Horizon Minerals Limited announced that it has reached agreement with FMR Investments Pty Ltd. ("FMR") to divest the Gunga West gold project near Coolgardie in the Western Australian goldfields. Horizon acquired Gunga West as part of a larger asset swap of projects with Northern Star Resources Limited as announced to the ASX on 12 September 2019 and included the core Rose Hill, Brilliant North and Golden Ridge tenure. The divestment comprises seven mining leases, one prospecting licence and one miscellaneous license making up the Gunga West project.

Under the Agreement, FMR will pay $400,000 in cash on the following terms: Deposit of $100,000 in cash. $300,000 in cash on completion. Access to FMR's Greenfields toll mill in Coolgardie on commercial terms for ore treatment of 200,000 tonnes commencing in 2023.

Completion is expected in the next four weeks and subject to standard conditions precedent for a transaction of this nature including due diligence, Ministerial consent, any third-party assignments and provision of mining information.