Horizon Gold Limited announced a maiden Mineral Resource Estimate (MRE) for the Altair Zinc-Copper-Silver deposit located 24 kilometres to the north-northwest of the Gidgee Mill with direct links to the existing haul road and the Meekatharra- Yeelirrie Road. The MRE is reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Altair MRE is reported using a Zn equivalent (ZnEq%) cut-off grade. The MRE is 7.0 Mt @ 1.8% Zn, 0.5% Cu, 5.0g/t Ag (2.9% ZnEq) at a 2.0% ZnEq cut-off for 200,000 ZnEq tonnes (130,000t Zn, 30,000t Cu, 1.1Moz Ag). Final assay results from initial RC and follow-up diamond drilling at Altair have been received and have been incorporated into the Altair MRE. The most significant drill intercepts include 8m @ 3.0% Zn, 0.5% Cu, 7.6g/t Ag from 224m (ALRC009D). Final assay results from initial RC drilling at the Mensa Base Metal Prospect, located 28 kilometres to the north-northwest of the Gidgee Mill, have also been received returning a best result of 35m @ 0.3% Zn, 0.1% Cu, 1.1g/t Ag from 261m (MERC002). The host rocks and VMS style of mineralisation at Mensa are similar to that observed at Altair. The host rock and electrical conductors at Altair and Mensa cover more than five kilometres of strike, with several prospective zones containing coincident anomalous surface geochemistry, strong electrical conductors and elevated magnetics. The area exhibits the geological and geochemical hallmarks of a polymetallic VMS system, and could potentially form part of a district-scale VMS camp similar to the Teutonic Bore group of deposits. Altair Deposit: The Altair Prospect is located 24 kilometres north-northwest of the historic Gidgee Mill. One diamond tailed RC hole (558.7m), one diamond hole from surface (438.7m), and one RC hole (180m) were drilled to test modelled electromagnetic conductor plates located down-plunge of previous Horizon Gold significant intercepts including 55m @ 3.32% Zn, 0.52% Cu, 9.4g/t Ag from 184m including 9m @ 6.69% Zn, 1.00% Cu, 17.0g/t Ag from 213m. Significant Zn-Cu-Ag intercepts returned from this recent drilling campaign included: 154m @ 0.5% Zn, 0.1% Cu, 1.1g/t Ag from 168m including 8m @ 3.0% Zn, 0.5% Cu, 7.6g/t Ag from 224m (ALRC009D); 29m @ 0.8% Zn, 0.1% Cu, 2.4g/t Ag from 369m including 9m @ 1.9% Zn, 0.3% Cu, 6.0g/t Ag from 389m (ALDD023); 43m @ 0.7% Zn, 0.1% Cu, 1.9g/t Ag from 485m including 11m @ 1.5% Zn, 0.2% Cu, 3.8g/t Ag from 514m (ALRC009D); 14m @ 1.6% Zn, 0.3% Cu, 4.6g/t Ag from 177m (ALDD023) 24m @ 0.6% Cu, 4.6g/t Ag from 70m (ALRC009D). Zn-Cu-Ag 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. Mineralisation is best developed towards the base of a black shale sequence and occurs as fine to very fine-grained red/brown sphalerite and fine-grained chalcopyrite associated with semi-massive pyrite and magnetic pyrrhotite located in folded sub-millimetre stratiform layers interpreted to reflect original bedding plane deposition. The black shale host rock, altered underlying intermediate volcanics,
and over lying felsic units and sediments are folded about a NW trending fold plane. Oxidation ranges between 60m and 140m below surface. Zn depletion and Cu enrichment is apparent in both the oxide and transition zones, whilst in fresh rock Zn mineralisation and grades are dominant
over Cu mineralisation. RC and diamond drilling by Horizon at the Altair Prospect has now defined a broad continuous lens of polymetallic (zinc-copper-silver+/-gold) mineralisation over a strike of around 750m. Mineralisation remains open down plunge to the southeast and along strike to the northeast. Mensa Prospect: The Mensa Prospect is located 28 kilometres north-northwest of the historic Gidgee Mill. Three RC holes (892m) were drilled to test modelled electromagnetic conductor plates and coincident elevated magnetics and anomalous geochemistry located approximately 5km along strike from the Altair Prospect. Significant intercepts included: 35m @ 0.3% Zn, 0.1% Cu, 1.1g/t Ag from 261m (MERC002); 57m @ 0.2% Zn, 0.1% Cu, 0.8g/t Ag from 176m (MERC001) and 11m @ 0.2% Zn, 0.1% Cu, 1.1g/t Ag from 241m (MERC003). The RC drilling has confirmed the geochemically anomalous nature of the black shale and volcanic units and the interpreted geological setting at Mensa to be that of a VMS environment similar to that at Altair, with the potential for the target stratigraphy hosting the Altair mineralisation to extend to the Mensa Prospect. Evidence to support the VMS interpretation at Mensa includes: Black shale and volcanic depositional environment, Semi-massive sulphides present in shale units, Extensive chlorite-silica alteration and pyrite development in footwall intermediate to mafic volcanic units, Lack of Pb mineralisation, Anomalous geochemical pathfinder elements characteristic of VMS systems (elevated Ba, Mo, Sn). Downhole electromagnetic surveying at Mensa is warranted to detect any off-hole conductive base metal mineralisation, and to assist with follow up drill hole planning. Further detailed geochemical work to reveal metal and pathfinder element zonation /patterns, and spectral measurements to identify alteration minerals to determine vectors to a potential hydrothermal feeder vent is required at both Altair and Mensa prior to conducting additional drilling. Matrix Resource Consultants Pty Ltd. (Matrix) were engaged by Horizon Gold Limited to report a mineral resource consistent with the JORC code 2012 guidelines for the Altair Zn-Cu-Ag deposit following additional RC and diamond drilling completed at the prospect during 2022. The estimates were undertaken using Multiple Indicator Kriging (MIK) with block support adjustment, and are reported at ZnEq cut-off grades of 1.5 to 2.5%. The metal equivalent calculation formula is ZnEq % = Zn (%) + 2.78 x Cu (%) + 0.018 x Ag (g/t) using metal prices of AUD 4,500/t Zn, AUD 12,500/t Cu and AUD 30/oz Ag. The Company considers the MRE to have a reasonable prospect for eventual economic extraction (RPEEE) on the basis of comparison of ZnEq resource tonnes and grades for open pit and underground mining operations in similar mining jurisdictions to that of Western Australia. The estimates are based on 2 metre down-hole composited Zn, Cu, and Ag assays from aircore, RC and diamond drilling.