Horizon Minerals Limited: Growth Drilling Commences at Penny's Find

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce the commencement of drilling at the high-grade Penny's Find gold mine located 50km northeast of Kalgoorlie in the heart of the Western Australian goldfields (Figure 1*). The Company is focussed on gold production from a sequence of underground mines and growing resources and reserves from its core assets including Cannon, Penny's Find, Binduli and Rose Hill.

HIGHLIGHTS

- Extension drilling is underway at the high grade Penny's Find project

- 2,400m of RC and diamond tails plan to extend the known resource at depth, and follow up on the new lode system along strike to the north and at depth to further increase the resource base

- Results expected in the current June Quarter 2023, and an updated Mineral Resource Estimate in the September Quarter 2023

- Updated mine optimisation and design studies to be completed for generation of Ore Reserves in H2 CY 2023

- Horizon owns 100% of the fully permitted Penny's Find gold mine located 50km northeast of Kalgoorlie in the goldfields of Western Australia. The current Mineral Resource estimate stands at:

o 270,000t grading 4.99g/t Au for 43,000 ounces with 81% in the Indicated Category

- Infill and extension drilling in late 2021 intercepted significant mineralisation and discovered a new lode system to the north of the existing resource with results including:

o 5.0m @ 5.27g/t Au from 180.3m (P1_010)
o 3.7m @ 7.46g/t Au from 215.3m (P1_005) o 2.7m @ 8.64g/t Au from 171.4m and 1.7m @ 17.91g/t Au from 178.9m (P1_007)
o 1.9m @ 13.95g/t Au from 251m (P1_009)
o 0.9m @ 23.56g/t Au from 216.7m (P1_006)
o 2.0m @ 8.47g/t Au from 227m (P1_008)
o 2.5m @ 7.45g/t Au from 226m (P1_020)

- Horizon is focussed on developing a sequence of underground mines with Penny's Find planned to follow the proposed Cannon gold mine development scheduled for H2 CY2023.

Commenting on the commencement of drilling, Incoming CEO Mr Grant Haywood said:

"The latest drilling at Penny's Find has demonstrated the growth potential of this high grade mineralised system to the north and at depth. As we focus on the development of the Cannon mine in 2023, the follow up drilling at Penny's Find will enable updated resources and reserve studies to be completed so we can have the mine ready to develop in sequence for continuous gold production at a time of record A$ gold prices. We look forward to keeping you updated with regular news flow on drilling results, resource and reserve work and the Cannon development timeline".

Horizon acquired the remaining 50% of the project in December 20211 and completed an additional 21 drill holes including 2,103m of RC and 2,765m of diamond to a maximum depth of 282m. An updated Mineral Resource Estimate was subsequently compiled and currently stands at 270kt grading 4.99g/t Au for 43,000 ounces with 81% in the Indicated category.

The drilling identified a new lode (domain 2) to the north of the existing resource with all mineralisation remaining open along strike and at depth highlighting the potential for growth with further drilling.

This round of drilling will comprise about 2000m of RC and 400m of diamond tails totalling ~2,400m with further details on the project provided below.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/8I346W8K

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