Horizon Minerals Limited: Boorara Gold Mine Progresses Ahead of Schedule

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to provide an update on mining and ore haulage from the first stage of the Boorara Gold Mine, 10km east of Kalgoorlie-Boulder in the goldfields of Western Australia (Figure 2*).

HIGHLIGHTS

- Mining and ore haulage progressing ahead of schedule at the Boorara gold mine, 10km east of Kalgoorlie-Boulder in the Western Australian goldfields

- Total material movement to date of 232,000 BCM, 22% above plan with the proportion of free dig material contained in both the Regal East and Regal West pits exceeding expectations

- Total ore mined to date totals 42,000t grading 1.4g/t Au, in line with the reserve model

- Haulage of the first ore parcel of 25,000t from Regal East commenced to the Lakewood Mill

- First ore treatment campaign scheduled to commence on Monday 13 July 2020

- First Stage of Boorara comprises 159,000t grading 1.86g/t Au for 8,700 ounces recovered at All in Costs of A$1,640 - A$1,690 per ounce

Commenting on progress at Boorara, Horizon Managing Director Mr Jon Price said:

"The site operations team and our contracting partners have done an excellent job with ore delivery ahead of schedule and grade meeting expectations. With first gold production and revenue expected in July, we look forward to completing this first stage of Boorara while progressing the Feasibility Study and re-commencing the large scale resource growth and new discovery drilling programs."

Mining commenced at Boorara on 6 May 2020 with first ore mining occurring shortly thereafter from the Regal East pit (Figure 3*). Both Regal east and west pits will be mined concurrently to enable efficient cycling of mining production and drill and blast activities. Mining of the Crown Jewel pit will commence in the September Quarter to provide an alternative dig location as the Regal pits advance.

To date, a total movement of 232,000 BCM has been mined with approximately 42,000 tonnes of oxide and transitional ore mined at a fully diluted grade of 1.4g/t Au, in line with the reserve model estimates for the upper areas of the pits. A higher than budgeted volume of free dig material has been mined to date reducing drill and blast costs, minimising dilution and improving mine productivity.

Ore haulage from the run of mine pad at Boorara (Figure 1*) has now commenced to the Lakewood Mill, located 7km east of Boorara with the first ore treatment campaign scheduled for Monday 13 July 2020. The dedicated milling campaign will treat approximately 25,000t of ore over a two week period from the Regal East pit enabling detailed mine to mill grade reconciliations. Detailed pit mapping is also being completed to improve geological understanding ahead of a global resource review to be completed as part of the consolidated Feasibility Study.

First gold production and revenue is expected in July 2020 with production continuing on a campaign basis through to January 2021.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/8P0D1Q50

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