Horizon Minerals Limited: Penny's Find Drilling Shows Growth Potential

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce the results 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, Boorara, Binduli and Rose Hill.

HIGHLIGHTS

- Horizon owns 100% of the fully permitted Penny's Find gold mine located 50km northeast of Kalgoorlie in the Goldfields of Western Australia

- Current Mineral Resource estimate stands at:

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

- Penny's hosts an historic open pit which was mined to a depth of ~85m with the current resource starting from near the base of the pit and plunging to the north

- An eight hole RC/diamond program for 2,552.4m has recently completed with the following highlights:

o 1.45m @ 2.61g/t Au from 314.75m and 3.2m @ 4.19g/t Au from 318.3m (PFRCD23003)
o 1.05m @ 6.36g/t Au from 355.5m (PFRCD23001)
o 1.0m @ 7.49g/t Au from 363.9m (PFRCD23002)
o 2.90m @ 1.73g/t Au from 292.0m (PFRCD23007)
o 0.78m @ 12.85g/t Au from 331.48m (PFRCD23006)

- PFRCD23003 confirms the northern high grade plunge which indicates Penny's is open at depth, providing potential for additional resources

- An updated resource model will be complied enabling updated mine optimisation and design studies to be completed for generation of Ore Reserves in H2 CY2023

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

Commenting on the Penny's drilling outcomes, incoming CEO Mr Grant Haywood said:

"This drill program has confirmed the high-grade mineralisation at Penny's Find is continuous at depth below the current resource and also along strike to the north which shall enhance the future underground development of this fully approved project. We look forward to updating the resource estimate in the September quarter and progressing the feasibility study shortly thereafter."

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 then compiled and currently stands at 270kt grading 4.99g/t Au for 43,000 ounces with 81% in the Indicated category.

The 2021 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 2023 drilling comprised 1,926.0m of RC and 626.4m of NQ diamond tails totalling 2,552.4m with further details on the project provided below.

Project Geology

The high-grade gold mineralisation at Penny's Find is hosted in narrow quartz veins at the contact between footwall sediments including black shale and siltstone and a hangingwall basalt. The quartz veins dip about 60deg to the northeast and collectively average 1m to 5m true width. Only minor sulphides are present.

Open cut mining to 85m (242m RL) was completed by Empire Resources in 2018 with toll treatment processing at Lakewood (Kalgoorlie) and Burbanks (Coolgardie). Production from the open pit totalled 18,300oz at 4.47g/t Au (as announced to the ASX by Empire (ASX:ERL) on 25 July 2018).

Metallurgical test work and toll milling data from open pit ore processing has shown fresh mineralisation to be free milling with a high gravity recoverable gold component and a total gold recovery which exceeded 90%.

Drilling Summary

The 2023 drill program aimed to test the high grade mineralisation at depth with a series of evenly spaced drill holes spanning 320m. Significant results are shown below and in Figures 2* and 3*.

o 1.45m @ 2.61g/t Au from 314.75m and 3.2m @ 4.19g/t Au from 318.3m (PFRCD23003)
o 1.05m @ 6.36g/t Au from 355.5m (PFRCD23001)
o 1.00m @ 7.49g/t Au from 363.9m (PFRCD23002)
o 2.90m @ 1.73g/t Au from 292.0m (PFRCD23007)
o 0.78m @ 12.85g/t Au from 331.48m (PFRCD23006)

Quartz reef was intersected in every hole with high grade mineralisation stretching at least 250m.

Although the grade was consistent, the ore thickness was generally thin other than in PFRCD23003.

PFRCD23003 contained thicker quartz vein (3m) and returned encouraging results of 1.45m @ 2.61g/t Au from 314.75m and 3.2m @ 4.19g/t Au from 318.3m. Visible gold was noted in the PFRCD23003 core.

There is very little, if any, historic drilling close to PFRCD23003 and this new result presents an excellent opportunity to delineate further significant widths of thick, high grade mineralisation.

Horizon will consider additional surface or future underground drilling to test down dip and along strike of PFRCD23003 focussing on the north plunging high grade mineralisation outlined and, potentially, providing additional resources to the current resource.

Next Steps

The priority high grade mineralised samples have all been sampled and received. Further results are expected from parts of the RC holes and portions of the remaining full core. Once all the results are received, Horizon will update the geological and resource model, to be followed by a maiden reserve in H2 2023.

Penny's Find is a priority project in the proposed mining sequence and will be the second underground production centre immediately after Cannon. Cannon has a current ore reserve of 135,000t @ 4.1g/t Au for 17,680oz. Mining operations are expected to commence in H2 2023. Both Cannon and Penny's Find will deliver high grade ore to the Greenfields Toll Treatment plant in Coolgardie where a production agreement for 200,000tpa has been agreed with FMR Investments.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/F5U44CPI

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