Horizon Minerals acquires 50% stake in the Penny’s Find gold project

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https://orminex.com.au/projects/pennys-find-gold-mine/

Emerging mid-tier gold producer Horizon Minerals Limited has completed the acquisition of 50% interest in the Penny’s Find gold project from Orminex Limited for $1.5 million.

Having finalized the Penny’s Find joint venture agreement, Horizon has commenced the funding of the first $1 million in pre-development expenditure with the joint venture partners funding the project on a 50:50 basis thereafter.

The company has completed RC and diamond drilling at the project to infill a number of areas for improved JORC Classification enabling an updated Mineral Resource Estimate to be compiled ahead of an updated mine optimisation and design.

“Results from the drilling are expected in the June Quarter 2021 with an updated resource, maiden reserve and development decision expected in the September Quarter 2021,” Horizon told the ASX.

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“Statutory approvals are in place for the project and a toll milling agreement executed for ore processing in 2021.”

Commenting on completion of the Penny’s Find acquisition, Managing Director Jon Price said:

“Penny’s Find is a quality high-grade gold project with considerable work completed enabling an accelerated pathway to production with approvals and toll milling agreement in place for the first phase of development,” Mr Price noted.

“We look forward to working with the Orminex team and releasing the drilling results, updated resource model and mine optimisation and design work in coming months enabling a development decision in the September Quarter 2021.”

Orminex Non-Executive Director, Mr Dean Hely added:

“Execution of the Joint Venture Agreement is a great step forward in fast-tracking the necessary technical works to enable commencement of development at Penny’s Find, with Orminex committed to utilising the A$1,500,000 received for future funding of this high grade, prospective underground gold mine,” Mr Hely said.

“Synergies in operational strategy are already evident with our joint venture partner and we very much look forward to Orminex returning to conducting underground mining activities in 2021.”

Image credit: https://orminex.com.au/projects/pennys-find-gold-mine/

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