Gold explorer Horizon Minerals is using $16 million raised from a share placement to fund its largest ever drilling program across its Western Australian portfolio.
Horizon is planning a 70,000-metre drilling program focused on reserve conversion, resource growth and testing of high-priority targets, along with further exploration activities across its 850 square kilometre landholding.
The Nedlands-based explorer said the proceeds would also go towards a consolidated feasibility study, scheduled for completion in the forthcoming June quarter.
The study includes the establishment of a standalone processing plant at Horizon’s Boorara mine site in the Kalgoorlie-Boulder region, located 10 kilometres east of Saracen and Northern Star’s Super Pit.
Horizon managing director Jonathan Price said the company was committed to growing a sustainable, mid-tier goldmining business.
“The strong support shown for the company by numerous new, high quality Australian and international institutions in addition to our strong existing shareholder base is clear validation of this strategy,” he said.
Horizon will issue 115 million shares priced at 14 cents each under the placement, which is being jointly managed by Hartleys and Bell Potter Securities.
Shares in Horizon closed down 16 per cent to trade at 16 cents each.
