Name of the Project
Cannon gold project.

Location
Thirty kilometres east-south-east of Kalgoorlie-Boulder, in the Western Australian goldfields.

Project Owner/s
Horizon Minerals.

Project Description
A prefeasibility study (PFS) has demonstrated positive economic results for the project, including a maiden ore reserve of 135 000 t grading 4.1g/t gold for 17 680 oz of gold.

Mining will be underground, with access through a portal within the pit to develop the decline to the base of the mine, with lateral ore drives developed from the decline. The operation will use a bottom-up mining method using longhole stoping with cemented rockfill. Ore and waste will be loaded out by conventional diesel-powered, load-haul-dump loaders and low-profile trucks. Development will be undertaken using jumbo drills and stoping using longhole drills.

Mined ore will be processed at the Lakewood toll mill at 90% recovery producing 15 900 oz of gold.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
The project will require upfront capital costs of A$4.3-million.

Planned Start/End Date
A development decision on the Cannon project is expected in the June quarter of 2022, with potential for first gold production in the first half of 2023.

Latest Developments
Horizon plans to finalise the mining proposal addendum for submission to the Department of Mines, Industry Regulation and Safety.

In parallel, mining and haulage contracts will be finalised in conjunction with project financing options for approval by the board early in the June 2022 quarter.

Key Contracts, Suppliers and Consultants
Auralia Consulting (PFS).

Contact Details for Project Information
Horizon Minerals, email info@horizonminerals.com.au.