15/04/2020 - 20:25

Horizon Board & Executives to take 25 per cent pay haircut

15/04/2020 - 20:25

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Horizon Minerals has taken a conservative approach to the current state of play in the market and is putting as much cash as possible into bringing its flagship Boorara gold project east of Kalgoorlie, into production. To maintain its balance sheet, the company’s Board and Executive team have agreed to sacrifice 25% of their salaries to support the company’s vision. Management said it is still aiming to break ground at Boorara in the June quarter of this year.

Horizon Minerals has taken a conservative approach to the current state of play in the market and is putting as much cash as possible towards bringing its flagship Boorara gold project east of Kalgoorlie, into production. To maintain its balance sheet, the company’s Board and Executive team have agreed to sacrifice 25 per cent of their salaries to support the company’s vision.

The rapidly advancing ASX listed company said it is still aiming to break ground in the June quarter of this year at Boorara, provided all goes smoothly with Governmental approvals.

Horizon Managing Director, Mr Jon Price said: “Horizon is taking a very conservative and balanced approach to upcoming activities to ensure the health and wellbeing of our staff, contractors and the communities in which we operate”.

As part of the company’s cash saving strategy, Mr Jeff Williams has stepped down as a non-executive director, taking Horizon’s Board count from four to three.

The Perth based company recently wrapped up a substantial drilling program at its Rose Hill project, where results will start to roll in within weeks.

Rose Hill, located near Coolgardie, already boasts some excellent historical intersections including 11 metres grading 8.79 grams per tonne gold from 43m and 10m grading 6.28g/t gold from 28m.

The project also hosts a resource of some 1.2 million tonnes grading 2.49g/t for 95,200 ounces of gold

The soon-to-be-mined Boorara project is divided into three areas, the Royal, Crown Jewel and Regal deposits.

During 2016, a small 20-metre-deep trial pit was mined across the Royal deposit. The in situ grade control resource estimate grade at the time was 1g/t, however once the ore was processed through the nearby Greenfields Mill, the head grade came out at a significantly more reasonable 1.73g/t gold.

Horizon is quietly confident in its time line to the first gold pour, which it says should be in the September quarter this year.

The Boorara deposits have a total resource of 16.45 million tonnes grading 0.96g/t for 507,000 ounces of gold.

Horizon looks to be managing the most unstable of market conditions well and remains focussed on getting into production so it can fund itself. 

 

Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au

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