Horizon Minerals Says Redefining of Cut-Off Grades Delivers Uplift In Total Gold Resource Ounces, Shares Fall 4%

MT Newswires Live02-13

Horizon Minerals (ASX:HRZ) said the redefining of cut-off grades delivering an uplift in total resource ounces, according to a Friday Australian bourse filing.

The increase in the gold price brought "previously marginal lower-grade tonnages into the economic envelope," the firm's Chief Executive Grant Haywood said.

The mineral resource estimate for the firm's gold assets came in at 34.3 million tonnes at 1.7 grams-per-tonne (g/t) grade of gold for 1.88 million ounces of gold.

The changes to the gold mineral resources also include mining depletion at the Boorara and Phillips Find projects in Western Australia.

Its shares fell 4% in recent trading on Friday.

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