Horizon Minerals Limited: High Grade Results Continue From Windanya Gold Project

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce new high-grade drilling results from the 100% owned Windanya and Baden Powell gold project areas located along the Bardoc Tectonic Zone, 45km north of Kalgoorlie - Boulder in the heart of the Western Australian goldfields (Figures 1 and 2*).

Commenting on the drilling results, Horizon Managing Director Mr Jon Price said:

"These latest drilling results continue to demonstrate the potential of this exciting 3.3km mineralised trend where historic drilling was too shallow in most areas to effectively test the bedrock. With the 3Moz Bardoc project to the north and the large-scale Paddington operation to the south, we look forward to further follow up drilling at both Windanya and Baden Powell in 2021."

The drilling forms part of the 50,000m CY21 drill program testing high priority resource definition and new discovery targets across the 890km2 portfolio. The aim of the program is to organically grow the project pipeline within a 75km radius of the proposed Boorara mill adding to the six core development projects under evaluation as part of the consolidated Feasibility Study.

Project Geology

The Windanya group of tenements are located on the western limb of the Mt Pleasant Dome, west of the Bardoc Tectonic Zone (Figure 1*). The stratigraphy comprises a N-NNW striking sequence of ultramafics (Siberia Komatiite), overlain by mafic volcanics and intrusives (the Big Dick Basalt, Mt Pleasant Sill (dolerite) and the Bent Tree basalt). The western part of the project area is dominated by large granite batholiths.

The Windanya Project area covers three emerging prospects: Capricorn, Gemini and Scorpio. During 2019, Capricorn was drilled on 40m spacings along its 360m strike length.

The mineralisation averages 4m thickness and dips east along a mafic contact. Two step-back RC holes were completed. At Gemini narrow (1-2m) high grade zones of quartz stockwork mineralisation occur within weathered mafics, whilst at Scorpio, a single quartz vein (1-3m thick) dips shallowly east within an ultramafic host rock.

The Baden Powell Project, located 13km north of Windanya, was also drilled during 2019, with the work focusing on northern extensions. Recent drilling targeted in-pit southern mineralisation where there was only limited data. The drilling aimed to delineate shallow ore that could be incorporated into a planned initial Mineral Resource estimate.

Summary of Results

The aircore drilling program was completed in two parts during 2020 and 2021 due to rig availability. Several new targets had been generated and assessed during 2020. The priority target area was 1.5km north of the Capricorn prospect (Figure 2*) where ultrafine (-2um) soil sampling had outlined a particularly high order (626ppb Au) anomaly against a background of <30ppb Au. The anomaly was coincident with a favourable NE fault structure which also appears to influence the soil anomaly.

Six aircore holes were drilled to refusal across this anomaly with the best results being found in WAC20019 including:

o 2m @ 26.68g/t Au from 35m including 1m @ 39.71g/t Au from 35m and 1m @ 13.66g/t Au from 36m

o 1m @ 2.59g/t Au from 40m and 1m @ 4.88g/t Au from 46m

o 2m @ 4.99g/t Au from 67m

The gold appears to be hosted by a contact related, 35m wide quartz stockwork, within oxidised basalts and dolerite.

Follow up RC drilling (seven holes for 673m) at Gemini also returned encouraging results:

o 5m @ 4.37g/t Au from 38m including 1m @ 13.68g/t Au from 38m and 3m @ 4.18g/t Au from 53m (GMRC21001)

o 1m @ 1.76g/t Au from 65m and 2m @ 1.63g/t Au from 69m (GMRC21004)

The new drilling indicated there was a stronger supergene component and complexity than what was previously known. Follow up AC drilling is planned.

Seven AC holes (256m) and nine shallow RC holes (510m) were drilled at the Scorpio prospect (Figure 2*) where historic drilling intersected minor gold (4m @ 0.64g/t Au from 4m). Several high-grade results were intercepted including:

o 3m @ 6.44g/t Au from 3m including 1m @ 9.71g/t Au from 3m and 1m @ 8.04g/t Au from 4m (WAC20003)

o 5m @ 4.90g/t Au from 26m including 1m @ 10.56g/t Au from 27m (WAC21009)

o 2m @ 12.58g/t Au from 20m including 1m @ 23.59g/t Au from 21m (SCRC21005)

o 1m @ 17.48g/t Au from 29m (SCRC21011)

The Scorpio mineralisation is open in all directions with follow up RC drilling planned. At the Capricorn prospect two depth extension holes for 240m were drilled. Both holes hit low grade style mineralisation with WDRC21004 returning 4m @ 1.24g/t Au from 96m. Follow up drilling will now focus on strike extensions.

Other small targets tested south of Capricorn and near Scorpio did not return significant mineralisation.

At the Baden Powell prospect, a track mounted drill rig was used to complete a 10m x 10m pattern in the bottom of the small historic open pit. Previous drilling and costeaning had limited data and was not acceptable for resource definition. To help with access, the drill holes were drilled vertically.

Better 4m composite results include:

o 4m @ 3.72g/t Au from 16m and 12m @ 1.46g/t Au from 32m (BPRC20005)

o 12m @ 2.37g/t Au from 8m and 4m @ 1.73g/t Au from 36m (BPRC20008)

o 4m @ 4.36g/t Au from 16m including 8m @ 1.39g/t Au from 32m (BPRC20010)

The drilling has successfully mapped out the shallow strike continuation of the main Baden Powell mineralisation. The results will also be incorporated into an initial Mineral Resource Estimate planned for the December Quarter 2021.

Next Steps

Follow up RC drilling is planned at Scorpio, Gemini, Capricorn and Baden Powell with gold resource estimates planned for the latter 2 prospects. Several new targets centred in the widespread Aquarius soil anomaly and Capricorn-Eureka trend have also been identified and will be drill tested in 2021.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/XL771RTH

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