Horizon Minerals (ASX: HRZ) has mobilised equipment for the mining development of the Phillips Find Gold Project in WA.
Phillips Find project is located 45km north-west of Coolgardie in the heart of the WA Goldfields
Highlights
- Joint Venture (JV) Agreement in place with mining specialists BML Ventures Pty Limited (BML) to develop and mine two open pits at Phillips Find
- All management, technical, operational and maintenance roles to be undertaken by BML with oversight by the company
- Low financial risk JV structure with BML to fund all project costs, with net cashflow after the asset recovery and repayment of costs to be split 50/50 between Horizon and BML
- Mining Proposal to develop Phillips Find has been approved by the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS)
- Site clearing works underway and offices and workshop being established
- 200 tonne excavator and two blast hole rigs have been mobilised to site, with haul trucks arriving this week
- Mining to commence in the coming weeks
- Existing 200kt Toll Milling Agreement executed with FMR Investments Pty Ltd (FMR) in May 2024 to be utilised for Phillips Find JV ore
- First ore from Phillips Find on track to be treated at FMR’s Greenfields mill from February 2025 to June 2025
“Our Phillips Find project is gearing up, with equipment mobilisation and site establishment well underway,” Managing Director and CEO, Grant Haywood, said.
“We look forward to commencing production at Phillips Find later this month, along with mining our Boorara project, we will be mining and generating income from two independent assets in a strong gold price environment.
“This is another major achievement for Horizon creating significant cashflows and value from our suite of in ground assets on our path to be a long-term sustainable gold producer.”
