Horizon Gold : Gold intercepts returned from PSI and Specimen Well

For personal use only

15 February 2022

Gum Creek Gold Project

Further robust gold intercepts returned from PSI and Specimen Well

HIGHLIGHTS

• Significant gold intercepts returned from infill and extension Reverse Circulation (RC) drilling at the PSI and Specimen Well prospects including:
  PSI Prospect
• • 9m @ 2.6g/t Au from 136m including 3m @ 4.0g/t Au from 136m
  • 12m @ 2.2g/t Au from 126m including 4m @ 3.5g/t Au from 127m
  • 11m @ 2.4g/t Au from 120m including 2m @ 8.8g/t Au from 128m

Specimen Well Prospect

• • 22m @ 2.1g/t Au from 55m including 14m @ 3.0g/t Au from 56m
  • 11m @ 1.6g/t Au from 47m including 4m @ 3.9g/t Au from 52m
• Gold mineralisation at both prospects remains open to the north, south and at depth with additional drilling warranted at both prospects.
• No mineral resources are currently estimated for the PSI and Specimen Well prospects.
• Mineral Resource Estimation (MRE) work is progressing for 12 prospects throughout the Gum Creek Greenstone Belt with an updated MRE for the Project expected in the first half of 2022.
• Assay results for 18 diamond drill holes are pending.

	HORIZON GOLD LIMITED ACN: 614 175 923
1	Suite 8 / 47 Havelock Street, West Perth, WA 6005 | PO Box 39, West Perth, WA 6872
Telephone: [phone] | Email:[e-mail]| Website: www.horizongold.com.au

For personal use only

Horizon Gold Limited (ASX Code: HRN) (Horizon or Company) is pleased to announce additional significant gold results from the recently completed RC drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia (Figures 1 & 5). All assay results have now been received from initial RC drilling programs at the PSI, Omega North and Specimen Well prospects, located 44 kilometres north of the Gidgee processing plant, with direct links to the existing haul road network.

Managing Director Leigh Ryan said:

"We're highly encouraged by these RC results that enhance the many significant intercepts previously reported from the prospects, and confirm the resource potential in the northern parts of the Gum Creek Project. Our metallurgical testwork and resource modelling is ongoing, and we look forward to receiving further significant gold intercepts from our diamond drilling in the coming weeks."

Figure 1: Gum Creek Gold Project existing Mineral Resources, Potential Mineral Resources and Exploration Targets over simplified geology.

2

For personal use only

The Company completed a total of 22 RC holes for 2,510 metres at the PSI, Omega North and Specimen Well prospects during October 2021. One diamond core "tail" was completed at Specimen Well (118m), and one diamond core "tail" was completed at Omega North (105.6m). Results for the RC drilling have been received, however the results for the diamond core are still pending. The drilling advanced geological interpretations and confirmed the width and gold grade of historic intercepts at the PSI and Specimen Well prospects. Mineralisation remains open along strike and at depth at PSI and Specimen Well, with the down plunge continuity of gold mineralisation at Omega North yet to be confirmed by diamond core results.

PSI and Omega North Prospects

The PSI and Omega North prospects are located 44 kilometres north of the old Gidgee mill and have been mined previously by open cut methods. The initial RC program at PSI has confirmed consistent gold grade and widths to primary mineralisation and has extended previously interpreted south plunging gold lodes beneath the PSI pit (Figures 2 and 3). Significant gold intercepts from the recent campaign included: 9m @ 2.6g/t Au from 136m including 3m @ 4.0 g/t au from 136m (PSRC001), 12m @ 2.2g/t Au from 126m including 4m @ 3.5g/t Au from 127m (PSRC002) and 11m @ 2.4g/t Au from 120m including 2m @ 8.8g/t Au from 128m (PSRC003), (Table B).

Figure 2: Omega-PSI prospects long section1 showing gold intercept pierce points coloured by gram x metre (i.e. average intercept grade (g/t Au) multiplied by intercept width in metres), historic open pits, underground infrastructure, interpreted high-grade ore shoots (gold), and 2021 RC intercepts >20 gram x metres labelled (blue).

1 Refer to Horizon Gold Ltd ASX announcement dated 15 February 2021, "Gum Creek Geological Review". CPs L.Ryan, M.Gunther,

D.Archer.

3

For personal use only

RC drilling at Omega North did not confirm a south plunge to high grade gold mineralisation, however the potential for high gold grades plunging steeply to the north is still to be confirmed by diamond drill hole OMRC001D (results pending). A best result of 11m @ 0.4g/t Au from 30m including 1m @ 2.2g/t Au from 35m was returned from OMRC004 (Table C).

Gold mineralisation at both PSI and Omega is hosted by Banded Iron Formation (BIF) units within amphibolite. High gold grades occur within quartz veins where steeply dipping oblique shears intersect folded, steeply plunging BIF units. Gold mineralisation at PSI is from 5 to 15 metres in true width and continuous down plunge for over 150 metres (Figure 2).

Additional drilling is required along strike to the south of the current drilling at PSI and potentially at depth to the north of Omega North. There is no MRE for this prospect area and a maiden MRE is expected to be completed in the first half of 2022.

Figure 3: PSI Prospect cross section showing mineralised envelope, >18

GxM previous intercepts2, and 2021 RC drill intercept (labelled blue).

2 Refer to Horizon Gold Ltd ASX announcements dated 15 February 2021, "Gum Creek Geological Review". CPs L.Ryan, M.Gunther,

D.Archer, and dated 30 October 2017, "Quarterly Activities Report for the Period Ended 30 September 2017". CP J.Hicks.

4

For personal use only

Specimen Well Prospect

The Specimen Well prospect is located 44 kilometres north of the historic Gidgee mill and has not been mined previously. The current Mineral Resource Estimate for the Specimen Well deposit is 0.4Mt @ 2.0g/t Au for 23,000oz (Table A). The initial RC program has confirmed broad, shallow, high grade gold mineralisation at the prospect, returning 22m @ 2.1g/t Au from 55m including 14m @ 3.0g/t Au from 56m (SPRC005) up plunge of previous significant gold intercepts (Figure 4), and 11m @ 1.6g/t Au from 47m including 4m @ 3.9g/t Au from 52m (SPRC010) approximately 400m along strike to the north of the Specimen Well resource area (Table D). SPRC010 is in a sparsely drilled area that requires follow-up drilling. High grade gold mineralisation within a previously interpreted south plunging shoot to the south of the main resource area is yet to be confirmed by diamond drill hole SPRC002D (results pending) (Figure 4).

Additional RC drilling is warranted along strike to the north of the Specimen Well resource area where previous wide spaced aircore and RC drilling has encountered consistent shallow gold mineralisation over a 700 metre strike.

Figure 4: Specimen Well Prospect long section3 showing mineralised envelopes, and 2021 RC drill intercepts >4 GxM

labelled (blue).

3 Refer to Horizon Gold Ltd ASX announcement dated 15 February 2021, "Gum Creek Geological Review". CPs L.Ryan, M.Gunther,

D.Archer.

5