Horizon Gold Limited announced substantial new wide gold intercepts and high grade gold results 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 Heron, Hyperno, and Deep South, and a follow up RC program at the Heron South prospect, located between 14 and 19 kilometres south of the Gidgee processing plant with direct links to the existing haul road network. The Company completed a total of 60 RC holes for 5,461 metres at the Heron, Heron South, Hyperno, and Deep South prospects during July/August 2022.

The drilling has validated the width and grade of historic RAB and aircore intercepts at Hyperno, increased the confidence in current geological models, and successfully highlighted the potential to define additional gold mineralisation along strike and at depth at all four prospects. The Heron South deposit is located 15km south-southeast of the historic Gidgee mill and has previously been mined by open cut methods. The current MRE for the Heron South deposit is 1.09Mt @ 1.73g/t Au for 60,500oz .

The recent RC program has extended shallow gold mineralisation along strike to the north and south and has extended and confirmed interpreted high-grade plunging gold shoots beneath the Heron South open pit. Numerous significant gold intercepts were returned including: 15m @ 3.0g/t Au from 98m including 7m @ 5.5g/t Au from 104m, 8m @ 5.2g/t Au from 178m including 2m @ 13.9g/t Au from 179m, 8m @ 3.2g/t Au from 113m including 6m @ 4.1g/t Au from 113m, 7m @ 3.1g/t Au from 35m including 1m @ 19.2g/t Au from 35m, and 11m @ 1.6g/t Au from 202m including 4m @ 3.0g/t Au from 204m . Gold mineralisation at Heron South is located within shallow flat lying supergene zones, and steeply plunging, steeply east dipping shear zones containing quartz-carbonate-sulphide veins within strongly sericite-carbonate altered mafic units.

Mineralisation is continuous over a 650 metre strike and is currently defined to a maximum vertical depth of 200 metres. The base of weathering extends up to 100 metres below surface, with high-grade supergene enrichment overlaying primary gold mineralisation. Subsequent to completing the current Heron South MRE1, Whittle pit shells were generated by Auralia Mining Consulting using a gold price of A$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 Heron South pit optimisation will be updated once a revised MRE is announced.

There is good potential to further extend the known gold mineralisation at Heron South down dip, down plunge and along strike to the north and south with additional drilling. The Heron Prospect is located 14km southeast of the historic Gidgee mill. The prospect has not been previously mined and there is no current MRE.

Results from four additional RC holes were recently received. Significant gold intercepts included: 23m @ 1.9g/t Au from 100m including 12m @ 3.3g/t Au from 100m, and 15m @ 0.9g/t Au from 120m including 6m @ 1.6g/t Au from 127m. The additional drilling has confirmed broad shallow supergene mineralisation and down dip extensions to primary gold mineralisation.

Gold mineralisation at Heron is located within broad flat-lying supergene enrichment zones overlying three sub-parallel northeast dipping fault zones containing quartz veined altered basalt. Mineralisation is continuous over an 850 metre strike and is currently defined to a maximum vertical depth of approximately 350 metres. The prospect area is deeply weathered with the base of complete oxidation between 60 and 120 metres below surface.

Whilst additional drilling is required at depth and along strike to the north and south of Heron, a maiden MRE will be completed prior to any further drilling. The Hyperno Prospect is located 18km southeast of the historic Gidgee mill. The prospect has not been previously mined and there is no current MRE.

Initial RC drilling at Hyperno has confirmed the width and grades of shallow gold mineralisation identified in historic aircore and RAB drilling, and identified the potential for an open pittable resource at the prospect. Significant gold intercepts from the recent campaign included: 8m @ 10.1g/t Au from 33m including 2m @ 35.2g/t Au from 35m, 12m @ 1.6g/t Au from 27m including 8m @ 2.2g/t Au from 31m, 5m @ 2.3g/t Au from 34m including 2m @ 4.9g/t Au from 34m, and 10m @ 1.0g/t Au from 37m including 5m @ 1.5g/t Au from 40m . Gold mineralisation at Hyperno is associated with quartz veined limonitic saprolite within two sub- parallel mineralised zones.

Mineralisation is both flat lying and dips moderately to the east, is defined to a maximum vertical depth of approximately 100 metres, and has a continuous 600 metre strike length. The area is deeply weathered, with the base of complete oxidation greater than 100 metres below surface. Further drilling is required at depth and along strike to the north and south.

The Deep South Prospect is located 19km southeast of the historic Gidgee mill. The prospect has not been previously mined and there is no current MRE. Initial RC drilling at Deep South has confirmed grades and widths consistent with shallow gold mineralisation identified in historic aircore and RAB drilling, and highlighted the potential for an open pittable resource at the prospect.

Significant new gold intercepts included: 3m @ 6.8g/t Au from 48m including 1m @ 18.4g/t Au from 48m, 7m @ 2.6g/t Au from 59m including 2m @ 7.9g/t Au from 59m, 8m @ 1.9g/t Au from 39m including 1m @ 12.0g/t Au from 44m, and 4m @ 3.6g/t Au from 49m including 1m @ 9.1g/t Au from 49m . Gold mineralisation at Deep South is located within two sub-parallel flat lying to shallow east dipping zones containing quartz veined mafic saprolite. Mineralisation is continuous over a 250 metre strike length and is currently defined to a maximum vertical depth of approximately 80 metres.

The prospect area is deeply weathered with the base of complete oxidation between 60 and 80 metres below surface. Whilst additional drilling is required at depth and along strike to the north and south of Deep South, a maiden MRE will be completed prior to further drilling.