Horizon Minerals’ board has decided to proceed with the mining of the Boorara gold project in Western Australia. The project will commence with pre-production works, followed by mining ramp-up in the Boorara openpit. Boorara was previously mined in 2016, producing 30,239 tonnes of ore grading 1.73 g/t gold. Additional stockpiled ore from that period included 13,095 tonnes grading 0.68 g/t gold.
In 2020, mining from three other pits, including Crown Jewel and Regal deposits, resulted in 267,000 tonnes of ore at a grade of 1.23 g/t, processed at the Lakewood mill. Leveraging this experience and existing site infrastructure, Horizon has reduced the project’s mining risks.
The latest mineral resource estimate for Boorara stands at 10.5 million tonnes of gold grading 1.27 g/t, totaling 428,000 contained ounces. Mining services and ore haulage contracts have been awarded to Hampton Transport Services, with payments deferred until the first gold pour and subsequent sales. Hampton and Norton Gold Fields will process the ore at the Paddington operation, 35 km north of Kalgoorlie.
Horizon will oversee management and provide technical support, with a senior site executive and quarry managers already appointed. Mining is planned over 14 months, with processing extending over 19 months. The first gold pour is anticipated in October, potentially generating A$30 million in cash flow at a gold price of A$3,600/oz over the mine’s lifetime.
Horizon MD and CEO Grant Haywood stated that the Boorara project will establish Horizon as Australia’s newest gold producer, with plans to develop additional projects and ensure long-term, sustainable gold production.
