Horizon Minerals (ASX:HRZ) has marked the first gold pour at its Boorara project in Western Australia.
“We are delighted to become Australia’s newest gold-producing company in 2025,” said Horizon Managing Director and CEO Grant Haywood in a Wednesday (January 16) press release.
Ore from Boorara was processed at Norton Gold Fields’ Paddington mill. The companies have an ore sale agreement in place for the processing of 1.24 million tonnes of Boorara ore over 18 months.
The first stockpile from Boorara, made up of about 56,654 wet metric tonnes of ore, was sent to Paddington in December and January. Horizon approved Boorara’s development in July of last year.
The next stockpile is currently being built up with material from pits two and four at Boorara.
“Open pit mining is progressing safely however is running behind schedule, mainly due to lack of dust suppression via water trucks which were down for repairs and since then have been repaired and are operational,” the company shared.
Boorara is located 10 kilometres east of the Super Pit gold mine in Western Australia, which is one of the country’s largest open-pit gold mines. Boorara previously underwent a trial-mining period in 2016.
Horizon’s plan is to mine four open pits at the site that together contain 1.24 million tonnes of ore grading 1.24 grams per tonne gold. The total amount of gold produced will come to 49,500 ounces.
Haywood said the company has a mineral resource of 1.8 million ounces across all of its projects, noting that its Penny’s Find and Cannon projects are ready for final investment decisions.
“With the cashflow we expect to generate from Boorara and our other advanced projects, we will seek to use this production pipeline to feed a refurbished Black Swan mill after completion of our proposed merger with Poseidon Nickel (ASX:POS,OTC Pink:PSDNF),” he said. The Poseidon deal was announced this past October.
It aims to create a new Western Australian mid-cap gold producer, consolidating Horizon’s large gold resource and Poseidon’s Black Swan processing infrastructure. It is expected to close this month or next.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Horizon Minerals is a client of the Investing News Network. This article is not paid-for content.
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