Horizon Copper Provides Portfolio Development Updates
Horizon Copper Corp. (TSXV: HCU) (OTCQX: HNCUF) is excited to share vital development advancements from its impressive portfolio of copper assets. The company is witnessing several encouraging developments at its esteemed copper properties.
Significant Advancements in Copper Portfolio
Erfan Kazemi, Horizon Copper's President & CEO, emphasized recent positive developments in the company’s high-quality copper portfolio. The Hugo North Extension is emerging as one of the world's premier copper deposits, showcasing exceptional high-grade drill results. As the largest shareholder of Entrée Resources Ltd., Horizon is particularly encouraged by the initiation of underground development and continuing exploration successes, which underline the long-term value of this property.
Hugo North Extension Drill Results
Entrée Resources Ltd. has announced considerable progress at the Oyu Tolgoi Hugo North Extension (HNE). Underground development work commenced recently, specifically at Oyu Tolgoi Lift 1 Panel 1. This crucial step has involved up to 212 metres of lateral development, mirroring the planned activities in the 2024 Oyu Tolgoi Mine Plan. These undertakings are vital for establishing mining operations' infrastructural necessities.
In tandem, Entrée is actively negotiating with Rio Tinto and Oyu Tolgoi LLC (OTLLC) to finalize governance agreements regarding the joint venture, highlighting both execution and compliance with the economic terms of the existing agreement. The company has identified a clear trajectory forward, with final agreements awaiting board approval from OTLLC.
High-Grade Mineralization Confirmed
Latest results from deeper drill holes from the 2023 drilling program at HNE have revealed significant high-grade mineralization within the Hugo North Lift 2 block cave footprint. Noteworthy was surface drill hole EGD 174, which uncovered 448 metres grading 1.31% copper, inclusive of 172 metres at 1.58% copper. The results indicate that the deposit is still open at greater depths for future exploration.
In October, OTLLC reported completion of 5,287 metres of underground drilling across 23 diamond drill holes, alongside 2,476 metres of surface drilling across four diamond drill holes. These efforts reinforce the mineralization potential of the Hugo North deposit; thus, Horizon expects further updates in the ongoing project developments.
Continued Progress at Hod Maden
At the Hod Maden project in Türkiye, where Horizon holds a 30% non-operating interest, SSR Mining is advancing steadily with site preparations and engineering studies. Recent financial reports indicated an investment of approximately US$10.9 million on pre-construction activities during the third quarter of 2024. SSR Mining intends to reveal its planned capital expenditures for 2025 alongside production guidance early next year, presenting a promising outlook for Horizon Copper’s interests.
About Horizon Copper
Horizon Copper stands as a leading player in the copper sector, with a rich portfolio that includes a 1.66% net profits interest in the Antamina copper mine, significant exposure to the Oyu Tolgoi copper mine through a 24% equity stake in Entrée Resources, and a notable interest in the copper-gold Hod Maden project. The company is committed to expanding its asset portfolio with a dedicated focus on copper projects, striving for excellence and growth in this essential sector.
Frequently Asked Questions
What recent updates has Horizon Copper provided?
Horizon Copper has shared significant advancements in its portfolio, including high-grade drill results at the Hugo North Extension and continued progress at the Hod Maden project.
Who is the largest shareholder of Entrée Resources?
Horizon Copper is Entrée Resources' largest shareholder, owning 24% equity in the company.
What is the significance of the Hod Maden project?
The Hod Maden project is crucial for Horizon as it holds a 30% non-operating interest, and SSR Mining is actively preparing it for future developments.
What type of developments are occurring at Hugo North Extension?
The Hugo North Extension has seen new underground development work commence, which is essential for future mining activities and is yielding positive drill results.
What is the focus of Horizon Copper’s future strategy?
Horizon Copper plans to actively grow its portfolio of copper projects, emphasizing quality assets and sustainable development in the copper industry.
