Horizon Gold Limited announced additional significant gold results from the recently completed RC drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia. All assay results have now been received from initial RC drilling programs at the PSI, Omega North and Specimen Well prospects, located 44 kilometres north of the Gidgee processing plant, with direct links to the existing haul road network. The Company completed a total of 22 RC holes for 2,510 metres at the PSI, Omega North and Specimen Well prospects during October 2021. One diamond core "tail" was completed at Specimen Well (118m), and one diamond core "tail" was completed at Omega North (105.6m). Results for the RC drilling have been received, however the results for the diamond core are still pending. The drilling advanced geological interpretations and confirmed the width and gold grade of historic intercepts at the PSI and Specimen Well prospects. Mineralisation remains open along strike and at depth at PSI and Specimen Well, with the down plunge continuity of gold mineralisation at Omega North yet to be confirmed by diamond core results. The PSI and Omega North prospects are located 44 kilometres north of the old Gidgee mill and have been mined previously by open cut methods. The initial RC program at PSI has confirmed consistent gold grade and widths to primary mineralisation and has extended previously interpreted south plunging gold lodes beneath the PSI pit (Figures 2 and 3). Significant gold intercepts from the recent campaign included: 9m @ 2.6g/t Au from 136m including 3m @ 4.0 g/t au from 136m (PSRC001), 12m @ 2.2g/t Au from 126m including 4m @ 3.5g/t Au from 127m (PSRC002) and 11m @ 2.4g/t Au from 120m including 2m @ 8.8g/t Au from 128m (PSRC003). Omega-PSI prospects long section showing gold intercept pierce points coloured by gram x metre (i.e. average intercept grade (g/t Au) multiplied by intercept width in metres), historic open pits, underground infrastructure,
interpreted high-grade ore shoots (gold), and 2021 RC intercepts >20 gram x metres labelled (blue). RC drilling at Omega North did not confirm a south plunge to high grade gold mineralisation, however the potential for high gold grades plunging steeply to the north is still to be confirmed by diamond drill hole OMRC001D (results pending). A best result of 11m @ 0.4g/t Au from 30m including 1m @ 2.2g/t Au from 35m was returned from OMRC004. Gold mineralisation at both PSI and Omega is hosted by Banded Iron Formation (BIF) units within amphibolite. High gold grades occur within quartz veins where steeply dipping oblique shears intersect folded, steeply plunging BIF units. Gold mineralisation at PSI is from 5 to 15 metres in true width and continuous down plunge for over 150 metres. Additional drilling is required along strike to the south of the current drilling at PSI and potentially at depth to the north of Omega North. There is no MRE for this prospect area and a maiden MRE is expected to be completed in the first half of 2022. The Specimen Well prospect is located 44 kilometres north of the historic Gidgee mill and has not been mined previously. The current Mineral Resource Estimate for the Specimen Well deposit is 0.4Mt @ 2.0g/t Au for 23,000oz (Table A). The initial RC program has confirmed broad, shallow, high grade gold mineralisation at the prospect, returning 22m @ 2.1g/t Au from 55m including 14m @ 3.0g/t Au from 56m (SPRC005) up plunge of previous significant gold intercepts (Figure 4), and 11m @ 1.6g/t Au from 47m including 4m @ 3.9g/t Au from 52m (SPRC010) approximately 400m along strike to the north of the Specimen Well resource area (Table D). SPRC010 is in a sparsely drilled area that requires follow-up drilling. High grade gold mineralisation within a previously interpreted south plunging shoot to the south of the main resource area is yet to be confirmed by diamond drill hole SPRC002D (results pending). Additional RC drilling is warranted along strike to the north of the Specimen Well resource area where previous wide spaced aircore and RC drilling has encountered consistent shallow gold mineralisation over a 700 metre strike. Assay results for 18 diamond core holes drilled across 12 prospects throughout the Gum Creek Greenstone Belt are pending. Metallurgical sampling and sighter testwork is ongoing and Mineral Resource Estimation (MRE) work is progressing well with an updated MRE expected to be completed in the first half of 2022.