Horizon Minerals Ltd (ASX:HRZ) has a capital raising announcement pending and has been granted a trading halt by the ASX.
The trading halt will remain in place until the start of trading on Monday, August 17, or when an announcement is released to the market, whichever occurs earliest.
Shares reached a new two-year high of 18.5 cents on Monday and have risen from 5.4 cents at the close on March 23.
First Boorara milling campaign
Horizon recently completed the initial milling campaign from the first stage of its Boorara Gold Mine in Western Australia and has generated $2.93 million in revenue.
The campaign began on July 16, 2020, and ran for 12 days to July 27 with first gold poured on July 23.
Ore processed from the first milling campaign totalled 26,340 tonnes at a fully reconciled feed grade of 1.32 g/t gold and this was in line with expectations for the upper oxide ore zones near surface in the Regal East pit.
Horizon managing director Jon Price said: “It is extremely pleasing to see the first mine to mill reconciliation coming in within expectations for the upper oxide areas of the ore body.”