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New Coolgardie gold project hits grade for Horizon

Horizon Minerals has kicked off what is shaping up to be a highly anticipated drilling and resource development program at its newly acquired Rose Hill project near Coolgardie in the prolific Goldfield’s region of WA. The project already boasts a resource of some 1.2 million tonnes grading 2.49 grams per tonne for 95,200 ounces of gold and recent excellent intersections include 11m grading 8.79g/t gold from 43m and 10m grading 6.28g/t gold from 28m.

The ASX-listed gold explorer and developer recently completed a 12 hole RC drilling program at Rose Hill following its straight swap agreement with Northern Star Resources that, with the benefit of hindsight, looks like it might have been a favourable deal for Horizon.

As part of an effort to strengthen its landholdings around the Kalgoorlie region, Horizon recently divested its 100% interest in numerous regional tenements to Northern Star, including the Anthill, Blister Dam, New Mexico, White Flag and Kanowna North projects.

In return, Horizon acquired a 100% interest in Northern Star’s Rose Hill, Brilliant North and Gunga West projects near Coolgardie and the Golden Ridge, Balagundi, Abattoir and Mt Monger projects, also near Kalgoorlie.

Rose Hill is an historical play that was scratched about in the late 1800s and is already situated on a mining lease, almost within a stone’s throw of Coolgardie.

Drilling appears to have confirmed the initial prospectivity of the Rose Hill project and the company said that the gold mineralisation there is open along strike and at depth with other notable intersections including 16m grading 4.10g/t gold from 93m downhole.

Horizon Managing Director, Jon Price said: “Rose Hill is certainly shaping up as a genuine contributor to our project pipeline demonstrating both high grade open cut and underground potential with excellent widths and in close proximity to a centralised processing plant being assessed at Boorara as part of the Feasibility Study.”

“We now look forward to further extensional and infill drilling at Rose Hill and our other core satellite projects to complement the base load Boorara gold project.”

 Horizon’s Boorara gold project is located just east of Kalgoorlie where the aspiring developer is aiming to kick off production on towards the end of the year with gold milling to follow shortly thereafter.

The long-lived mining town of Kalgoorlie is looking set to welcome another miner to its ranks very soon if all goes to plan for Horizon.

 

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

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Top 10 Shareholders

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Total Shareholder Return as at 31/03/20

1 year TSR5 year TSR
488thElement 25-39%-9%
567thHorizon Minerals-50%1%
610thLithium Australia-54%-6%
756thBass Metals-75%2%
669 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
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Share Transactions

22/08/19
$29k Sold
22/08/19
$0 Other
08/08/19
$17k Sold
Total value as at the date of the transaction
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Revenue

74th↓Horizon Minerals$3.0m
87th↑Lithium Australia$2.0m
88th↑Gascoyne Resources$2.0m
90th↑Bass Metals$2.0m
91st↓Element 25$1.9m
478 listed resources companies ranked by revenue.
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