Horizon Gold : Drilling planned for Altair and Mensa Copper Zinc Targets

26 April 2022

Gum Creek Gold Project

Diamond and RC drilling planned for Altair and Mensa Copper-Zinc

Targets

HIGHLIGHTS

•  Diamond drilling is planned at the Altair Prospect to test coincident magnetic and gravity highs, and electromagnetic conductors down plunge of previous significant zinc-copper-silver intercepts including:

  •  55.0m @ 3.32% Zn, 0.52% Cu, 9.4g/t Ag from 184.0m

  •  44.4m @ 2.93% Zn, 0.49% Cu, 8.3g/t Ag from 274.2m

  •  62.6m @ 2.45% Zn, 0.42% Cu, 7.0g/t Ag from 262.0m

•  Zinc-copper-silver mineralisation at Altair has a strike length of more than 450 metres and is open to the east and north.

•  Reverse Circulation (RC) drilling is also planned at the Mensa Prospect to test several coincident electromagnetic conductors, magnetic highs, and anomalous surface geochemical targets along strike to the north of Altair.

•  Altair and Mensa exhibit the geological and geochemical hallmarks of a major polymetallic Volcanogenic Massive Sulphide (VMS) / Sedimentary Exhalative (SEDEX) system.

•  The conductive host sequence forms a large open fold extending over five kilometres from Altair to the Mensa Prospect, and could potentially form part of a district-scale VMS camp similar to the Teutonic Bore group of deposits.

•  Drilling at Altair and Mensa will commence next month.

HORIZON GOLD LIMITED ACN: 614 175 923

Suite 8 / 47 Havelock Street, West Perth, WA 6005 | PO Box 39, West Perth, WA 6872

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Telephone: [phone] | Email:[e-mail] | Website: www.horizongold.com.au

Horizon Gold Limited (ASX Code: HRN) (Horizon or Company) is pleased to announce details of RC and diamond drilling planned for the Altair and Mensa prospect areas within its 100% owned Gum Creek Gold Project, located in the Mid-West Region of Western Australia (Figures 1 & 5).

The host rock and electrical conductors at Altair and Mensa cover more than five kilometres of strike. The proposed drilling is focused on the most prospective zones that contain coincident anomalous surface geochemistry, strong electrical conductors and elevated magnetics. The resulting targets are very compelling and have the ability to confirm the potential for a district-scale VMS camp.

Figure 1: Gum Creek Gold Project showing Altair and Mensa prospects, existing gold resources, potential mineral resources and exploration targets over simplified geology.

Altair Exploration Target

Previous diamond drilling by Horizon at the Altair Prospect defined a broad continuous lens of polymetallic (zinc-copper-silver+/-gold) mineralisation with a strike of more than 450 metres, down dip extent of 350m and average thickness of 25m (Figures 2 to 4). The average density (SG) of all assay intercepts within the lens was estimated at 3.1 tonnes per cubic metre1. Mineralisation remains open down plunge to the east and at shallow depths along strike to the north.

Significant Zn-Cu-Ag intercepts returned from Horizon's diamond drilling campaign included2:

•  55.0m @ 3.32% Zn, 0.52% Cu, 9.4g/t Ag from 184.0m incl. 9.0m @ 6.69% Zn, 1.00% Cu, 17.0g/t Ag from 213.0m (ALDD002)

•  44.4m @ 2.93% Zn, 0.49% Cu, 8.3g/t Ag from 274.2m incl. 2.0m @ 7.05% Zn, 0.92% Cu, 16.8g/t Ag from 306.0 (ALDD012)

•  78.0m @ 1.90% Zn, 0.32% Cu, 5.4g/t Ag from 288.0 incl. 14.0m @ 2.34% Zn, 0.51% Cu, 7.4g/t Ag from 342.0 (ALDD014)

•  62.6m @ 2.45% Zn, 0.42% Cu, 7.0g/t Ag from 262.0m incl. 19.0m @ 3.09% Zn, 0.53% Cu, 9.2g/t Ag from 297.0m (ALDD019)

Figure 1: Altair Prospect drill hole location plan showing interpreted geology.

• 1 Refer to Horizon Gold Ltd ASX Announcement titled "Altair Exploration Update" dated 16 July 2019. CP J Hicks.

• 2 Refer to Horizon Gold Ltd ASX Announcement titled "Additional Broad Zn-Cu mineralisation intercepted at Altair" Appendix 2 dated 2 April

2019. CPs J Hicks & M Demmer

Figure 2: Altair Prospect cross section showing interpreted geology and significant zinc intercepts3.

The zinc-copper-silver mineralisation defined at Altair is coincident with anomalous multi-element surface geochemistry, magnetic highs visible in regional aeromagnetic surveys, and electromagnetic conductivity highs defined in both helicopter-borne Transient Electromagnetic (TEM) and ground moving loop electromagnetic (MLEM) surveys.

The Altair mineralisation is located at the base of a black shale sequence and occurs as fine to very fine grained red/brown sphalerite associated with semi-massive magnetic pyrrhotite in folded sub-millimetre stratiform layers interpreted to reflect original bedding plane deposition.

Additionally, drilling by Pancontinental Gold Pty Ltd and Goldfields Exploration Pty Ltd in the 1990's intersected broad zones of shallow supergene copper mineralisation at the Altair Prospect including4:

•  44m @ 1.2% Cu from 56m (ALAC005)

•  24m @ 1.0% Cu from 64m (ALRC007)

•  20m @ 1.1% Cu from 52m (ALRC002)

3 Refer to Horizon Gold Ltd ASX Announcement titled "Additional Broad Zn-Cu mineralisation intercepted at Altair" dated 2 April 2019. CPs J Hicks & M Demmer

4 Refer to Horizon Gold Ltd ASX Announcement titled "Significant Zinc-Copper Intersection at Gum Creek" dated 4 October 2018. CP J Hicks

Mensa Exploration Target

Regional mapping and geophysical interpretations suggest the target stratigraphy hosting the Altair Prospect may extend at least 5km north to the Mensa Prospect (Figure 4). At Mensa, shallow RC drilling by exploration companies in the 1990's intersected zinc mineralisation beneath anomalous surface geochemistry in a similar geological setting to Altair. The results included 6m @ 0.22% Zn from 50.0m in GMRC001; and 24m @ 0.19% Zn from 20m in GMRC0025.

Figure 3: Modelled 3D conductor plates, historic drillhole collars (coloured by hole type), and proposed drill holes (large black dots) over a greyscale derivative aeromagnetic image.

5 Refer to Horizon Gold Ltd ASX Announcement titled "Significant Zinc-Copper Intersection at Gum Creek" dated 4 October 2018. CP J Hicks