Horizon Minerals gains new substantial shareholder in Delphi AG

Horizon Minerals Ltd (ASX:HRZ) has a new substantial shareholder in prominent junior resources investor, German-based Delphi Unternehmensberatung AG, which has accumulated a 6.39% interest. The status was achieved on May 14 with Heidelberg-based Delphi and its subsidiaries now holding almost 29 million shares. Shares purchased on May 14 Sparta AG holds 22.5 million on these shares after purchasing 10 million at 6 cents each on May 14 which followed the purchase of 12.5 million HRZ shares on March 23 at 8 cents each. Delphi AG also purchased more than 6.467 million shares on May 14 at 6 cents. Shares have traded as much as 9.8 cents, more than 4% higher than the previous close and up from 5.4 cents at close on March 24. Boorara mining underway Horizon expects to receive first gold from the Boorara Gold Mine just east of Kalgoorlie in July with stage-one mine development underway. The start of work by local mining contractor Hampton Transport Services Pty Ltd follows approval by Horizon’s board of the stage-one development. Site establishment and mobilisation of mining fleet are complete with open cut mining underway at the Regal East open cut using conventional truck and shovel operations. First ore this month First ore is expected this month and first ore delivery to the mill in June with the Regal West and Crown Jewel pits to be developed in parallel to enable optimal cycling of mining and drill and blast activities. After fully drawing a $4 million working capital facility and with all necessary approvals in place, the company is fully funded for the stage-one development. Project development comes after the completion of a positive feasibility study. Stage-one comprises free-milling oxide and transitional material with grade control drilling completed on 4 X 10 metres in the north and 5 X 10 metres in the central areas. Following removal of around 6 metres of overburden in some areas of the Regal East pit, ore mining will begin on a 2.5-metre flitch height to minimise dilution and maximise ore recovery. Ore and waste mining will be conducted on day shift only under the control of in-pit mining geologists with the main ore zone enabling visual geological control in addition to grade control drilling flitch plans and ore mark-ups.