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Horizon Minerals enhances golden area of interest after completing asset swap

Published: 02:19 20 Dec 2019 GMT

Horizon Minerals Ltd - Horizon Minerals enhances golden area of interest after completing asset swap
The company will complete a detailed review of the new tenements

Horizon Minerals Ltd (ASX:HRZ) has completed its tenement exchange agreement with Northern Star Resources (ASX:NST) involving gold prospects and projects around Kalgoorlie-Boulder in WA’s Goldfields.

The agreement involves the exchange of tenements at nil cash consideration resulting in both companies increasing assets within their respective areas of interest.

Horizon agreed to divest its 100% interest in the Anthill, Blister Dam, New Mexico, White Flag and Kanowna North tenements north and northwest of Kalgoorlie to Northern Star.

New tenements

The company has obtained 100% interest in Northern Star’s Rosehill, Brilliant North and Gunga West projects near Coolgardie and the Golden Ridge, Balagundi, Abattoir and Mt Monger projects near Kalgoorlie.

Horizon now intends to consolidate all information and complete a detailed review of these projects to feed into the exploration, resource growth and mine development plans for 2020.

Further information on these plans is expected to be released next month.

Rosehill, Brilliant North, Gunga West and Golden Ridge are priority advanced gold projects that have the potential to become satellite mine developments to complement Horizon’s the baseload Boorara Gold Project.

Review of models

The company will carry out an internal and independent review of geological models for these projects with the intention of providing a resource update during the March quarter of 2020.

With Gunga West completion of the acquisition is pending receipt of a third-party consent to the assignment and this expected to occur in early 2020.

“Sensible transaction”

Managing director Jon Price previously said: “This is a sensible transaction between Horizon and Northern Star that place assets within each company’s areas of interest.

“For Horizon, it adds contiguous tenure to the Boorara Gold Project area at Kalgoorlie and additional strategic assets in Coolgardie.

“All acquired projects have significant potential for resource growth and for new open pit and underground discoveries.”

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