Horizon Minerals Limited: Trial Mining and Second Mill Campaign Completed at Boorara

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce completion of trial mining at the Boorara Gold Mine, 10km east of Kalgoorlie-Boulder in the goldfields of Western Australia (Figure 1*) and completion of the second toll milling campaign at the Lakewood Mill, 7km to the east.

Commenting on the completion of trial mining, Horizon Managing Director Mr Jon Price said:

"The site operations team and our local contracting partners have done a fantastic job, completing mining well ahead of schedule with an excellent safety culture and approach to managing operations through the COVID-19 pandemic."

"As we approach the half-way mark of toll milling, the results continue to demonstrate the tonnage and grade uplift potential when compared to the current global resource model and we look forward to the completion of milling and updating the resource model in the March Quarter 2021."

Site closure activities and mine rehabilitation work is now complete with the mining contractor and technical support teams demobilised from site. Three trial pits were completed at each of the Regal East, Regal West and Crown Jewel deposits with total volume mined of 513,000 BCM.

Mining from the three trial pits was completed in September 2020 with site activities now focussed on final mapping of the pits and geological data review for the updated Mineral Resource estimate scheduled for completion in the March Quarter 2021.

Ore mined, including both high grade and low grade, totalled 267,000t at a mine claimed grade of 1.23g/t Au, 25% above the global resource grade of 0.97g/t Au1. Haulage of the remaining high grade stockpiles will continue until December 2021 with an estimated mine claim grade of 1.92g/t Au1.

Processing of a parcel of low grade material is also scheduled to test the resource model and grade allocation. The remaining low grade stockpiles will remain at site for treatment at the proposed Boorara Mill in the future1.

The second milling campaign commenced on 31 August 2020 and ran for 24 days to 23 September 2020 with two ore parcels totalling 46,700t processed back to back from Regal West and Regal East pits. Milling performance has been excellent with throughput averaging +90tph, high gravity recovery and an overall calculated gold recovery of 95.11%.

Reconciled mill grade for the upper oxide zones of the Regal West pit were below expectations at 1.21g/t Au while improved grades were reconciled for the deeper ore zones in the Regal East pit with a mill grade of 1.40g/t Au.

Gold produced from the campaign totalled 1,845 fine ounces with all gold sold at an average price of A$2,654 per ounce generating revenue of A$4.9 million. A full reconciliation of production and costs will be undertaken on completion of the final milling campaign in January 2021.

The next back to back milling campaign comprising higher grade ore parcels from the Crown Jewel (Figure 2*) and Regal West pits is scheduled for commencement on 4 November 2020.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/7Z3O3452

About Horizon Minerals Limited:

Horizon Minerals Ltd. (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

Source:
Horizon Minerals Ltd.

Contact:

Jon Price Managing Director T: +61 8 9386 9534 E: jon.price@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners T: +61 422 602 720 E: michael.vaughan@fivemark.com.au