HRZ - Horizon Minerals
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Intermin and MacPhersons Resources merge to create new gold exploration company
Gold explorer Intermin Resources (ASX: IRC) has entered into a merger agreement with multi-commodity junior MacPhersons Resources (ASX: MRP) to create new gold producer Horizon Minerals, based in Western Australia’s goldfields region.
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Thanks @finickyIntermin and MacPhersons Resources merge to create new gold exploration company
Gold explorer Intermin Resources (ASX: IRC) has entered into a merger agreement with multi-commodity junior MacPhersons Resources (ASX: MRP) to create new gold producer Horizon Minerals, based in Western Australia’s goldfields region.
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Well that should be equivalent of another $7M in kitty - market doesn't care, share price unmoved - flogged off a couple of royalties. Does everything right, big landholding nestled next to Kalgoorlie amidst big miners and processors, makes a few bob here and there by diverse means, already over 1M ozs Au resource with more to come, market just moons them ??
Announcement:
Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to advise it has executed a binding royalty sale and purchase agreement with Vox Royalty Corp. (TSX: VOX) (“Vox”) to divest its 100% interest in two royalties ... under the Agreement, Vox will pay A$7 million in cash and shares.."
Announcement:
Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to advise it has executed a binding royalty sale and purchase agreement with Vox Royalty Corp. (TSX: VOX) (“Vox”) to divest its 100% interest in two royalties ... under the Agreement, Vox will pay A$7 million in cash and shares.."
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One of Horizon's satellite open pit projects is shaping up exceptionally well with assays finally back confirming continuity and grade, moreover the page below shows I believe very high grade results from the extensional drilling which indicates the deposit is still open to the west and north. The deposit already holds 73,820oz at 1.82g/t from a MRE completed in 2019. A new MRE and mine plan should be available in the June Qtr.
Of note is that this Crake deposit abuts the Janet Ivy mine tenement belonging to Norton Gold Fields which has mining a resource 336,000 ozs at 1.4g/t so not like it hasn't been done before. Norton is a subsidiary of Zijin Mining Group which owns the nearby Paddington mill and other surrounding mines. So many imaginable prospects for HRZ being acquired although I hope it doesn't go down that road.
Of note is that this Crake deposit abuts the Janet Ivy mine tenement belonging to Norton Gold Fields which has mining a resource 336,000 ozs at 1.4g/t so not like it hasn't been done before. Norton is a subsidiary of Zijin Mining Group which owns the nearby Paddington mill and other surrounding mines. So many imaginable prospects for HRZ being acquired although I hope it doesn't go down that road.
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Gold stocks index XGD down 1.9% today
Tell you what, almost no gold stocks were up today on my ample watchlists.
But HRZ was - admittedly on poor volume - up 10%
This spec stock has my imprimatur ????
Tell you what, almost no gold stocks were up today on my ample watchlists.
But HRZ was - admittedly on poor volume - up 10%
This spec stock has my imprimatur ????
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HRZ @ 0.12, holding a cent rise so far today. Top of its 6 month range of 0.10 - 0.12c (leaving out false breaks). Might be worth a thought next time it returns to 0.10 support - if that happens.
Much of this price stagnation could be due to an ex director of Intermin Resources (before it merged with McPhersons Resources to become Horizon Minerals) progressively selling down his substantial holding.
$4M now received into the bank from sale of non-core royalties, totalling $13M in the bank along with $5M in listed investments for HRZ. Another $3M to come after an undemanding earning condition is met.
1 Year Daily
Much of this price stagnation could be due to an ex director of Intermin Resources (before it merged with McPhersons Resources to become Horizon Minerals) progressively selling down his substantial holding.
$4M now received into the bank from sale of non-core royalties, totalling $13M in the bank along with $5M in listed investments for HRZ. Another $3M to come after an undemanding earning condition is met.
1 Year Daily
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Boorara Gold Project update
New MRE for the proposed base load open pit at Boorara announced. Completed trial mining and grade control drilling has defined a smaller optimised tonnage but 34% higher grade resource which is 77% in the indicated and measured jorc category. They expect a high conversion of resource to reserves. Financial evaluation for the mine and plant is expected in December Quarter.
This announcement does not include the higher grade resources being uncovered at their several satellite deposits. Going by recent and continuing exploration drilling, these satellite deposits could eventually contribute more than the Boorara pit itself to the project and at a higher grade. They expect to release a further resource update for the satellites in this June Quarter.
The old 2018 MRE for the top open pittable 200m at Boorara was:
15.62Mt @ 0.94g/t Au for 474,000oz
The new 2021 MRE now for the top open pittable 200m at Boorara stands at:
11Mt @ 1.26g/t Au for 448,000oz
New MRE for the proposed base load open pit at Boorara announced. Completed trial mining and grade control drilling has defined a smaller optimised tonnage but 34% higher grade resource which is 77% in the indicated and measured jorc category. They expect a high conversion of resource to reserves. Financial evaluation for the mine and plant is expected in December Quarter.
This announcement does not include the higher grade resources being uncovered at their several satellite deposits. Going by recent and continuing exploration drilling, these satellite deposits could eventually contribute more than the Boorara pit itself to the project and at a higher grade. They expect to release a further resource update for the satellites in this June Quarter.
The old 2018 MRE for the top open pittable 200m at Boorara was:
15.62Mt @ 0.94g/t Au for 474,000oz
The new 2021 MRE now for the top open pittable 200m at Boorara stands at:
11Mt @ 1.26g/t Au for 448,000oz
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Still think there's an opportunity going begging here - although my batting rate isn't too flash lately (KWR, DCN, EOF).
They picked up a few more tenement patches from a private owner recently, Aurenne Grp Hldgs, and one of the tenements has a developed u/g gold reserve starting from the base of a pit - 20,000 ozs of high grade reserve, 91% metallurgical recoverability, feasibility and mine plan already done by the vendor. HRZ hopes to find more. Close to HRZ'S proposed Boorara mill - or maybe it'll be contract mined and toll milled?
Daily chart shows a rounding correction with 12c resistance. Sure to break through meaningfully I think. Might revisit 11c.
They picked up a few more tenement patches from a private owner recently, Aurenne Grp Hldgs, and one of the tenements has a developed u/g gold reserve starting from the base of a pit - 20,000 ozs of high grade reserve, 91% metallurgical recoverability, feasibility and mine plan already done by the vendor. HRZ hopes to find more. Close to HRZ'S proposed Boorara mill - or maybe it'll be contract mined and toll milled?
Daily chart shows a rounding correction with 12c resistance. Sure to break through meaningfully I think. Might revisit 11c.
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Moving up, gonna break soon imo. Positive drill results reported for northernmost satellite tenements close to Paddington mill (owned by Norton Goldfields, a subsidiary of Zijin Mining)
Held
Held
Sean K
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For a 'non-techy guy', you post a lot of charts finicky.
Agree though, it's looking prospective to break that 0.13 wall.
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Ding ding ding and what not, could be toot toot before long, my target of 16c from this base but thinking a bid down at 12.5c could pick some up. Was up 0.135 earlier today, pinging away, going against the goldie ebb tide. Perched on top of 0.13 resistance with a 'hidden divergence' in the rsi. HRZ picked up some cheap shares and free options in the recent KWR placement. Slightly old news is that HRZ is retaining the high grade Silver/Zinc Nimbus project which is already scoped and is located very close to the proposed Boorara gold mill. Be there or be square.
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This could be good. Kestral prospect is along trend from deposits already discovered in the Binduli tenements just 13 kms northwest of Kalgoorlie and a stone's throw from Evolution's Mungari mines and mill. Possibly an "emerging gold field" according to management, Assays from another 8 holes are pending and there are lots of targets along 10 kms of this 'Janet Ivy' shear zone. They're going to invest 10,000 metres of drilling into Kestral including diamond drilling and are going much deeper, down to 250 mtrs which has never been explored before and also drilling beyond the 200 mtrs of strike identified so far.
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10 kms of strike to drill at Binduli prospect - 10,000 mtrs of rc and diamond allocated - says the geo is very excited - panning gold from every hole - 8 holes still at the lab - reckons they've "cracked the code", no outcrop, 30 metres of cover, next drilling down to 250 mtrs.
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In for another 40,000 @ 0.105
Company has done nothing but improve its position since I started buying and yet is still at my average buy price, good opportunity for patient goldbugs imo
Also I get a taster of other stocks with HRZ, e.g KWR and MHK
I'll try to add my estimate of the value of Horizon's KWR holding later as HRZ is KWR's major shareholder
Edit:
Yeah, so going by my previously posted figure, HRZ now owns 18% of KWR and has some prerogative or other about who gets to participate in KWR's devlpt, sorry about tge vagueness. So 18% is 'only' about $5m at KWR'S current capitalisation but don't forget that KWR could be boomtown in future if that Goongarrie discovery is really a Kanowna Belle analogue.
Company has done nothing but improve its position since I started buying and yet is still at my average buy price, good opportunity for patient goldbugs imo
Also I get a taster of other stocks with HRZ, e.g KWR and MHK
I'll try to add my estimate of the value of Horizon's KWR holding later as HRZ is KWR's major shareholder
Edit:
Yeah, so going by my previously posted figure, HRZ now owns 18% of KWR and has some prerogative or other about who gets to participate in KWR's devlpt, sorry about tge vagueness. So 18% is 'only' about $5m at KWR'S current capitalisation but don't forget that KWR could be boomtown in future if that Goongarrie discovery is really a Kanowna Belle analogue.
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Best close in 14 months for HRZ today.
Should correct that HRZ'S holding in KWR is diluted to about 15% now after not participating in the lastest KWR placement.
Daily
Should correct that HRZ'S holding in KWR is diluted to about 15% now after not participating in the lastest KWR placement.
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Great, this Vanadium project that HRZ is joint venturing in N.Q was recognised in the Aust Govt Critical Minerals prospectus (2020). Horizon has previously said that the partnership is seeking an offtake partner, maybe this will be a purchaser of HRZ's 25% share?
"The JV conducted additional drilling in 2019 and updated the Mineral Resource Estimate in 2020 in line with the JORC 2012 Code to:
1,838 Mt at 0.36% V2O5 and 256 g/t MoO3 at a 0.30% V2O5 lower cut-off grade.
The scale of the project places it as one of the largest undeveloped vanadium resources in the world, which is close to surface and remains open in all directions"
"The JV conducted additional drilling in 2019 and updated the Mineral Resource Estimate in 2020 in line with the JORC 2012 Code to:
1,838 Mt at 0.36% V2O5 and 256 g/t MoO3 at a 0.30% V2O5 lower cut-off grade.
The scale of the project places it as one of the largest undeveloped vanadium resources in the world, which is close to surface and remains open in all directions"
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My least confident pick for the 2022 comp. As can be seen on the 5 year weekly chart the 15c level has defeated the rallying price a number of times save a false breakout. Perhaps another discovery or the next MRE and prefeas will boost it over the line.
As a side hustle, HRZ's 15% ownership of KWR might do the job as well as providing a good start for capitalising a process plant. I would be disappointed at anything less than a 5 bagger gain for KWR in the event of a major discovery beneath Lake Goongarrie. Current market cap of KWR is $48m, a 5 bag would take it to $240m which would make HRZ's share $36m. A 10 bag for KWR: worth $72m to HRZ. This calc igores tax and any future KWR dilution.
Weekly
As a side hustle, HRZ's 15% ownership of KWR might do the job as well as providing a good start for capitalising a process plant. I would be disappointed at anything less than a 5 bagger gain for KWR in the event of a major discovery beneath Lake Goongarrie. Current market cap of KWR is $48m, a 5 bag would take it to $240m which would make HRZ's share $36m. A 10 bag for KWR: worth $72m to HRZ. This calc igores tax and any future KWR dilution.
Weekly
