Horizon Gold Limited announced significant shallow and high grade gold intercepts from 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 Wedge and Melbourne Bitter prospects, and follow up RC drilling at the Think Big Prospect. The Company completed a total of 32 RC holes for 3,183 metres at the Wedge, Melbourne Bitter and Think Big prospects during September/October 2022.

The results have uncovered an new high grade shoot at the Wedge Prospect, and have highlighted the excellent potential to define a maiden shallow gold resource at Melbourne Bitter and additional gold mineralisation along strike and at depth at the Think Big Prospect. Wedge Prospect: The Wedge Prospect is located 2km northeast of the historic Gidgee Mill and was previously mined by open cut methods in the early 1990's, however there is no current MRE for the prospect. The recent RC program at Wedge (11 holes for 1,452m), has extended previously interpreted shallow south plunging high grade gold mineralisation and identified a complex fault zone that offsets gold mineralisation between the Wedge and Wedge North pits.

Significant gold intercepts were returned from the program, including a spectacular intercept of 52m @ 5.9g/t Au from 91m to EOH including 13m @ 16.7g/t Au from 123m (WERC002) down plunge to the south of the Wedge pit, and 6m @ 1.8g/t Au from 54m including 3m @ 3.0g/t Au from 55m (WERC005) from the central fault zone. The WERC002 intercept is supported by high grade historic intercepts up plunge to the north and remains open down plunge to the south. High grade gold mineralisation at Wedge is located within shoots that dominantly plunge ~30 degrees to the south and north, and are associated with quartz-pyrite veined, strongly sheared, strongly altered basalt.

Folded sediments and felsic intrusives also host lower grade mineralisation in the northern parts of the prospect. Mineralisation is continuous over a 450 metre strike and is currently defined to a maximum vertical depth of 110 metres, with the base of complete oxidation at ~60 metres below surface. There is excellent potential to outline a significant gold resource at Wedge, and with additional drilling further extend the known gold mineralisation down dip and down plunge both to the north and south of the numerous broad and high grade intercepts identified in historic drilling.

Melbourne Bitter Prospect: The Melbourne Bitter Prospect is located 26km north of the historic Gidgee Mill. The prospect has not been previously mined and there is no current MRE. Initial RC drilling at Melbourne Bitter (16 holes for 1,432m) has confirmed the impressive shallow gold mineralisation identified in wider spaced historic RC drilling, and has identified excellent potential for an open pittable resource at the prospect.

Significant gold intercepts received from the recent RC drilling included: 7m @ 6.5g/t Au from 101m including 4m @ 11.1g/t Au from 101m (MBRC032); 17m @ 2.6g/t Au from 34m including 10m @ 4.1g/t Au from 36m (MBRC025); 20m @ 2.1g/t Au from 35m including 6m @ 3.1g/t Au from 49m (MBRC026); 18m @ 1.2g/t Au from 36m including 3m @ 3.4g/t Au from 50m (MBRC024); 5m @ 3.6g/t Au from 79m including 2m @ 7.8g/t Au from 80m (MBRC026); 8m @ 2.2g/t Au from 64m including 5m @ 3.2g/t Au from 65m (MBRC026); 12m @ 1.2g/t Au from 59m including 3m @ 3.4g/t Au from 59m (MBRC025). Gold mineralisation at Melbourne Bitter is located within deeply weathered quartz veined, sheared and altered basalt. Mineralisation within Horizon's tenure is continuous over a 700 metre strike length and is currently only defined to a vertical depth of approximately 120 metres.

Primary gold mineralisation at Melbourne Bitter (north) strikes north-northwest, and dips at ~70 to the west, whilst in the south, mineralisation dips at ~30 to the west in a series of stacked gold lodes. The prospect area is deeply weathered with the base of complete oxidation between 80 and 100 metres below surface. Whilst additional drilling is warranted at Melbourne Bitter, a maiden MRE will be completed prior to further drilling.

Think Big Prospect: The Think Big Prospect is located 20km south-southeast of the historic Gidgee Mill. The current MRE for the Think Big deposit is 0.48Mt @ 1.26g/t Au for 19,300oz. Five RC holes for 299 metres were completed at the southern end of the Think Big resource as follow up to 2021 drill results that included 16m @ 2.9g/t Au from 19m and 10m @ 1.2g/t Au from 30m .

Further significant shallow gold intercepts were returned from the current campaign including: 6m @ 3.5g/t Au from surface including 2m @ 9.1g/t Au from 2m (TBRC041) and 16m @ 0.9g/t Au from 18m including 8m @ 1.3g/t Au from 26m (TBRC039) confirming the width and grades of shallow gold mineralisation immediately along strike of the 2021 drilling. Gold mineralisation at Think Big is continuous over a 1 kilometre strike length and is located within a shallow to moderate east dipping shear zone. Mineralisation is associated with quartz veined limonitic saprolite and quartz-carbonate-sulphide shear veins within altered basalt.

The prospect is deeply weathered, with the base of complete oxidation between 75 and 95 metres below surface. Gold mineralisation at Think Big remains open along strike and at depth and further resource definition drilling is warranted in the near term.