Horizon Gold Limited announced shallow high grade gold intercepts within broad mineralised zones (up to 40m true width) from 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 follow up RC drilling at the Howards and Howards South prospects, located 28 kilometres from the Gidgee processing plant with direct links to the existing haul road network. The Company completed a total of 32 RC holes for 2,696 metres at the Howards and Howards South prospects during July/August 2022.

The holes were designed to expand on the previously delineated gold mineralisation associated with the current MRE of 8.92Mt @ 0.8g/t Au for 230,500oz. Drilling has now extended potentially open pittable gold mineralisation over a continuous strike of more than 1.4km, with mineralisation remaining open to the north, south and at depth. Numerous shallow high grade gold intercepts were returned from Howards including: 9m @ 16.7g/t Au from 47m including 1m @ 147.5g/t Au from 52m (HWRC256), 5m @ 22.9g/t Au from 28m including 1m @ 110.5g/t Au from 28m (HWRC257), 63m @ 1.3g/t Au from 32m including 27m @ 2.4g/t Au from 62m (HWRC276), 49m @ 0.7g/t Au from 22m including 14m @ 1.6g/t Au from 56m (HWRC271), 27m @ 1.4g/t Au from 4m including 11m @ 2.6g/t Au from 12m (HWRC258), 50m @ 0.7g/t Au from 14m including 6m @ 1.0g/t Au from 16m (HWRC270), 37m @ 0.9g/t Au from 19m including 8m @ 1.9g/t Au from 33m (HWRC279), 38m @ 0.8g/t Au from 46m including 11m @ 1.7g/t Au from 73m (HWRC278), 19m @ 1.3g/t Au from 67m including 8m @ 1.8g/t Au from 67m (HWRC274), and 18m @ 1.3g/t Au from 75m including 10m @ 2.0g/t Au from 80m (HWRC271).

Several significant gold intercepts were also returned from Howards South including: 16m @ 1.5g/t Au from 10m including 8m @ 2.5g/t Au from 12m (HSRC017), and 14m @ 1.5g/t Au from 51m including 6m @ 3.0g/t Au from 56m (HSRC015). Importantly these intercepts are along strike to the south of the existing resource. One RC hole (HWRC264) drilled 70m east of the main Howards lode returned 11m @ 1.6g/t Au from 5m including 4m @ 2.7g/t Au from 5m.

This intercept is significant as it represents a potential eastern footwall lode that remains open along strike. One historic hole (HWDD220) drilled 45m to the south of HWRC264 returned 7m @ 3.3g/t Au from 5m. Further drilling along strike of these intercepts is required.

Gold mineralisation at Howards is hosted within a broad, north-south trending, vertical to steep west- dipping shear zone, approximately 150m from, and sub-parallel to, the east-dipping eastern contact of the Montague granodiorite. The shear zone dips steeply to the east at Howards South. Two sinistral northwest-trending faults offset the Howards northern lode and the Howards South lode from the central Howards lode by 30m and 150m respectively.

Mineralisation is associated with strong quartz veining and intense silica-albite-biotite alteration within a sheared basalt above footwall dolerite units at both Howards and Howards South. Additional drilling is required along strike to the north and south of Howards and Howards South respectively. Subsequent to completing the current Howards MRE 1 Whittle pit shells were generated by Auralia Mining Consulting using a gold price of AUD 2600/oz.

Costs used in the optimisation process were based on up-to-date average industry costs for deposits of a similar scale and geological nature. All processing recovery assumptions were provided by Horizon Gold. The Howards and Howards South pit optimisations will be updated once a revised Howards MRE is announced.