Horizon Minerals Ltd (ASX:HRZ) has completed two gold toll milling campaigns treating low-grade ore stockpiles from Boorara open pit at the Lakewood toll milling facility in Kalgoorlie-Boulder, Western Australia.
In total, 98,121 tonnes of ore were processed in the two campaigns at a grade of 0.93 g/t gold and 90.2% recovery.
Notably, the campaigns generated about $1.35 million cash to Horizon after all costs under a profit-sharing arrangement with the toll mill owner.
“Pursue production”
Commenting on the Boorara toll milling campaigns, Horizon managing director Jon Price said:“The toll milling campaigns have provided both cash flow and invaluable geological and metallurgical reconciliation information improving our confidence in the current model for Boorara.
“Given our close proximity to existing infrastructure in the Kalgoorlie region, we will continue to pursue production and cash generation opportunities from our asset base in parallel with the largescale new discovery and project generation exploration programs planned for 2022.”
Toll milling campaign
The second campaign comprised 28,410 tonnes milled at a reconciled grade of 0.94 g/t gold for 781 ounces at a calculated recovery of 91%.
Notably, processing of the low-grade stockpiles from the recent trial mining of the Boorara deposit is now completed.
The ore grade reconciled 9% above the mine claimed grade and provided further valuable geological information on grade allocation processes.
In addition, gravity recovery was again high at 35% with reagent consumption and throughput rates in line with expectation.
About Horizon
Horizon Minerals is an emerging mid-tier gold producer with an extensive portfolio of highly prospective gold projects in the heart of the world-class Western Australian Goldfields.
The company has a large resource base of 1.15 million ounces of gold covering a total area of 1,100 square kilometres, growth options in multiple commodities and a clear development and production strategy.
Its asset base holds 562,000 ounces of estimated gold mineral resources within easy trucking distance of the 507,000 ounces Boorara deposit, which has approvals in place for open-pit mine development and the construction of a new processing facility.