Horizon Minerals Limited: Excellent Drill Results Continue From Golden Ridge

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce new drilling results from the 100% owned Golden Ridge gold project area located 18km southeast of Kalgoorlie - Boulder in the heart of the Western Australian goldfields (Figure 1*).

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

"These latest drilling results continue to demonstrate the prospectivity within the greater Boorara project area. With over 25km of strike to be tested beyond the current Boorara resource, we see significant potential for near mine extensions and new discoveries in this mineral rich geological setting and look forward to releasing further results in coming months."

The drilling forms part of the 50,000m CY21 program testing high priority resource definition and new discovery targets across the 1,100km2 portfolio. The aim of the program is to organically grow the project pipeline within a 75km radius of Kalgoorlie. The Company currently has four rigs in operation at Yarmany, Black Flag, Kestrel and Golden Ridge South with multiple high priority targets being tested including gold, nickel, silver, zinc and pegmatites.

The recent stage 2 Golden Ridge RC program was completed to generate an initial inferred resource on 40m spacings and test extensions to the north of the historic open pit. The Air Core program tested new discovery targets to the south of Golden Ridge.

Project Geology

Gold mineralisation at Golden Ridge is largely associated with the north-south trending, sub vertical quartz-feldspar porphyry located between shales and cherts to the west and ultramafic (talccarbonate) sequences to the east. Mineralisation is similar to Boorara where gold is observed in flat lying vein arrays and thicker, steeper dipping contact style lodes.

The historic Golden Ridge Gold Mine was first developed from 1901-1927 when 249,356t @ 17.1g/t Au for 139,546oz was mined to an underground depth of 174m. More recent open cut mining from 1998-2004 produced 1.78Mt @ 1.98g/t Au for 113,520oz for a total of 253,000oz Au. The current depleted resource at Golden Ridge is 31,000oz at 1.82g/t with most of the ore beneath the historical pit.

Summary of Results

Earlier this year Horizon Minerals drilled an initial 12 RC holes for 1,587m to test patchy historical mineralisation east of a small open cut ("Golden Ridge North') that was mined by Blue Tiger Pty Ltd during 2017/2018 for 1,444oz Au. This pit appeared to be along strike and to the north of the adjacent Golden Ridge Mine.

Better results from the first program included:

o 3m @ 1.08g/t Au from 94m and 26m @ 1.12g/t Au from 130m (GRRC21010)
o 9m @ 1.35g/t Au from 50m and 2m @ 1.07g/t Au from 81m (GRRC21009)
o 3m @ 1.67g/t Au from 47m, 1m @ 1.73g/t Au from 63m, 4m @ 2.01g/t Au from 66, 2m
@ 1.68g/t Au from 73m, 1m @ 1.01g/t Au from 79m, 1m @ 1.01g/t Au from 81m, 2m @
1.17g/t Au from 90m and 5m @ 3.15g/t Au from 142m (GRRC21001)

Subsequent downhole optical and acoustic televiewer imagery of the open holes was mostly unsuccessful with little structure being captured in the ore zones. Diamond core tails have not been drilled due to the lack of available rigs but will be considered in 2022.
Given the improving resource potential, the Company decided to expand the scope of the drilling by extending it a further 400m north and completing infill drilling on 40m spacings.

The stage 2 RC program consisted of an additional 42 holes for 5,308m with results from 11 RC holes still to be received.

Results from the program received to date included:

o 4m @ 46.70g/t Au from 80m* (GRRC21026)
o 5m @ 8.83g/t Au from 57m and 1m @ 1.28g/t Au from 100m (GRRC21035)
o 1m @ 21.36g/t Au from 86m (GRRC21034)
o 12m @ 2.75g/t Au from 32m* and 4m @ 1.87g/t Au from 88m* (GRRC21014)
o 8m @ 2.02g/t Au from 60m* (GRRC21013)
o 32m @ 1.27g/t Au from 64m* (GRRC21025)

The results received to date offer further encouragement (see Figure 2 below). Several new highgrade zones have been delineated. Similar high-grade structures were observed in the adjacent Golden Ridge Mine. In addition, thick zones (up to 32m) of lower grade quartz stock work are becoming more apparent.

A recently completed mapping exercise has confirmed that the drilling is targeting the same porphyry orebody that was mined at Golden Ridge. The small Golden Ridge North pit was poorly sited and only mined the western edge portion of the porphyry with most of the mineralisation being left behind in the batter walls.

About 2.5km south of Golden Ridge, Horizon has mostly been testing a large surface gold anomaly with an Air Core rig. In total 43 holes for 2,662m were drilled along old grid lines (refer to ASX announcement dated 20 October 2021). Results are still to be received for 18 holes with results to date including:

o 3m @ 5.01g/t Au from 52m including 1m @ 10.30g/t Au from 54m (GRAC21007)
o 4m @ 1.86g/t Au from 40m* (GRAC21021)

The recent mapping exercise has now confirmed this area as being the extension of the Golden Ridge stratigraphy. As mentioned, two of the drillholes returned significant mineralisation and offer some new potential (Figure 2*). Follow up air core drilling is planned prior to the Christmas break.

The mapping has also identified highly magnetic olivine bearing magnesium (Mg) ultramafics (e.g., serpentinised komatiite) to the west of Golden Ridge. Komatiites can be fertile hosts for nickel sulphide mineralisation in this region. Very little nickel sulphide focussed drilling has been undertaken at Golden Ridge. The mapping, combined with historic nickel-copper auger anomalies and untested TEM conductors (Fimiston Mining, 1997, A53699) close to the basal footwall contact with the sediments has helped finalise some drill targets that are now scheduled for Q1 in 2022.

Next Steps

Once all the assays are received, the Golden Ridge Mineral Resource will be updated to include the new northern area. The Air Core program in the southern Golden Ridge area will be reviewed once all the drilling is completed and assays received. A new POW is being prepared to allow for the Nickel drilling at Golden Ridge in 2022.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/B8LY82GM

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