Horizon Gold Limited (ASX:HRN) Updates on Gum Creek Project
Project Development Progress
Horizon Gold Limited (ASX: HRN) continues to progress its exploration and development activities at the Gum Creek Gold Project, aiming to enhance resource confidence and feasibility. A diamond drilling program is underway, designed to provide geotechnical data essential for the feasibility study. This drilling will conclude by the end of January 2025, with key assays pending.
The company plans to initiate approximately 10,000m of infill and extension RC drilling in early February 2025. This drilling targets the project’s 2.14 million ounce gold resource and aims to investigate high-priority targets.
Feasibility Study Advances
Work on the Gum Creek Gold Project Feasibility Study is ongoing. The focus includes geotechnical studies, environmental surveys, and comminution test work. Horizon Gold Limited believes the project has substantial potential for resource expansion and a ten-year mine life, with additional assessments for underground mining options still forthcoming.
Corporate Developments
In November 2024, Horizon Gold sold its holdings in Alto Metals Limited for a total of $5.16 million, significantly increasing its financial position since the initial acquisition cost of $3.17 million. The funds were used to fully repay a short-term loan of $1.2 million to Zeta Resources, Horizon’s major shareholder.
The company incurred $637,000 in exploration and evaluation expenses during the quarter, primarily related to diamond drilling and economic evaluations for the Gum Creek Gold Project. As of 31 December 2024, Horizon maintains a strong cash position of $3.635 million.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.