Horizon Minerals Ltd (ASX:HRZ) will retain and advance the wholly-owned Nimbus Silver-Zinc Project 15 kilometres east of Kalgoorlie-Boulder, following a strategic review that confirmed its potential.
The company announced in August last year that it was assessing what to do with the project, with options including development, divestment and joint ventures all on the table.
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It informed investors this week that it had elected to keep it on its books and will now engage a technical team to complete a definitive feasibility study (DFS).
Focus remains on gold
Horizon managing director Jon Price said this would not distract from the company's focus on its gold projects but had the potential to unlock further value for shareholders.
Beatunes 5 1 0 – organize your music collection list. 'Our focus remains firmly on gold, but the strategic review has confirmed the potential for significant long-term shareholder value creation by retaining the asset at a time of sustained improvements in silver and zinc prices.
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'The independent DFS team will now focus on the technical aspects and economic evaluation of mining the high-grade lodes and producing a high precious metal in silver and zinc concentrate at site for sale to potential offtake partners.'
Rising prices
Silver and zinc have performed extremely strongly in the past year, with both metals not only rebounding from the market-wide March 2020 COVID-19 troughs but comfortably exceeding their pre-pandemic prices as well.
The price of silver fluctuated between US$15 and US$20 an ounce in early 2020, while zinc was sitting just shy of US$1 per pound.
Both experienced sharp drop-offs in mid-to-late March, but silver has recovered to be sitting at US$27 an ounce on Wednesday, and zinc at just north of US$1.23 per pound.
Where Nimbus stands
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Nimbus has a current mineral resource estimate of 12.1 million tonnes grading 52 g/t silver for 20.2 million ounces and 0.9% zinc for 104,000 tonnes.
Within this is a high-grade lode immediately below the historic Discovery Pit with a resource of 260,000 tonnes grading 774 g/t silver for 6.4 million ounces and 12.8% zinc for 33,000 tonnes of zinc.
Past production in the mid-2000s recovered 3.6 million ounces of silver from the processing of 320,000 tonnes grading 352 g/t.
Next steps
Horizon had previously conducted extensive geological, metallurgical and engineering feasibility work at the site but put those activities on hold in 2017 due to depressed silver prices.
Now, it is readying to conduct geological and mineralogical review of the primary high-grade lodes below the historic Discovery and East pits as well as metallurgical test-work focused on flotation response and flowsheet design to produce a silver-zinc concentrate.
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Xilisoft ipad to mac transfer 5 7 28 inch. It will also update capital and operating costs for a concentrate plant utilising synergies with its proposed Boorara gold plant, review existing open cut and underground optimisation and design studies and seek expressions of interest and indicative terms for silver/zinc concentrate offtake.
Horizon hopes to complete a fully-funded DFS by December this year.
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