Horizon Minerals Limited (ASX: HRZ) has completed the first milling campaign from the initial stage of the Boorara Gold Mine, 10km east of Kalgoorlie-Boulder in the goldfields of Western Australia.
Managing Director, Jon Price, said ore processed from the milling campaign totalled 26,340t at a fully reconciled feed grade of 1.32g/t Au, in line with expectations for the upper oxide ore zones near surface.
The grade was in line with expectations for the near surface upper oxide zones of the orebody in the Regal East pit where the ore blocks are less consistent than the higher grade blocks presently being mined deeper in the Regal East pit
Mr Price said mill performance exceeded expectations with excellent throughput rates, 40% gravity recovery and an overall calculated gold recovery of 93.8%, while gold production totalled 1,050 ounces, generating A$2.93 million in revenue with an average sale price of A$2,791 per ounce.
It is extremely pleasing to see the first mine to mill reconciliation coming in within expectations for the upper oxide areas of the orebody,” Mr Price said.
“This completes a very successful first phase of activity with mining rates well ahead of schedule, mined grades increasing and completing our first gold sales into this very high Australian gold price environment.
“This cash generating trial is an important step in the process of improving our understanding of this very large mineralised system at Boorara and de-risking the larger scale development being assessed as part of the consolidated Feasibility Study.”
The next milling campaign comprising higher grade ore parcels from the Regal East and Regal West pits is scheduled for commencement in late August. The ore parcel from the Crown Jewell pit is scheduled to commence in October.
