Horizon Minerals' Pennys Find Gold Project update

Horizon Minerals (ASX:HRZ) has finalized a Prefeasibility Study for its Pennys Find Gold Project situated in the Western Australian goldfields. The study indicates financial viability, outlining plans for an underground mine projected to produce 329.9kt at a diluted grade of 3.2g/t Au, totaling 33.5koz over 23 months.

Detailed overview and future outlook

The Prefeasibility Study for Horizon Minerals’ Pennys Find Gold Project confirms its financial viability, projecting a lifespan of 23 months with a gold production target of 33.5koz. The project is expected to generate $24.0 million in free cash flow. A maiden Ore Reserve of 328.3kt at 3.2g/t Au for 33.4koz has been established. Horizon plans to employ contract mining and third-party toll milling, with the project fully permitted. Pennys Find is part of Horizon's broader development strategy, including projects like Cannon and Kalpini. The company aims to leverage strong gold prices and strategic positioning to realize growth opportunities.

Executive commentary on Pennys Find Gold Project

The Pennys Find Gold Project is expected to deliver a free cash flow of $24.0 million at a gold price of A$3,600/oz. A maiden Ore Reserve of 328.3kt at 3.2g/t Au for 33.4koz has been declared, indicating strong project potential.