Horizon Minerals has officially taken control of Aurenne Group’s Cannon, Glandore and Cowarna gold projects, comprised of 22 granted tenement licenses covering approximately 180 square kilometres within a short trucking distance from Horizon’s 100 per cent owned Boorara gold project in Kalgoorlie. Resource and reserve models are well advanced at the Cannon underground gold mine providing a near-term development opportunity for the company.
The three gold projects were acquired from privateer Aurenne Group Holdings for a total consideration of $5 million in cash. $2.5 million was transferred at settlement and the remaining $2.5 million will be transferred either 12 months from settlement, or upon first gold production from the Cannon underground gold mine, whichever comes first. Horizon’s baseload mining proposal is from its Boorara project located approximately 20 km east of the Kalgoorlie Superpit
It also has plenty of other options to draw from including its 100 per cent owned Rose Hill, Binduli, Teal and Kalpini satellite deposits. The company expects the bundle of projects to underpin the proposed construction of a stand-alone processing plant at Boorara. With a new suite of advanced exploration targets in close proximity to the Boorara gold project set to bolster Horizon’s already burgeoning portfolio, the company is racing towards production now whilst arming itself with an almost never ending plethora of deposits to draw from.