PERTH (miningweekly.com) - Gold developer Horizon Minerals has taken the decision to advance its Nimbus silver/zinc project, in Western Australia, following a strategic review.
The company told shareholders that while several acquisition and earn-in proposals had been received and carefully considered for the Nimbus project, the board had elected to retain the project and engage an independent technical team to complete a definitive feasibility study (DFS).
“While the company’s focus remains firmly on gold, the strategic review has confirmed the potential for significant long-term shareholder value creation by retaining the asset at a time of sustained improvements in silver and zinc prices,” said Horizon MD Jon Price.
“The independent DFS team will now focus on the technical aspects and economic evaluation of mining the high-grade lodes and producing a high precious metal and zinc concentrate at site for sale to potential offtake partners.”
The Nimbus project currently has a mineral resource estimate of 12.1-million tonnes grading 52 g/t silver for 20.2-million ounces of silver, and 0.9% zinc for 104 000 t of contained zinc.
The project, which is some 15 km from Kalgoorlie-Boulder, historically produced some 3.6-million ounces of high-grade silver.