- Write by:
-
Monday, March 22, 2021 - 2:02:24 PM
-
887 Visit
-
Print
Mining News Pro - Horizon Minerals has secured an equal stake in Penny’s Find gold mine, paying $1.5 million in cash to Orminex
The stake will also see Horizon fund the first $1 million in pre-developments before the joint venture becomes equally funded.
Horizon, a subsidiary of Black Mountain Gold, signed the joint venture last September at the same time as a toll milling treatment agreement at Orminex’s Lakewood mill, to commence July 2022.
Horizon managing director Jon Price said the development schedule, including drilling results and an updated resource, looked increasingly promising.
“Penny’s Find is a quality high-grade gold project with considerable work completed enabling an accelerated pathway to production, with approvals and toll milling agreement in place for the first phase of development,” Price said.
“We look forward to working with the Orminex team and releasing the drilling results, updated resource model and mine optimisation and design work in coming months enabling a development decision in the September quarter of 2021.”
Orminex non-executive director Dean Hely echoed Price’s comments in that the timeline to production is racing towards them.
“Execution of the joint venture agreement is a great step forward in fast-tracking the necessary technical works to enable commencement of development at Penny’s Find, with Orminex committed to utilising the $1.5 million received for future funding of this high grade, prospective underground gold mine,” Hely said.
“Synergies in operational strategy are already evident with our joint venture partner and we very much look forward to Orminex returning to conducting underground mining activities in 2021.”
Penny’s Find was acquired by Orminex in March 2019 from Empire Resources for $600,000, plus smelter royalties.
The current mine has 56,000 ounces of high-grade gold, at a latest mineral resource of 248,000 tonnes.
Short Link:
https://www.miningnews.ir/En/News/611877
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
No comments have been posted yet ...