Horizon Minerals (ASX:HRZ) transported the first ore from its Phillips Find gold operation this week.
In a press release on Wednesday (February 12), the company said the first ore parcel, amounting to 40,000 tonnes, is being sent to the Greenfields mill, where processing will start next week. It will take about two weeks to complete.
Material was mined from both the Newminster and Newhaven open pits.
Under a May 2024 toll milling agreement, the ore will be treated by FMR Investments.
Phillips Find is part of Horizon’s Coolgardie portfolio, and includes the past-producing Phillips Find Mining Centre.
The company states on its website that the Phillips Find Mining Centre produced approximately 33,000 ounces of gold between 1998 and December 2015 via three open pits: Bacchus Gift, Newhaven and Newminster.
“This marks another significant milestone in our journey to become a significant gold producer and demonstrates the team’s commitment to executing our strategy on schedule,” said Horizon Managing Director and CEO Grant Haywood.
“We look forward to the next phase as we advance towards first gold production from Phillips Find and continue generating value for our shareholders in this high gold price environment,” he added.
The news about Phillips Find comes days after Horizon received final court approval for its merger with Poseidon Nickel, which will bring together Horizon’s gold resource and Poseidon’s Black Swan processing infrastructure.
In other recent news, Horizon announced the first gold pour at its Western Australia-based Boorara asset on January 16, indicating at the time that it had become the country’s newest gold producer.
Horizon’s share price closed Thursday (February 13) at AU$0.069, up from AU$0.055 at the start of the week.
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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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