Horizon sells noncore Lake Johnston to Forrestania
Emerging gold miner Horizon Minerals said on Friday that it would sell its noncore Lake Johnston project to fellow ASX-listed Forrestania Resources for A$35-million.
Under the agreement, the consideration comprises A$30-million in cash and A$5-million in fully paid Forrestania ordinary shares, with the transaction expected to complete before the end of January. Completion is subject to regulatory approvals, third-party consents, and Forrestania successfully completing a capital raising to fund the acquisition.
Lake Johnston was acquired through the A$30-million merger with Poseidon and is considered a noncore asset, with Horizon's focus on the refurbishment and restart of the Black Swan processing facility to be fed with its gold resources.
"The divestment allows Horizon to strengthen its balance sheet and bring in cash to continue to advance the Black Swan processing facility and surrounding gold projects. We are pleased to retain upside to the Lake Johnston project as a shareholder of Forrestania," commented Horizon CEO Grant Haywood.
The Black Swan prefeasibility study remains on track, bolstered by the recent acquisition of the Gordons Dam project. Horizon is also conducting a 30 000-m drilling programme at its Burbanks project, including infill drilling to improve resource confidence and extensional drilling to expand resources.
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