Horizon Minerals Limited (ASX: HRZ) has received firm bids for a placement to raise approximately A$3.34M.
Funds from the Placement will be used to advance the proposed high-grade Cannon underground mine in Western Australia scheduled for development in H2 CY2023.
The mine is now fully permitted with final mining contract / JV negotiations underway and a milling allocation in place at FMR’s one Mtpa Greenfields Mill.
Drilling will also commence at Penny’s Find in the June Quarter 2023 testing both strike and depth extensions and infilling a second mineralized domain enabling updated resource modelling and reserve studies.
In addition, the company will continue the resource growth and new discovery gold exploration program across core assets including Rose Hill, Brilliant North, Binduli and the greater Cannon- Golden Ridge project areas.
“At a time of record A$ gold prices, our focus is now on advancing the high-grade Cannon underground mine into production in the second half of 2023,” Managing Director, Jon Price, said.
“The mine is now fully permitted and we look forward to updating you further in coming weeks. Accelerating the drilling at the Penny’s Find gold mine will enable updated resource modelling and reserve studies to be completed to have the mine ready for development in sequence.
“We thank our existing shareholders for their continued support and welcome several new Australian and international shareholders to the register. We now look forward to providing increased news flow on mining developments, drilling results and updated resources and reserves in coming months.”
For further information please visit: https://horizonminerals.com.au/
