Horizon Minerals Limited (ASX: HRZ) has provided an update on its growth strategy & defined important production and resource growth milestones for 2020 and beyond.
Below are some highlight points:
- Updated strategic plan being implemented with a focus on near-term cash generation from gold production, reserve and resource growth.
- The key objective is to continue developing a long-term production profile focused around the base-load Boorara gold project accompanied by superior grade open pit and underground satellite deposits in close trucking distance.
- The results of drilling program completed at Boorara in December 2019 is expected to come in upcoming weeks. A revised grade control model will then be optimised to generate an initial mining inventory across three starter pits which will focus on mining in the June Q2 2020 and toll milling in Q3 2020.
- The staged development of Boorara provides early cash flow plus improved geological confidence.
- The estimates of updated geological models and reserve/resource will be feeded into Feasibility Study, expected to complete in Q4 2020.
- 2020 reserve & resource drill program is in the last planning stages.
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