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Horizon Minerals achieves first gold milestone at Boorara

The first shipment of gold and first revenue from the mine near Kalgoorlie-Boulder is expected by the end of this month.

Horizon Minerals Ltd - Horizon Minerals achieves first gold milestone at Boorara
The Horizon board with the first gold from the Boorara Gold Mine

Horizon Minerals Ltd (ASX:HRZ) has poured first gold from the first stage of the Boorara Gold Mine, 10 kilometres east of Kalgoorlie-Boulder in the Western Australian Goldfields.

The first ore processing campaign began on July 17 with the first gold pour on July 23.

The first shipment of gold and first revenue is expected by the end of this month.

“Exciting milestone”

Horizon managing director Jon Price said: “First gold production from Boorara is an exciting milestone for the company and it is extremely pleasing to see the mine performing to expectations.

“The Horizon team and our contracting partners have done an excellent job to date with the Lakewood Mill running extremely well.”

Horizon’s share price has increased in line with the positive newsflow, up from 5.4 cents at the close on March 23 to 15.5 cents this month and today has been almost 7% higher to 15.5 cents intra-day.

First gold poured from the Boorara gold mine.

Mining plan

Mining began at Boorara on May 5, 2020, with first ore mining shortly thereafter from the Regal East pit.

Regal East and Regal West pits will be mined concurrently to enable efficient cycling of mining production and drill and blast activities.

Mining of the Crown Jewel pit has commenced to provide an alternative dig location as the Regal pits advance.

There has been a total movement of 376,000 BCM mined with around 90,000 tonnes of oxide and transitional ore mined at a fully diluted grade of 1.5 g/t gold in line with reserve model estimates for the upper areas of the pits.

Grades in line with expectations

Unreconciled mill grades to date are generally in line with expectations and a formal grade reconciliation update will be provided on completion of the first mill campaign, which is expected in late July.

Dore bullion is shipped to the Perth Mint for refining and sale with the first revenue expected in coming weeks.

Ore treatment campaigns will continue on a monthly basis through to January 2021 to treat 159,000 tonnes of ore grading 1.86 g/t for 8,700 ounces recovered generating $7 million cash at current gold prices.

Quick facts: Horizon Minerals Ltd

Price: 0.125 AUD

ASX:HRZ
Market: ASX
Market Cap: $63.81 m
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