Horizon Minerals Ltd (ASX:HRZ) substantial holder Delphi Unternehmensberatung AG has increased its stake in the company from 7.43% to 8.60%.
On January 22, the German-based company acquired more than 6.39 million shares at 11 cents per share, increasing its holding to more than 48.825 million shares.
Exploration drilling program
Horizon recently launched a 50,000-metre drilling program with four rigs drilling across the 890 square kilometre asset portfolio within 75 kilometres of the proposed Boorara Mill site in the Goldfields region of Western Australia.
The 2021 program builds on more than 21,000 metres of drilling completed since August 2020, primarily focused on reserve conversion at the core satellite projects at Rose Hill, Binduli and Teal as part of the consolidated feasibility study with most assay results still pending.
Horizon believes there is ‘significant’ potential to increase the production profile through organic growth from 100%-owned project areas on major geological structures within a world-class greenstone belt.