Horizon Minerals Limited: Kalpini Gold Project Mineral Resource Update

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce an updated Mineral Resource Estimate (MRE) for the Kalpini gold project located 65km northeast of Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*).

HIGHLIGHTS

- Successful infill, extension and validation drilling completed at the Kalpini gold project, 65km northeast of Kalgoorlie-Boulder in the Western Australian goldfields

- A total of 49 RC holes and three diamond holes were completed for 5,677m to infill areas for improved classification and for structural, geotechnical and metallurgical assessment

- Significant results received included:

o 12m @ 5.57g/t Au from 203m including 2m @ 12.92g/t Au from 211m (KPRC21049)
o 5m @ 10.21g/t Au from 70m including 1m @ 28.83g/t Au from 72m (KPRC21030)
o 7m @ 6.01g/t Au from 91m including 1m @ 22.04g/t Au from 93m (KPRC21034)
o 1m @ 41.53g/t Au from 195m (KPRC21047)
o 6m @ 4.45g/t Au from 90m including 1m @ 10.24g/t Au from 92m (KPRC21021)
o 1.5m @ 20.74g/t Au from 99.5m including 0.5m @ 54.25g/t Au from 99.5m (KPDD21033)
o 5m @ 3.97g/t Au from 3m including 1m @ 11.04g/t Au from 6m (KPRC21023)

- Results demonstrate both open pit and underground potential with excellent width and grade continuity and mineralisation open along strike and at depth with further drilling planned

- Updated Mineral Resource estimate (after depletion) now compiled and stands at:

o 1.87Mt grading 2.33g/t Au for 139,000oz at a 0.8g/t Au lower cut-off grade

- Importantly, over 78% of the ounces are now in the Indicated Resource category

- Horizon's total Mineral Resource estimate (excluding Cannon) now stands at:

o 20.50Mt grading 1.69g/t Au for 1,116,700oz with 73% in the M&I Category

- Stage 1 of the Gambia open pit at Kalpini completed in 2019 producing approximately 39,000oz with a mill reconciled grade of 2.62g/t Au and calculated gold recovery of 95.1%

- Mine optimisation and open pit design work underway with a maiden Ore Reserve for Kalpini expected early in the March Quarter 2022

Commenting on the Kalpini resource update, Horizon Managing Director Mr Jon Price said:

"Kalpini was acquired late in 2020 for $2.75 million and it is very encouraging to see excellent drilling results enabling an improved JORC 2012 Mineral Resource estimate with significant open pit and underground growth potential. We now look forward to completing the mine optimisation and design studies for Ore Reserve generation as part of the consolidated Feasibility Study."

Kalpini is one of six core open pit and underground satellite gold projects being advanced to complement the baseload Boorara gold project as part of the consolidated Feasibility Study to deliver a minimum five-year initial mine plan and underpin the establishment of a stand-alone centralised processing facility at the Boorara mine site.

RC and diamond infill and extensional drilling was completed in the March and June quarters 2021 with all data now incorporated into the geological model for the updated Mineral Resource Estimate. The new model will now be used to generate a maiden Ore Reserve for Kalpini and is expected for completion early in the March Quarter 2022.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/5829P46S

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