This article is 5 years old. Images might not display.
Horizon said cash at bank had increased to $17 million after the latest campaign yielded 2491 ounces, with the company having started the current quarter with $17.4 million.
A final milling campaign is due to start mid-January, after which a full production and cost reconciliation will be completed.
Horizon is trial mining at Boorara to confirm if the large, low-grade resource - 16.45 million tonnes grading 0.97 grams per tonne - has the potential to provide base load feed to a planned mill development that would also be fed by high-grade supplementary pits from elsewhere in the region.
An updated resource post-trial mining/milling is flagged for release in the first quarter of next year.
Horizon aims to complete a definitive feasibility study in the first half of 2021, and to begin gold production in 2022.
Shares in Horizon were down 5% to 10c in afternoon trade, capitalising the company at $57 million.
