Horizon Gold : RC Results at Heron South, Snook, Camel Bore and Kingfisher

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18 November 2021

Gum Creek Gold Project

Significant Gold Intercepts returned from RC Drilling at Heron South,

Snook, Camel Bore and Kingfisher

HIGHLIGHTS

• Numerous significant gold intercepts returned from shallow infill and extension Reverse Circulation (RC) drilling at the Heron South, Snook, Camel Bore and Kingfisher prospects including:
  Heron South Prospect
• • 21m @ 1.7g/t Au from 110m including 14m @ 2.1g/t Au from 114m
  • 20m @ 1.7g/t Au from 100m including 3m @ 4.4g/t Au from 112m
  • 20m @ 1.6g/t Au from 74m including 9m @ 3.1g/t Au from 78m
  • 11m @ 2.7g/t Au from 149m including 7m @ 4.0g/t Au from 149m
  • 7m @ 2.7g/t Au from 125m including 3m @ 5.9g/t Au from 128m
  • 10m @ 1.8g/t Au from 82m including 4m @ 3.4g/t Au from 84m

Snook Prospect

• 24m @ 1.9g/t Au from 119m including 9m @ 2.8g/t Au from 133m
• 8m @ 5.2g/t Au from 144m including 3m @ 11.6g/t Au from 144m
• 26m @ 0.9g/t Au from 154m to EOH including 2m @ 3.4g/t Au from 156m
• 12m @ 1.3g/t Au from 168m including 3m @ 2.2g/t Au from 170m
• 5m @ 3.0g/t Au from 142m and 4m @ 3.2g/t Au from 145m

Camel Bore Prospect

• 24m @ 1.6g/t Au from 103m including 8m @ 4.0g/t Au from 108m
• 11m @ 1.9g/t Au from 36m including 4m @ 2.5g/t Au from 37m
• 20m @ 0.9g/t Au from 83m including 8m @ 2.0g/t Au from 86m
• 18m @ 0.7g/t Au from 48m including 9m @ 1.2g/t Au from 54m
• 5m @ 2.0g/t Au from 145m including 3m @ 3.1g/t Au from 146m

Kingfisher Prospect

• • 30m @ 0.7g/t Au from 149m including 7m @ 1.1g/t Au from 164m
  • 31m @ 0.6g/t Au from 124m including 5m @ 1.4g/t Au from 148m
  • 15m @ 1.1g/t Au from 152m including 3m @ 3.0g/t Au from 155m
  • 13m @ 1.3g/t Au from 166m including 4m @ 1.9g/t Au from 171m
  • 13m @ 0.9g/t Au from 196m including 5m @ 1.7g/t Au from 196m
  • 6m @ 1.9g/t Au from 232m including 3m @ 2.8g/t Au from 234m
• Gold mineralisation at all four prospects remains open to the north, south and at depth and have the potential to significantly add ounces to the 1.36Moz Au Gum Creek Mineral Resource Estimate.
• Final RC drilling results for Wahoo, Orion, Specimen Well, Omega, and PSI prospects are pending.
• Diamond drilling at 12 high priority target areas has now been completed with all results 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

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Horizon Gold Limited (ASX Code: HRN) (Horizon or Company) is pleased to announce additional significant 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 & 8). All assay results have now been received from initial RC drilling programs at the Heron South, Snook, Camel Bore and Kingfisher prospects, all located within 20 kilometres of the Gidgee processing plant and all with direct links to the existing haul road network.

Managing Director Leigh Ryan said:

"These RC results are once again very positive, and highlight the extensive resource potential of the Gum Creek Project. Gold mineralisation remains open along strike and at depth at all four of these prospects, with a significant amount of follow-up RC drilling warranted at each location.

The recently completed diamond drilling has improved our understanding of the controls on gold mineralisation at many of our priority targets and will aid future resource drilling and resource modelling which is already underway at several prospects.

We look forward to receiving further strong RC drilling gold intercepts from our northern target areas including Wahoo, Orion, Specimen Well, Omega, and PSI in the near future."

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

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The Company completed a total of 64 RC holes for 9,842 metres at the Heron South, Snook, Camel Bore and Kingfisher prospects from July to September 2021. The drilling successfully intercepted near surface strike extensions to supergene gold mineralisation to the north and south of previous drilling, with mineralisation remaining open along strike and at depth at all four prospects.

The Company also completed 18 diamond holes for 2,041.8 metres at 12 high priority target areas including Swift, Eagle, Gannett, Heron South, Howards, Kingfisher, Kingston Town, Manikato, Omega, Snook, Specimen Well and Camel Bore prospects from 24 September 2021 to 15 November 2021. The holes were designed to intercept gold mineralisation within fresh rock towards the centre of each prospect in order to provide lithostructural information and help determine the controls on mineralisation. Structural consultants (Model Earth Pty Ltd) have logged the diamond holes and information gained from the logging will assist the planning of future drill programs at each prospect.

Heron South

The Heron South deposit is located 15km south-southeast of the historic Gidgee mill and has previously been mined by open cut methods. The current Mineral Resource Estimate (MRE) for the Heron South deposit is 1.14Mt @ 2.2g/t Au for 80,000oz (Table A). The recent RC program was designed to confirm and expand previously delineated shallow gold mineralisation. Numerous shallow gold intercepts were returned including 21m @ 1.7g/t Au from 110m including 14m @ 2.1g/t Au from 114m (HERC006) and 11m @ 2.7g/t Au from 149m including 7m @ 4.0g/t Au from 149m (HERC005) from a gap in historic drilling near the centre of the resource, 20m @ 1.7g/t Au from 100m including 3m @ 4.4g/t Au from 112m (HERC004), 10m @ 1.8g/t Au from 82m including 4m @ 3.4g/t Au from 84m (HERC004), and 20m @ 1.6g/t Au from 74m including 9m @ 3.1g/t Au from 78m (HERC001) from strike extensions to the existing resource, and 7m @ 2.7g/t Au from 125m including 3m @ 5.9g/t Au from 128m (HERC017) from an interpreted north plunging high grade gold shoot that remains open to the north (Figure 2, Table B). Additional drilling is required at both shallow and moderate depths along strike to the north and south of the current program.

Gold mineralisation at Heron South is located within shallow flat lying supergene zones, and gently north and south plunging east dipping shear zones containing quartz-carbonate-sulphide veins within sericite altered basalt and dolerite units.

One RC pre-collared diamond hole (HERC007D) was drilled to a depth of 225.1 metres to intercept gold mineralisation towards the centre of the deposit and provide lithostructural information to help determine the controls on mineralisation and assist the planning of future extension drilling (Figure 2). Geological logging recorded moderate to strong sericite alteration, between 5% and 100% quartz veining per metre, and up to 4% pyrite per metre between 169.3 and 185.2 metres downhole. Assays are awaited.

Additional infill and extension resource drilling is warranted, and a new MRE will be completed once the limits of the mineralisation are defined.

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Figure 2: Left - Heron South Prospect drill hole collar plan coloured by maximum downhole gold (larger dots for recent drilling), gold mineralisation (shaded gold), and all 2021 RC drilling intercepts >5 gram x metres labelled (i.e. average intercept grade (g/t Au) multiplied by downhole intercept width in metres), Right - Heron South Prospect cross section showing mineralised envelopes, 2021 RC drill intercept (blue text) and historic drill intercepts1 (grey text).

Snook

The Snook deposit is located 24km north of the historic Gidgee mill and has previously been mined by open cut methods from the Snook North and Snook South pits. Several significant gold intercepts were returned from initial RC drilling targeting high-grade plunging gold shoots beneath both pits including:

• 24m @ 1.9g/t Au from 119m including 9m @ 2.8g/t Au from 133m (SKRC004)
• 8m @ 5.2g/t Au from 144m including 3m @ 11.6g/t Au from 144m (SKRC001)
• 26m @ 0.9g/t Au from 154m to EOH including 2m @ 3.4g/t Au from 156m (SKRC003)
• 12m @ 1.3g/t Au from 168m including 3m @ 2.2g/t Au from 170m (SKRC013)
• 5m @ 3.0g/t Au from 142m (SKRC009)
• 4m @ 3.2g/t Au from 145m (SKRC003)
• 6m @ 1.7g/t Au from 179m including 2m @ 4.7g/t Au from 179m (SKRC012)
• 4m @ 2.6g/t Au from 140m including 2m @ 4.3g/t Au from 142m (SKRC005)

The results confirm and extend the interpreted southerly plunge to high grade gold mineralisation at Snook North and South, with additional drilling required to test along strike and down plunge of the two high-grade shoots (see Figure 3, Table C).

1 Refer to Panoramic Resources Ltd ASX Announcement "High Grade gold beneath the Heron South pit at Gidgee" dated 3 April 2012 & Horizon Gold Limited ASX Announcement "Gum Creek Exploration Update" dated 28 June 2017.

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Gold mineralisation at Snook North and Snook South is associated with zones of quartz-sulphide veining, and moderate to strong silica-sericite alteration within steep east and moderate southeast dipping metasediment hosted shear zones. There is no MRE currently estimated for the Snook Prospect area.

Two RC pre-collared diamond holes (SKRC002D and SKRC010D) were drilled to 205.0 metres and 214.0m metres respectively to intercept gold mineralisation beneath the centre of both the Snook South and Snook North pits, and provide lithostructural information to help determine the controls on mineralisation and assist the planning of future drilling (Figure 3). Structural logging outcomes and gold assays are awaited.

Figure 3: Snook Prospect long section showing gold intercept gram x metre pierce points, historic open pits,

interpreted high-grade ore shoots, and all 2021 RC drilling intercepts >10 gram x metres labelled.

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