The Option relates to all mineral rights over seven Exploration Licences covering an area of 98 blocks approximately 40 kilometres west of Kalgoorlie. The Option provides for the following:
- MHK paying Horizon a
- MHK must incur at least
- MHK may withdraw from the Option with 30 days notice, or allow the Option to lapse, after incurring a minimum of
- If MHK exercises the Option, then at Horizon's election, Horizon may:
- Sell 100% of its interests in the Tenements to MHK for
- Sell 80% of its interests in the tenements to MHK and forego the completion consideration, but retain a 20% interest free carried to a decision to mine at which time a Joint Venture (JV) will be formed with MHK
- MHK shall have a licence to explore for minerals on the Tenements during the Option period and must meet annual expenditure commitments and keep the Tenements in good standing
- All MHK Option fee shares, and completion consideration shares issued, shall be subject to voluntary escrow of six months
Commenting on the Option, Horizon Chief Executive Officer Mr
"The option and sale agreement is a positive outcome for both parties. It fits with Horizon's strategy of focussing on gold assets we can bring into production and rationalising our large tenement holding where value can be realised by divesting non-core assets to capable groups who can take them forward. This transaction also strengthens our balance sheet and reduces our holding costs."
"We have a strong relationship with Metal Hawk and, as a shareholder and potential JV partner, we wish them well in advancing this prospective early stage project."
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/7Z0VDP29
About
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of
Contact:
Incoming CEO
T: +61 8 9386 9534
E: grant.haywood@horizonminerals.com.au
Media Relations -
T: +61 422 602 720
E: michael.vaughan@fivemark.com.au
Copyright (C) 2023 ABN Newswire. All rights reserved., source