HORIZON COPPER CORP. 
"With the volatility and economic uncertainty being experienced across all markets in recent months, we are pleased that Horizon is in a position where it is generating cash flows from its recently acquired Antamina NPI asset while the development stage projects in which we have an interest continue to make positive advancements," said
SSR Mining Inc. ("SSR Mining"), the project developer and operator at Hod Maden, has commenced an infill drilling campaign to de-risk the ramp-up of initial mining at the project, expected in 2027. The three holes with assays returned to date include a highlight intercept of 90 metres at 16.5 grams per tonne ("g/t") gold and 1.56% copper, reiterating the remarkable nature of the Hod Maden orebody.
Highlights of the infill drill results include:
- HTD-238: 26 metres at 18.5 g/t gold and 3.24% copper from 256 metres, including:
- 16 metres at 27.0 g/t gold and 3.74% copper from 259 metres;
- HTD-239: 90 metres at 16.5 g/t gold and 1.56% copper from 162 metres, including:
- 18 metres at 63.0 g/t gold and 2.02% copper from 162 metres;
- HTD-240: 61 metres at 18.8 g/t gold and 2.26 % copper from 195 metres, including:
- 33 metres at 30.8 g/t gold and 2.86% copper from 197 metres;
Drilling intercepts reflect core length intersections; all results are uncut and reported at 1 g/t gold cut-off.
For more information, including a complete table of the infill drill results, see SSR Mining's press release dated
On
Net of the Residual Royalty, the Company received
Going forward, the Company will receive quarterly payments under the Antamina NPI 45 days after each calendar quarter end. The proceeds from the Antamina NPI payments will be used to satisfy obligations under the silver stream and interest payments on the promissory note with Sandstorm. Any excess cash flow is expected to be used to repay the principal on the promissory note and reduce the Company's debt.
For more information, please refer to the Company's Financial Statements and MDA for the three and nine-month period ended
In
Technical studies for Panels 1 and 2 mine design and schedule optimization were completed during the second quarter of 2023. According to Rio Tinto, the technical studies have resulted in substantially de-risked, resilient mine designs. The mine designs provide a pathway to ramp-up, the flexibility to pursue value-creating opportunities and react to future risks, as well as improved stability, constructability, and operability. The studies also provide a pathway to bring the panels into production faster and maximize the use of the ventilation system. Panel 1 production is anticipated to commence in 2027. The technical studies have been incorporated into an updated Oyu Tolgoi Feasibility Study to be submitted to and reviewed by applicable regulatory bodies in
The Oyu Tolgoi project is located in
For more information, see Entrée Resources' press release dated
Notes |
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This press release contains forward-looking information within the meaning of Canadian securities laws. Although Horizon believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by Horizon is not a guarantee of future results or performance and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to: expectations related to development timelines for Hod Maden and Oyu Tolgoi including the timing of construction and commercial production; the state of the financial markets for Horizon's securities; and other risks and factors that the Company is unaware of at this time. The forward-looking statements contained in this press release are made as of the date of this press release. Horizon disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The securities referred to in this press release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within
SOURCE
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