Horizon Gold Limited announced numerous shallow, broad and high grade gold intercepts from RC drilling at its 100% owned Gum Creek Gold Project (Gum Creek or the Project) located in the Mid-West Region of Western Australia. Final assay results have now been received from RC drilling programs at the Specimen Well, Fangio, Kearrys and Beta prospects, which are all located in the northern part of the Project with direct links to the existing haul road network. Assay results for all 2022 RC drilling have now been received.

The Company completed a total of 61 RC holes for 4,714 metres at the Specimen Well, Kearrys, Fangio and Beta prospects in October/November 2022. The shallow, broad and high-grade drilling results returned from all four prospects have confirmed the good results from historic drilling and extended gold mineralisation along strike and at depth. The Specimen Well Prospect is located 44 kilometres north of the historic Gidgee Mill and has not been mined previously.

The current MRE for the Specimen Well Prospect is 0.41Mt @ 1.59g/t Au for 20,800oz. Twenty-nine RC holes (2,030m) were completed down dip and along strike to the north and south of significant 2021 and historic drill results. Significant shallow gold intercepts were received from the recent extensional drilling include: 11m @ 9.7g/t Au from 8m including 6m @ 17.4g/t Au from 11m (SPRC020).

12m @ 1.4g/t Au from 50m including 6m @ 2.6g/t Au from 50m (SPRC040). 9m @ 1.4g/t Au from 51m to EOH including 5m @ 2.4g/t Au from 51m (SPRC030). 7m @ 1.4g/t Au from 16m including 2m @ 3.0g/t Au from 18m (SPRC024).

9m @ 1.1g/t Au from 26m including 1m @ 3.8g/t Au from 33m (SPRC034). Additional drilling between the current optimised pit shells is warranted to increase the Specimen Well MRE and significantly add to the in-pit resource. Gold mineralisation at Specimen Well is continuous over a 1.4 kilometre strike length, is up to 25 metres wide, and is currently defined to an average maximum vertical depth of ~80 metres.

Mineralisation strikes north-northeast, is vertical to steeply east dipping, and remains open to the north, south and down dip. The prospect is deeply weathered with the base of complete oxidation between 50 and 80 metres below surface. Gold occurs in quartz veined, sheared and strongly altered high magnesium basalt and mafic volcaniclastics.