now made the first payment, having fulfilled all commitments, including completing all mining information and statutory consents and signing the transfers.
Payment to Aurenne was made from existing cash reserves.
Mineral resource update coming soon
In the company’s annual report released last month, Chief Executive Officer Jon Price and Chairman Ashok Parekh said in a joint statement: Across 180 square kilometers of tenure.
The projects include 22 mining, prospecting, exploration and miscellaneous permits granted and two applications.
They are a short distance from the 100% HRZ-owned Boorara gold project. Boorara is a flagship project, where the company’s consolidated feasibility study is scheduled to deliver an initial mine of at least five years and underpin the establishment of a stand-alone centralized processing facility at the Boorara mine site.
HRZ is well advanced in its review of high priority geological data, resource and reserve models, and drill targets, with an updated estimate of mineral resources and ore reserves for the Cannon underground gold mine expected to be announced in the December 2021 quarter.
Horizon is an emerging mid-tier gold producer with a broad portfolio of high-potential gold projects in the heart of Western Australia’s world-class gold deposits.
The company has a large resource base of 1.15 million ounces of gold covering a total area of ââ1,100 square kilometers, options for growth in several commodities and a clear strategy for development and production.
Its asset base holds 562,000 ounces of gold mineral resources estimated within easy trucking distance of the 507,000 ounce Boorara deposit, which has approvals in place for the development of a surface mine and the construction of a new processing facility.