Name of the Project
Pennys Find underground gold project.

Location
Western Australian goldfields.

Project Owner/s
Emerging midtier gold producer Horizon Minerals.

Project Description
Pennys Find is fully permitted, with all statutory approvals in place.

The prefeasibility study (PFS) highlights an underground mine design and schedule producing 329 000 t at a fully diluted grade of 3.2 g/t gold for 33 500 oz over an estimated 23-month mine life. 

Operational activities will be undertaken by a mining contractor, with technical and managerial oversight provided by Horizon. Mining will occur through accessing a portal within the pit to develop a decline to the base of the mine, with lateral ore drives developed from the decline.

Bottom-up mining using longhole stoping through a modified Avoca method with cemented rockfill will be used. Ore and waste will be loaded out by conventional diesel-powered load, haul, dump loaders, and low-profile trucks. Jumbo drills will be used for development, and longhole drills for stoping.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The PFS estimated a net present value, at a 5% discount rate, of A21.4-million.

Capital Expenditure
A$23.8-million.

Planned Start/End Date
Not stated.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
Advanced Mining Production Systems (mine optimisation and design, scheduling and economic analysis); MineGeoTech (geotechnical feasibility study); Soil Water Group (hydrology and hydrogeology work); and Botanica Consulting (environmental study work).

Contact Details for Project Information
Horizon Minerals, tel +61 8 9386 9534 and email info@horizonminerals.com.au.