Horizon Copper Corp. Reports High-Grade Drill Results at Oyu Tolgoi Mine
- Horizon Copper Corp. announces high-grade drill results from the Oyu Tolgoi mine in Mongolia, indicating strong copper and gold mineralization.
- CEO Erfan Kazemi highlights the significance of these results for Horizon's value and potential growth in the copper market.
- Horizon aims to expand its copper asset portfolio, reinforcing its position in the mining sector with strategic projects.
Horizon Copper Corp. Unveils High-Grade Drill Results at Oyu Tolgoi Mine
Horizon Copper Corp. (TSXV: HCU) announces promising high-grade drill results from the Hugo North Extension (HNE) at the Oyu Tolgoi mine in Mongolia, following recent drilling activities conducted in collaboration with joint venture partner Entrée Resources Ltd. The latest findings arise from six diamond drill holes targeting mineralization within the prospective Lift 2 block cave. This drilling, spanning from 2022 to 2024, reveals strong indications of copper and gold mineralization, with certain drill holes extending as deep as 200 meters beneath the anticipated Lift 2 block cave. These results not only underscore the geological potential of the site but also enhance Horizon's strategic positioning in the copper market.
Erfan Kazemi, President & CEO of Horizon, expresses optimism about the HNE's long-term prospects. He emphasizes the significance of these drilling results, which contribute to the overall value of Horizon, particularly through its 24% equity stake in Entrée Resources. The high-grade findings are expected to bolster Horizon's operational credibility and attract further interest in its mining endeavors. As the industry witnesses increasing demand for copper and gold, these results could play a pivotal role in shaping Horizon's future growth and development strategies.
In addition to the promising drill results, Rio Tinto, the operator of the Oyu Tolgoi project, confirms that the Lift 1 underground mine ramp-up remains on schedule. Development work on the joint venture property is set to commence in October 2024, with approximately 152 meters of lateral development completed by April 2025. With production slated to begin in 2027, these timelines highlight Horizon's commitment to expanding its copper asset portfolio and the strategic advantages of its ongoing projects in Mongolia.
Horizon Copper's asset portfolio also includes a 1.66% net profits interest in the Antamina copper mine and a 30% stake in the copper-gold Hod Maden project. The company actively pursues opportunities to broaden its copper holdings, reinforcing its focus on becoming a key player in the copper mining sector. Such strategic endeavors are poised to enhance Horizon's market position and contribute to the long-term sustainability of its operations.