Gum Creek Gold Open Pits – Aerial View Gum Creek Camp
Panoramic Resources Limited entered into an Acquisition Agreement with Horizon Gold Limited (ASX: HRN) to partially divest the Gum Creek Gold Project by way on an Initial Public Offering raising $15 million (see ASX Announcement 21 October 2016).
Following the ASX listing of Horizon Gold Limited (ASX:HRN) in December 2016, the Company’s interest in gold consists of an indirect investment in the Gum Creek Gold Project located near Wiluna through its 51% majority shareholding in Horizon.
Further information on Horizon Gold and the Gum Creek Gold Project can be found at www.horizongold.com.au
The Gum Creek Gold Project is a large, advanced exploration project located 640km north-east of Perth and approximately 90km kilometres from the nearest town of Sandstone, Western Australia.
The total Mineral Resources at the Project as at 30 September 2016 stood at 17.3 million tonnes averaging 2.25g/t gold containing for 1.25 million ounces of gold. All Resources are in compliance with JORC 2012. A breakdown of the Resources by deposit is shown in the table below.
Historic production from the Gum Creek tenements is over 1Moz.