04:55 PM EST, 11/27/2024 (MT Newswires) -- Horizon Copper ( HNCUF ) after trade Wednesday offered an update on developments from its portfolio of assets at the Oyu Tolgoi Hugo North Extension (HNE) in Mongolia.

The company, which takes minority stakes in mining projects, said underground development work is underway at Oyu Tolgoi Lift 1 Panel 1, part of the joint-venture property held by Entree Resources (EGT.TO) and Oyu Tolgoi LLC.

Results from eight remaining diamond drill holes from the 2023 drilling program at HNE have been released, confirming high-grade mineralization within the Hugo North Lift 2 block cave footprint and extending the deposit's potential at depth.

This work, outlined in the 2024 Oyu Tolgoi Mine Plan, is a critical step in preparing the infrastructure for future mining operations. Concurrently, Entree continues discussions with Rio Tinto and Oyu Tolgoi LLC to finalize governance agreements for the joint venture, exploring both the execution and delivery of the existing JV agreement or a new arrangement with equivalent economic value.

"Recently, we've seen several positive advancements at the underlying development assets in Horizon's high-quality copper portfolio," said chief executive Erfan Kazemi. "The Hugo North Extension continues to showcase its status as one of the world's best copper deposits with exceptional high-grade drill results."

At the Hod Maden development project in Turkiye, where Horizon owns a 30% non-operating interest, operator SSR Mining ( SSRGF ) continues to advance site preparation activities and engineering studies.

The company's shares closed up $0.02 to $0.82 on the TSX Venture Exchange.