HIGHLIGHTS
Commenting on the JV agreement, Managing Director and CEO Mr Grant Haywood said:1
“We are pleased to have partnered up with BML Ventures, who have a proven track record of delivering projects in the eastern goldfields of Western Australia. BML will be managing and sole funding the Phillips Find JV which greatly derisks the project for the Company, particularly from a financial perspective. This agreement does not require any capital from Horizon and allows us to keep our focus on our Boorara startup. The Cannon Project will be paused until sufficient cash flows are generated from our two production sites, Boorara and Phillips Find, to sole fund rather than joint venture.
We look forward to generating cash over the next 19 months from two gold mining projects in this very strong gold price environment.”
Overview
The proposed mining project is 100% owned and located 45 km north-west of Coolgaride, Western Australia in the heart of the Western Australian goldfields (Figure 1).
Phillips Find Overview
The Project covers over 10 kilometres of strike over prospective greenstone stratigraphy and includes the Phillips Find Mining Centre (PFMC) where approximately 33,000 ounces of gold has been produced between 1998 and December 2015 from three open‐pit operations; Bacchus Gift, Newhaven and Newminster.
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