Horizon Minerals (ASX: HRZ) – Advancing the Black Swan Pre-Feasibility Study - A Gold Mining Hub.
- Noel Ong
- Sep 2
- 5 min read
Announcement
Horizon Minerals Limited (ASX: HRZ) has provided an update on the ongoing Pre-Feasibility Study (PFS) for the Black Swan Project, situated 40km northeast of Kalgoorlie-Boulder in the Western Australian Goldfields (Figure 1). The PFS incorporates mining, infrastructure, and processing studies to refurbish and repurpose the Black Swan operation into a gold processing facility.
Figure 1: Horizon’s project locations, regional geology and surrounding infrastructure (source: HRZ)
Managing Director and CEO Grant Haywood commented:
“Progressing the Black Swan Pre-Feasibility Study is an important step in our development and growth pathway towards being a new, independent mid-tier gold producer. The study work is founded on robust technical and economic analysis of our assets and is advancing well. With work completed on the option studies and associated preliminary engineering design, we look forward to sharing the final outcomes in the December quarter when completed and making a Financial Investment Decision shortly thereafter, and moving to the next steps of refurbishment and commissioning.”
Highlights - The Path to a Gold Mining Story.
Processing PFS Progress
(Figure 2)
GR Engineering Services (GRES) is nearing completion of the PFS on Black Swan’s processing facility.
The design incorporates refurbishment of the comminution circuit and installation of a new gold Carbon-in-Leach (CIL) facility.
The plant is designed for 1.5Mtpa throughput with a product size of P80 106µm.
A preferred comminution option has been identified: single stage crushing plus SAG and ball mill, maximising flexibility and robustness for future ore types.
Detailed process flow diagrams, mechanical and electrical lists, and engineering studies have already been completed.
Figure 2: Black Swan – Process Flow Diagram (source: HRZ)
Comminution and Recovery Circuits
Three comminution circuit options were reviewed as part of the Black Swan PFS. Both GR Engineering Services (GRES) and Orway Minerals Consultants (OMC) independently favoured the Single Stage SAG (SS SAG) design for 1.5Mtpa throughput. To future-proof the project, consideration is also being given to incorporating both SS SAG and SABC circuits at refurbishment stage, providing greater long-term flexibility and expansion potential.
Downstream, the new gravity and CIL recovery circuits are being purpose-built with scalability in mind, ensuring capacity for increased throughput if required. Importantly, the existing nickel flotation circuit will remain on care and maintenance, deliberately isolated to preserve optionality for future redevelopment without disrupting gold operations.
Mining and Infrastructure Studies
Mining Plus has completed scoping studies on 24 open pit and underground deposits.
A ranking process has identified prioritised deposits to provide feed to Black Swan.
Infrastructure studies cover power, water, accommodation, and ore storage requirements under a hub-and-spoke model.
Environmental and permitting approvals are advancing.
The Burbanks project, with a Mineral Resource of 465.5koz @ 2.8g/t Au, is a cornerstone but requires further drilling and metallurgical work before inclusion at PFS level. It will remain at Scoping Study level for now.
Next Steps
The full PFS, incorporating the processing facility refurbishment, mining, and infrastructure components, is on track for completion in the December 2025 quarter. Horizon expects this study, together with the Burbanks Scoping Study, will provide sufficient basis for a Financial Investment Decision (FID). Pending a positive outcome, refurbishment and construction at Black Swan could commence in 2026.
Samso Concluding Comments
To simply summarise this announcement, this is the logical step forward for the company. The shareholders are obviously crying out for Horizon Minerals to get the gold mining business happening so this is a good sign to the market that there is a process in mind.
The careful balancing of processing options, integration of multiple ore sources, and structured path towards an FID underscores the company’s intent of making the path a reality.
Horizon needs to show scale and optionality by incorporating flexibility upfront and they need to show beyond today’s processing requirements by leaving the door open for future growth.
The inclusion of Burbanks—though only at Scoping Study stage—adds another layer of potential upside, especially with its sizeable resource base. If Horizon can progressively de-risk and upgrade this asset, the long-term production profile could be significantly enhanced.
As always, the market will be waiting for the December 2025 PFS release to assess the numbers and economics. However, this staged update demonstrates that Horizon is steadily positioning itself for its next growth chapter.
The challenge for Horizon will now be to show impatient shareholders and potential investors that the reality of being a gold mining company is within their ability and their available resource. Time will be the key determinant of all that needs to be answered.
The Samso Way – Seek the Research
At #SamsoNews, the focus remains on separating signal from noise. The Black Swan PFS update is not just about technical refinements; it reflects the practical steps Horizon is taking toward independent production. Investors should follow the details, understand the scope of work, and align it with their own due diligence.
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