Horizon Minerals Limited (ASX: HRZ) has provided an update on the development of the Phillips Find Gold Project.
The Phillips Find Joint Venture (JV) Agreement is now in place with mining specialists BML Ventures Pty Limited (BML) to develop and mine two open pits. All management, technical, operational, and maintenance roles are being undertaken by BML with oversight by Horizon.
Managing director and CEO, Grant Haywood, commented, “We are very pleased to be transporting our first ore from Phillips Find for treatment at the Greenfields mill. This marks another significant milestone in our journey to become a significant gold producer and demonstrates the team’s commitment to executing our strategy on schedule. We are now fully manned up and the team has been making good progress.”
The JV structure offers low financial risk with BML funding all project costs, with net cashflow after asset recovery and repayment of costs to be split 50/50 between Horizon and BML. The mine plan involves cutbacks to two existing open pits: Newhaven and Newminster.
Additionally, mining is well advanced, with over 800,000BCM (bank cubic metres) mined to date in both the Newminster and Newhaven open pits.
The existing 200,000t Toll Milling Agreement that was executed with FMR Investments Pty Ltd (FMR) in May 2024 will be utilized for the Phillips Find JV ore.
Ore from Phillips Find is being hauled to the Greenfields mill, with processing of the first 40,000t ore parcel due to commence next week for a period of approximately two weeks.
To find out more, please visit www.horizonminerals.com.au
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