Horizon Minerals Prepares to Launch 14-Month Gold Mining Project at Boorara

2 min read | December 10, 2024 11:03 AM AEDT | By Team Kalkine Media

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Horizon Minerals Prepares to Launch 14-Month Gold Mining Project at Boorara — Image source: shutterstock

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Highlights:

Horizon Minerals begins processing its first ore from the Boorara Gold Project, marking the start of a 14-month mining operation in Western Australia, focusing on four open pits.

The Boorara Gold Project holds an estimated 1.24 million tonnes at 1.24 g/t of gold, equating to 49.5 k oz of gold, with processing planned at Norton Gold Fields’ Paddington plant.

Mining and ore haulage contracts awarded to Hampton Transport Services, with processing set to generate an estimated $30 million in free cashflow based on a gold price of A$3,600 per ounce.

Horizon Minerals (ASX:HRZ) is moving forward with its 14-month gold mining project at the Boorara Gold Project, located 15 km east of Kalgoorlie-Boulder, Western Australia. Less than six months after approving the development, the company is set to process its first ore, with a focus on four open pits that collectively host a resource of 1.24 million tonnes at 1.24 grams per tonne (g/t) of gold, totaling approximately 49.5 k oz of gold.

The project is slated to generate significant cashflow, with a total estimated free cashflow of $30 million, based on an assumed gold price of A$3,600 per ounce. Processing will be carried out over a 19-month period at Norton Gold Fields’ Paddington plant, under an Ore Sale Agreement (OSA). The mining services and ore haulage will be managed by Hampton Transport Services Pty Ltd, with payments tied to the sale of the first gold pour.

Horizon’s Managing Director and CEO, Grant Haywood, expressed satisfaction in reaching this significant milestone. Despite challenges such as a tight labor market and inclement weather during the ramp-up phase, the company is now fully staffed and making solid progress. The first revenue from gold sales is expected shortly, marking the commencement of ongoing production at Boorara.

As the company moves forward with this project, the focus will be on efficient mining and processing to maximize returns and achieve steady gold production over the next 14 months.

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