Horizon Minerals has signed a binding tenement sale agreement with mining firm Aurenne Group to acquire three gold projects in Australia.

The deal will see Horizon acquiring 100% interest in the Bulong South, Glandore and Cowarna gold projects located in the Western Australian goldfields.

Bulong South includes the Cannon gold mine with an ore reserve of 117,00t at 5.31g/t of gold for 20oz. This will now be added to the company’s core project to be assessed under its consolidated feasibility study.

Horizon will pay $3.8m (A$5m) in cash for the deal, half of which would be paid at transaction settlement.

The projects to be acquired include a combined 24 granted mining, prospecting, exploration and miscellaneous licences.

Covering an area of approximately 180km², they are located in close proximity to Horizon Minerals’ Boorara gold project.

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By GlobalData

Horizon Minerals managing director Jon Price said that the company’s core focus is to develop a standalone gold production business in the Kalgoorlie and Coolgardie regions.

The acquisition forms part of the company’s ‘strategy of further regional consolidation’ of complementary development assets located close to the proposed Boorara Mill, Price stated.

Price added: “The Cannon underground gold project presents a high-grade near-term development opportunity that will now be incorporated into the consolidated feasibility study and can provide high-grade ore feed in the early years to complement the baseload Boorara deposit and the four advanced open pit and underground satellite projects currently under evaluation.”

Located 14km east of Boorara, the Glandore mine has multiple advanced open-pit and underground exploration targets.

The Cowarna project, which covers a 138km² area, is located immediately east of the emerging Mt Belches gold project within Silver Lake Resource’s Mt Monger gold operation.

Price commented: “We also see the potential for significant resource growth and exploration upside from the Bulong South, Glandore and exciting Cowarna project areas with multiple walk-up drill targets on major geological structures.”