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BINDING 200KT TOLL MILLING AGREEMENT EXECUTEDWITH FMR INVESTMENTS

by Montpellier Montpellier No Comments

Horizon Minerals Limited (ASX: HRZ) (“Horizon” or “the Company”) is pleased to announce that it has entered into a binding Toll Milling Agreement (“TMA”) with FMR Investments Pty Ltd (“FMR”) to treat 200kt of Horizon ore from the Cannon underground project, or other deposit, commencing in the December 2024 Quarter.
HIGHLIGHTS

  1. Binding TMA has been executed with FMR, which owns the Greenfields Mill located northeast of Coolgardie and 30km southwest of Kalgoorlie-Boulder in WA
  2. Horizon will arrange contract mining and hauling of ore from Cannon for ore processing at FMR’s 1.0Mtpa Greenfields Mill, located ~67km by road from the Cannon Project
  3. An agreed 200kt of ore will be processed over a period of eight months, commencing in the December 2024 Quarter
  4. The TMA contains competitive ore treatment rates with the payment structure as follows:
    o Horizon is responsible for delivery of each stockpile to the Greenfields Mill ROM near Coolgardie
    o Payment of processing costs must be made before the value of the processed and refined gold at the Perth Mint is transferred from FMR’s metal account to Horizon
    o If the delivery schedule is missed Horizon will forfeit its allocated tones for that month and from the overall 200kt allocation
  5. An Ore Reserve for Cannon has already been established including forecast economics for the ore to be processed via a Toll Milling Agreement

Click here to view full ASX announcement

Learn more about Horizon Minerals at: HorizonMinerals.com.au

Condor Announces Feasibility Study For La India Open Pit.

by Montpellier Montpellier No Comments

Condor Gold (AIM: CNR; TSX: COG) is pleased to announce the results and details of a Feasibility Study, sometimes referred to as a Bankable Feasibility Study (“2022 FS”) on the La India open pit. The 2022 FS supports a Probable Mineral Reserve of 7.3Mt at 2.56g/t gold for 602,000 oz gold and a mine with an Internal Rate of Return (“IRR”) of 23% and a post tax and post upfront capital cost net present value (“NPV”) of US$86.9 million using a discount rate of 5% and price of US$1,600/oz gold. The 2022 FS brings the level of confidence for the Project to the industry standard of engineering design, sufficient to support +/- 15% capital and operating cost estimates.

The economic analysis in the 2022 FS (including IRR and NPV estimates) is based on the La India open pit only and does not include the Mineral Resources at the Mestiza, America, Central Breccia or El Cacao potential extractable as open pits or the Underground Mineral Resources at the La India, Mestiza, America, El Cacao, San Lucas or Cristalito-Tatescame vein sets. Condor believes there is high degree of certainty that additional open pit and underground Mineral Resources can be converted to Mineral Reserves and added to the mine plan through further studies.

Highlights: Feasibility Study La India Open Pit only

The 2022 FS demonstrates a robust and economically viable base case for the La India open pit:

  1. Probable Mineral Reserve of 7.3Mt at 2.56g/t gold for 602,000 oz gold
  2. Production averages 81,545 oz gold per annum for the first 6 years of an 8.4 year mine life
  3. An Internal Rate of Return (“IRR”) of 23% and a post tax, post upfront capital cost NPV of US$86.9 million using a discount rate of 5% and price of US$1,600 oz gold (Mineral Reserve Case).
  4. An Internal Rate of Return (“IRR”) of 43% and a post tax, post upfront capital cost NPV of US$205.2 million using a discount rate of 5% and price of US$2,000 oz gold.
  5. Low initial capital requirement of US$105.5 million (including contingency and EPCM contract)
  6. Low average Life of Mine All-in Sustaining cash costs US$1,039 per oz gold

Click here to read full ASX announcement

Learn more about Condor Gold Plc at: www.condorgold.com

Momentous Capital and Astra Exploration Enter into Amalgamation Agreement and Astra Exploration Secures $1.44 Million in Financing

by Montpellier Montpellier No Comments

VANCOUVER, BC – July 8, 2021 – Momentous Capital Corp. (TSX-V:MCC.P) (“Momentous” or the “Company”) and Astra Exploration Limited (“Astra”) are pleased to announce that, further to their previous announcement of the signing of a binding letter of intent for a proposed transaction by way of press release on June 7, 2021, they have entered into an amalgamation agreement (the “Amalgamation Agreement”) pursuant to which, among other things, Momentous will acquire all of the issued and outstanding securities of Astra (the “Transaction”).

The Transaction

Subject to approval by the TSX Venture Exchange (“TSXV”), Astra will amalgamate with a wholly-owned subsidiary of Momentous in order to facilitate the completion of the Transaction. It is the intention of the parties that Momentous, following the closing of the Transaction (then referred to as the “Resulting Issuer”), will be listed on the TSXV as a Tier 2 Mining issuer, and that the business of the Resulting Issuer will be the business of Astra.

Click here to read full TSX.V announcement

Learn more about Astra Exploration at: www.Astra-Exploration.com