Horizon Minerals Corp (OTCMKTS:HZNM) reported that it is in the course of preparing and it will soon launch a NI 43-101 acquiescent geological report on its SSE assignment. It is a part of company’s Great Basin lithium portfolio, which comprises major assets in Nevada, Utah and California. The properties are linked with issued lithium concentrations of economic importance in clays and brines.
As per geologist and director David Bending, the report, once published, will demonstrate that the SSE assignment has well defined prospects for discovery of brines with considerable concentrations of lithium and other factors of economic importance. Moreover, ease of access and current infrastructure make it ultimate for a cost-effective plan of target definition and advancement using well defined geochemical, geophysical and geological tools. It should lead to quick advancement to the drilling phase. The firm anticipates to release the final report by this month’s end.
Horizon Minerals last filed its Form-10Q in the month of November. The company reported that it didn’t generate any revenue in the quarter and nine month periods closed September 2016 and 2015. Following the exploration stage of its operations, they do not anticipate to have considerable operating revenue in the predictable future.
During the quarter closed September 2016, the expenses surged by $4,144 from $13,303 for the quarter closed September 2015, to $17,447 for the quarter closed September 2016. The jump was mainly due to improved due-diligence related with the procurement of the Claims which they closed in October 2016. They didn’t have related expenditures during the three-month period closed September 2015.
During the first three quarters closed September 2016, the expenses declined by $44,370 from $99,319 for the same period closed September 2015, to $54,949 for the first three quarters closed September 2016. The drop was primarily due to $50,000 in project research costs they incurred in FY2015 which were related with their entry into the share purchase deal to acquire all released and unpaid shares of Boomchat Inc.