Horizon Minerals Limited (ASX:HRZ) Quarterly Activities Report 31 December 2022
Perth, Australia, 31 January 2023 – (ABN Newswire) – Horizon Minerals Limited (ASX:HRZ) is pleased to provide the December 2022 Quarterly Activity Report. Horizon is an exploration and production company in the Kalgoorlie and Coolgardie regions of Western Australia.
A key focus for the Company is on upside exploration within our 1,100 km2 lease package with up to three rigs operating as part of the large-scale multi-element new discovery and project generation exploration program. Horizon holds numerous multi-commodity assets, including listed investments in the world-class 1.8Bt Richmond vanadium project in northwest Queensland.
Primary activities during the quarter included the continuation of the CY2022-23 multi-element project generation and new discovery exploration program and release of results, resource modeling and mine optimization studies for ore reserve estimation, advancement of the Cannon, Penny’s Find and Rose Hill underground projects, joint venture evaluation and review of further consolidation and divestment opportunities.
In addition, the Company completed the in-kind distribution of 20 million shares in Richmond Vanadium Technology (ASX:RVT) to eligible shareholders following the successful IPO and listing of RVT on the ASX.
Horizon now holds 8.94% of RVT which is now fully funded to complete the BFS after raising $25 million (before costs).
– Exploration program continues with field work being carried out at the Greater Boorara – Cannon, Yarmany and Lakewood project areas testing for high priority gold and nickel sulphide targets
– Excellent drilling results received from Blair North and Euston prospects with further results expected from multi-element testing in the March Quarter 2023
– Horizon’s total mineral resource estimate stands at:
o 22.6Mt grading 1.71g/t Au for 1.24 million ounces at various cut-offs
– Sale of Kangaroo Hill and Phoenix projects completed with review of further non-core asset expressions of interest ongoing
– Successful initial public offering raising $25 million (before costs) and ASX listing of Richmond Vanadium Technology (ASX:RVT) on 13 December 2022
– In-kind distribution of 20 million RVT shares to eligible Horizon shareholders completed with the company retaining 19.8 million shares representing 8.94% of RVT’s issued capital
– RVT is now fully funded to complete the BFS for the 100% owned Richmond vanadium project in Queensland amid significant growth in the grid-scale renewable energy storage market
– Completed share purchase plan (SPP) and short offering that raised $668,000
– Entered into loan agreements for a US$5 million convertible loan facility to advance the Cannon gold project
– Cash at bank of A$1.6 million and listed investments totaling A$6.0 million
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About Horizon Minerals Limited:
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focused on the Kalgoorlie and Menzies areas of Western Australia which host some of Australia’s richest gold deposits. The company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine was recently completed.
Horizon intends to significantly grow its JORC-compliant mineral resources, complete definitive feasibility studies on core high-grade open-cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across various commodities and regions of Australia providing exposure to Vanadium, Copper, PGEs, Gold and Nickel/Cobalt. Our quality joint venture partners cash in on our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upward leverage.
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