Horizon Minerals Ltd (ASX:HRZ) has been granted a trading halt by the ASX ahead of the release of a company announcement regarding a material acquisition.
The securities will remain halted until the start of normal trading on Monday, May 17, 2021, or until an announcement is released to the market.
Horizon substantial holder boosts stake to 9.62%
The company’s German-based substantial holder Delphi Unternehmensberatung AG has increased its stake in the company to 9.62% from 8.60%.
Through a series of on-market purchases between April 15 and May 10, Delphi, a prolific resources sector investor, now holds a total of 54,625,157 shares in the company.
High-grade intersections at Penny’s Find
Horizon received the remaining assay results from a 21-hole drilling program at Penny’s Find Gold Mine Joint Venture with Orminex Ltd (ASX:ONX) (FRA:GG2) on April 30 that returned further high-grade intersections.
The drill program totalled 4,778 metres, with 2,013 metres of reverse circulation (RC) drilling and 2,765 metres of diamond drilling, targeting down-dip and northern continuance of the gold system beneath the existing open pit to a maximum depth of 282 metres.