PERTH (miningweekly.com) – The final toll milling campaign of Boorara ore at the Lakewood processing facility, in Western Australia, has generated A$1.2-million in net cash flows for ASX-listed Horizon Minerals.
Horizon on Tuesday reported that the final campaign started on January 19 and ran for a period of 17 days, producing 1 182 oz of gold, which was sold at an average price of A$2 356/oz to generate revenues of A$2.8-million.
“The Boorara trial mining and toll milling exercise has provided a greatly improved geological understanding of this complex mineralised system and confirmed the presence of multiple flat lying cross cutting structures that will now be incorporated into an updated resource model,” said Horizon MD Jon Price.
“In addition, testing the ore through a mill gives us real time metallurgical recoveries, reagent consumptions and optimal plant design parameters and costs as we advance the consolidated feasibility study.
“Generating cash at the same time is the icing on the cake and we now look forward to releasing the updated resource and reserve in the coming months.”
A maiden ore reserve for Boorara will be compiled as part of the feasibility study assessing a larger-scale development and a standalone mill.