Horizon Gold : Shallow high grade gold intercepts at Orion and Wahoo

For personal use only

13 December 2021

Gum Creek Gold Project

Shallow High Grade Gold Intercepts returned from RC Drilling at Orion

and Wahoo

HIGHLIGHTS

• Numerous shallow high grade gold intercepts returned from infill and extension Reverse Circulation (RC) drilling at the Orion and Wahoo prospects including:
  Orion Prospect
• • 16m @ 6.2g/t Au from 10m including 4m @ 9.5g/t Au from 20m
  • 15m @ 2.2g/t Au from 46m including 3m @ 8.0g/t Au from 52m
  • 12m @ 2.5g/t Au from 47m to EOH including 7m @ 3.9g/t Au from 52m to EOH
  • 3m @ 8.6g/t Au from 94m including 1m @ 24.7g/t Au from 94m
  • 11m @ 1.9g/t Au from 26m including 5m @ 3.7g/t Au from 31m
  • 14m @ 1.3g/t Au from 45m including 2m @ 3.5g/t Au from 57m
  • 9m @ 1.9g/t Au from 28m including 5m @ 3.0g/t Au from 32m
  • 8m @ 2.1g/t Au from 6m including 2m @ 3.0g/t Au from 6m
  • 11m @ 1.5g/t Au from 53m including 4m @ 2.4g/t Au from 53m
  • 7m @ 2.2g/t Au from 40m including 3m @ 3.7g/t Au from 40m

Wahoo Prospect

• • 8m @ 2.3g/t Au from 99m including 2m @ 8.3g/t Au from 104m
  • 6m @ 3.1g/t Au from 17m including 2m @ 7.9g/t Au from 19m
  • 9m @ 1.7g/t Au from 62m including 5m @ 2.2g/t Au from 65m
  • 6m @ 2.6g/t Au from 60m including 2m @ 6.8g/t Au from 60m
  • 7m @ 1.5g/t Au from 49m including 4m @ 2.5g/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 Orion or Wahoo prospects.
• Mineral Resource Estimation (MRE) work is progressing for the Kingston Town, Think Big and Manikato prospects, and data preparation for Heron South, Camel Bore, Snook, Wahoo and Orion MRE's is underway with an updated MRE for the Gum Creek Project expected in the first half of 2022.
• All diamond drilling results and RC drilling results for Specimen Well, Omega, and PSI prospects 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 shallow high grade 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 Orion and Wahoo prospects, located 37 kilometres and 28 kilometres respectively north of the Gidgee processing plant, with direct links to the existing haul road network.

Managing Director Leigh Ryan said:

"The recent shallow high grade RC results from the Orion and Wahoo prospects are very impressive and once again confirm the extensive untested resource potential of the Gum Creek Project.

We're well advanced in our metallurgical sampling and testwork, resource modelling at several of our recently drilled prospects is underway, and we look forward to receiving further impressive gold intercepts from RC drilling at our other northern target areas including 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 46 RC holes for 4,043 metres at the Orion and Wahoo prospects during September 2021. The drilling increased the geological model confidence, validated the width and gold grade of historic intercepts at both prospects, and successfully intercepted near-surface strike and depth extensions to the supergene gold mineralisation identified in previous drilling. Mineralisation remains open along strike and at depth at both prospects.

Orion

The Orion Prospect is located 37km north-northwest of the historic Gidgee mill and has not been mined previously. The initial RC program has confirmed and extended previously delineated shallow supergene and primary gold mineralisation. Numerous shallow gold intercepts were returned including 16m @ 6.2g/t Au from 10m including 4m @ 9.5g/t Au from 20m (ONRC028), 15m @ 2.2g/t Au from 46m including 3m @ 8.0g/t Au from 52m (ONRC024), 12m @ 2.5g/t Au from 47m to EOH including 7m @ 3.9g/t Au from 52m to EOH (ONRC003), 3m @ 8.6g/t Au from 94m including 1m @ 24.7g/t Au from 94m (ONRC021), 11m @ 1.9g/t Au from 26m including 5m @ 3.7g/t Au from 31m (ONRC016), 14m @ 1.3g/t Au from 45m including 2m @ 3.5g/t Au from 57m (ONRC022), 9m @ 1.9g/t Au from 28m including 5m @ 3.0g/t Au from 32m (ONRC019), 8m @ 2.1g/t Au from 6m including 2m @ 3.0g/t Au from 6m (ONRC011), 11m @ 1.5g/t Au from 53m including 4m @ 2.4g/t Au from 53m (ONRC020), and 7m @ 2.2g/t Au from 40m including 3m @ 3.7g/t Au from 40m (ONRC008) (Figures 2 & 3, Table B).

Figure 2: Orion Prospect drill hole collar plan coloured by maximum downhole gold (larger dots for recent drilling), 520m RL gold mineralisation (shaded gold), and all 2021 RC drilling intercepts >10 gram x metres labelled (i.e. average intercept grade (g/t Au) multiplied by intercept width in metres).

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Figure 3: Orion Prospect cross section showing mineralised envelopes,

and 2021 RC drill intercepts >5 GxM labelled.

Gold mineralisation at Orion is located within shallow flat lying supergene zones, and three sub-parallel shallow east dipping shear zones containing quartz veins within saprolite and strongly weathered limonitic basalt (Figure 3). Gold intercepts within the fresh rock is associated with quartz veining in a silica-albite-chlorite altered basalt. Mineralisation is continuous over a 300 metre strike, is up to 15 metres wide in each of the three zones, and is currently defined to a maximum vertical depth of approximately 80 metres. The base of complete oxidation is between 60 metres and 70 metres below surface. The higher gold grades are currently interpreted to be associated with a dextral north-east trending fault zone and a distinct magnetic high located towards the southern end of the deposit. This magnetic anomaly is yet to be drill tested.

Additional drilling is required at depth and along strike to the north and south, with a maiden MRE to be completed early in 2022.

Wahoo

Wahoo is located 28 kilometres north of the old Gidgee mill and has been mined previously by open cut methods. Initial RC drilling has confirmed the vertical continuity of the two main gold lodes to the south of the pit, and also extended mineralisation along strike to the south. Significant gold intercepts from the recent campaign included: 8m @ 2.3g/t Au from 99m including 2m @ 8.3g/t Au from 104m (WARC012), 6m @ 3.1g/t Au from 17m including 2m @ 7.9g/t Au from 19m (WARC010), 9m @ 1.7g/t Au from 62m including 5m @ 2.2g/t Au from 65m (WARC010), 6m @ 2.6g/t Au from 60m including 2m @ 6.8g/t Au from 60m (WARC007), and 7m @ 1.5g/t Au from 49m including 4m @ 2.51g/t Au from 52m (WARC003) (Figure 4, Table C).

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Gold mineralisation at Wahoo is located within three sub-parallel steeply west dipping shear zones within quartz veined limonitic saprolite. Mineralisation is continuous over a 400 metre strike, up to 8 metres wide in the main eastern lode, up to 5 metres wide in each of the two western lodes (Figure 4), and is currently defined to a maximum vertical depth of approximately 90 metres. The prospect area is deeply weathered with the base of complete oxidation more than 130 metres below surface.

Additional drilling is required along strike to the north and south of the current drilling at Wahoo. There is no MRE for this prospect area and a maiden MRE will be completed once the limits of the mineralisation have been better defined.

Figure 4: Wahoo Deposit drill hole collar plan coloured by maximum downhole gold (larger dots

for recent drilling), surface projection of gold mineralisation (shaded gold), and 2021 RC

intercepts >5 GxM labelled.

Future Work

Final assay results for the initial RC drilling at Specimen Well, Omega and PSI prospects are pending (Figure 1), and core cutting and sampling of the 18 recently completed diamond core holes has been completed. Metallurgical sampling and sighter testwork across the recently drilled targets is continuing.

Mineral Resource Estimation (MRE) work is progressing for the Kingston Town, Think Big and Manikato prospects, and data preparation for Heron South, Camel Bore, Snook, Wahoo and Orion MRE's is underway. All targets drilled by Horizon Gold during 2021 have the potential to add significant ounces to the current 1.36Moz Gum Creek MRE (Table A), and a new MRE will be completed in the first half of 2022.

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