Horizon Minerals Ltd’s subsidiary Black Mountain Gold has acquired the remaining 50% interest in Penny’s Find Gold Project in WA from Labyrinth Resources, for a cash consideration of $527,000 and three million fully paid Horizon shares.
The company entered into a 50:50 joint venture with Labyrinth in July 2022 and completed reverse circulation (RC) and diamond drilling programs and compiled an updated mineral resource estimate.
Situated 50 kilometres northeast of Kalgoorlie, the Penny’s Find deposit comprises 250,000 tonnes grading 5.22 grams per tonne gold for 42,000 ounces of gold.
About Horizon
Horizon Minerals is a 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.