Horizon Minerals Limited: Step Out Drilling At Crake Gold Project Hits 28m @ 3.37g/t

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce further excellent drilling results from Crake, part of the 100% owned Binduli gold project area located 9km west of Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*).

HIGHLIGHTS

- Phase 2 resource extension drilling completed at the 100% owned Crake gold project, part of the Binduli project area, 9km west of Kalgoorlie in the Western Australian goldfields

- Drilling comprised 10 step-out holes for 804m to a maximum depth of 132m following up new mineralisation discovered to the north-west in Phase 1 drilling targeting areas outside the current resource envelope

- The current Mineral Resource Estimate for Crake stands at 1.27Mt @ 1.82g/t Au for 73,820oz at a 1g/t Au lower grade cut-off and remains open to the north and west

- New shallow high grade intercepts received include:
o 28m @ 3.37g/t Au from 32m including 4m @ 12.40g/t Au from 36m (BRC20028)
o 8m @ 1.85g/t Au from 56m (BRC20026)
o 16m @ 1.43g/t Au from 56m and 4m @ 1.27g/t Au from 92m (BRC20025)

- Results confirm the emergence of new, high grade mineralisation in an area with limited drilling which remains open and striking toward the northern extension of the new Coote prospect 700m to the west

- Structural diamond drilling to 100m depth also completed at Crake for reserve conversion and further metallurgical test work with assays received from one hole returning:
o 19.3m @ 2.09g/t Au from 68m (BCD20005)

- Phase 3 drilling is now underway with results expected early in the March quarter 2021

- Mine optimisation and design work for reserve generation has commenced as part of the consolidated Feasibility Study due for completion in the June Quarter 2021

Commenting on the latest drilling results, Horizon Minerals Managing Director Mr Jon Price said: "These further excellent drilling results continue to demonstrate the potential scale and quality of Crake and the entire Binduli project area and we are just getting started." "The more we drill, the more we find which gives us great confidence with a 70,000m drill program for FY21 well underway. Further drilling results will continue to be generated as we work towards updated resource estimates and mine design work to feed into the consolidated Feasibility Study."

Crake is one of four core satellite gold projects being advanced to complement the baseload Boorara gold project as part of the consolidated Feasibility Study to deliver an initial five year mine plan and underpin the establishment of a stand-alone processing facility at the Boorara mine site.

Trial mining at Boorara is complete and toll milling campaigns will continue to generate revenue through to January 2021. Drilling is continuing in parallel across multiple projects with the aim of updating resource estimates for all core projects (Boorara, Binduli, Teal, Rose Hill and Kalpini) in the December 2020 and March 2021 quarters enabling reserve generation in the June Quarter 2021.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/1K89SHYP

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