Horizon Gold : Outstanding gold intercepts from Gum Creek Diamond Drilling

For personal use only

15 March 2022

Gum Creek Gold Project

Outstanding gold intercepts returned from Gum Creek Diamond Drilling

HIGHLIGHTS

• Significant gold intercepts returned from diamond drilling at numerous targeted prospects across the Gum Creek Gold Project including:
• • 25m @ 4.3g/t Au from 151m including 8m @ 11.8g/t Au from 157m (Snook)
  • 36m @ 1.6g/t Au from 133m including 7m @ 3.5g/t Au from 155m (Snook)
  • 26m @ 1.5g/t Au from 180m including 7m @ 2.1g/t Au from 197m (Snook)
  • 10m @ 8.9g/t Au from 190m including 3m @ 15.4g/t Au from 191m (Kingfisher)
  • 10.6m @ 1.9g/t Au from 121.4m (Kingfisher)
  • 7m @ 6.0g/t Au from 177m including 3m @ 10.2g/t Au from 177m (Manikato)
  • 16m @ 1.8g/t Au from 169m including 6m @ 3.6g/t Au from 175m (Heron South)
  • 18m @ 1.3g/t Au from 127m including 4m @ 3.0g/t Au from 133m (Swift)
  • 12m @ 1.0g/t Au from 146m including 5m @ 2.0g/t Au from 151m (Swift)
  • 9m @ 2.9g/t Au from 161m including 3m @ 7.6g/t Au from 161m (Swift)
  • 6m @ 2.7g/t Au from 250m including 4m @ 3.8g/t Au from 251m (Swift)
  • 13m @ 1.5g/t Au from 112m including 6m @ 2.9g/t Au from 112m (Eagle)
• Impressive intercept returned from reverse circulation (RC) extension to Eagle Prospect drill hole:
• • 29m @ 2.7g/t Au from 156m including 11m @ 6.1g/t Au from 156m
• Diamond drilling has provided invaluable information to guide our ongoing resource modelling work, advanced our geological interpretations and significantly enhanced our understanding of the lithostructural controls on gold mineralisation especially at the Snook, Heron South, Kingston Town, and Specimen Well prospects where little or no previous diamond drilling had been completed.
• Metallurgical sampling and sighter testwork is continuing and Mineral Resource Estimates (MRE) for the first 12 prospects at Gum Creek expected to be completed in the first half of 2022.
• Drilling programs for 2022 are currently being planned at priority target areas and will commence as soon as practicable.

	HORIZON GOLD LIMITED ACN: 614 175 923
1	Suite 8 / 47 Havelock Street, West Perth, WA 6005 | PO Box 39, West Perth, WA 6872
Telephone: [phone] | Email:[e-mail]| Website: www.horizongold.com.au

For personal use only

Horizon Gold Limited (ASX Code: HRN) (Horizon or Company) is pleased to announce additional significant gold results from the recently completed diamond drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia (Figures 1 & 12). All assay results have now been received from the initial diamond drilling programs at the Swift, Eagle, Kingfisher, Howards, Kingston Town, Manikato, Heron South, Camel Bore, Snook, PSI, Omega North and Specimen Well prospects. All prospects maintain direct links to the existing Gidgee haul road network.

Managing Director Leigh Ryan said:

"The outstanding intercepts and lithostructural data returned from the recent diamond drilling have advanced our mineralisation and geological interpretations, and provided valuable information to guide our ongoing resource modelling work. We're looking forward to completing the MRE upgrade from the 2021 drilling campaign, and continuing to expand the Gum Creek global resource base with another substantial drill program in 2022."

Figure 1: Gum Creek Gold Project existing Mineral Resources, Potential Mineral Resources and Exploration Targets over simplified geology.

2

For personal use only

Horizon completed a total of 18 diamond holes for 2,040.8 metres at twelve prospects throughout the Gum Creek Gold Project during September-October 2021. Seventeen holes were diamond core "tails" extending previously drilled RC pre-collars, whilst one hole was drilled from surface at Kingfisher. All holes were geologically and structurally logged with density measurements completed through all ore zones. The diamond drilling advanced our geological interpretations and significantly enhanced our understanding of the controls on gold mineralisation especially at the Kingston Town, Heron South, Snook, and Specimen Well prospects where little or no previous diamond drilling had been completed. Diamond drilling assay results and geological outcomes for each prospect are summarised below.

Snook

The Snook deposit is located 24km north of the historic Gidgee mill and has previously been mined by open cut methods from the Snook North and Snook South pits. Several significant gold intercepts were returned from initial diamond drilling (2 diamond tails for 192m) targeting high-grade plunging gold shoots beneath both pits including:

• 25m @ 4.3g/t Au from 151m including 8m @ 11.8g/t Au from 157m (SKRC010D)
• 26m @ 1.5g/t Au from 180m including 7m @ 2.1g/t Au from 197m (SKRC010D)
• 36m @ 1.6g/t Au from 133m including 7m @ 3.5g/t Au from 155m (SKRC002D)

The diamond drilling has confirmed the potential for additional significant gold grades and intercept widths at depth beneath the Snook North and South pits, whilst also highlighting the potential for north plunging high grade gold mineralisation at Snook North in addition to the south plunging lodes (Figure 2). Recent geological and structural logging of the diamond core has identified the potential for the north and south plunging lodes to be controlled by the intersection of the anastomosing main shear zone and the steeply east dipping sediment/basalt contact.

Additional drilling is required to test the down plunge extensions of the three high-grade gold shoots at Snook (see Figure 2).

There is no MRE currently estimated for the Snook Prospect area.

Significant historic intercepts (>40 Au gram x metres) from the deposit include:

• 23m @ 9.0g/t Au from 62m (DWRC166)
• 12m @ 8.4g/t Au from 76m (DWRC062)
• 9m @ 8.4g/t Au from 72m (DWRC160)
• 6m @ 11.3g/t Au from 138m (DWRC295)
• 10m @ 4.6g/t Au from 84m (DWRC136)
• 8m @ 5.3g/t Au from 112m (DWRC180)
• 16m @ 2.6g/t Au from 95m (DWRC292)

(0.2g/t Au lower cut-off, max. 3m internal waste, refer to Figures 2 & 3, Table C and Appendix 1 JORC Table 1 for details)

The above intercepts have been selected to demonstrate the prospectivity of the deposit. These select intercepts are not intended to be representative of all results taken from the deposits and the reader should refer to the figures, Table C and the Appendix 1 JORC Table 1 for details.

3

For personal use only

Figure 2: Snook Prospect long section showing interpreted plunging high-grade ore shoots, gold intercept gram x metre pierce points with all >40 Au gram x metre (i.e. average intercept grade (g/t Au) multiplied by downhole intercept width in metres) historic intercepts labelled, 2021 RC intercepts1 and diamond core intercepts >35 gram x metres labelled.

Figure 3: Snook North cross section showing historic and

2021 diamond drilling intercepts (labelled).

1 Refer to Horizon Gold Ltd ASX Announcement titled "Significant Gold Intercepts returned from RC Drilling at Heron South, Snook, Camel Bore and Kingfisher" dated 18 November 2021, CP L.Ryan.

4

For personal use only

Kingfisher

The Kingfisher deposit lies approximately 3.5 kilometres south of the historic Gidgee mill. The current Kingfisher inferred MRE of 391,000t @ 6.1g/t for 77,000oz gold (Table A) occurs within two southwest- dipping continuous, planar gold lodes (East and West lodes) within a 60m wide, 1.2 kilometre long zone of intense shearing that remains open to the north, south and at depth.

One pre-collared diamond hole (KFRC008D) was drilled to a depth of 220m (100m of core) and a second hole (KFDD001) was drilled from surface to a depth of 577m. The diamond holes were designed to test for gold mineralisation up and down-plunge (respectively) of the existing resource and provide lithostructural information to help determine the controls on mineralisation and assist the planning of future resource extension drilling (Figure 4). Significant gold intercepts were returned from both East and West lodes in KFRC008D including 10m @ 8.9g/t Au from 190m including 3m @ 15.4g/t Au from 191m (East Lode), and 10.6m @ 1.9g/t Au from 121.4m (West Lode). The results highlight the potential for additional relatively shallow high grade ounces to be added to the existing Kingfisher resource.

Both lodes were also intercepted in KFDD001, however mineralisation was encountered far deeper in the hole than expected, and was marginal to the interpreted position of the plunging shoots returning only 2m @ 2.1g/t Au from 537m (West Lode) and 4m @ 0.8g/t Au from 558m (East Lode). Fault breccia zones intercepted immediately above the west lode suggests gold mineralisation has been offset at depth. More detailed structural logging of the Kingfisher diamond core is planned.

Significant historic RC and diamond core intercepts (>25 Au gram x metres) from the deposit include:

• 4.0m @ 27.6g/t Au from 155m (JDWA049)
• 7.0m @ 8.8g/t Au from 126m (JRC1786)
• 16.0m @ 3.5g/t Au from 29m (JRC1488)
• 8.1m @ 5.3g/t Au from 265m (JDWA087)
• 7.3m @ 5.3g/t Au from 277m (JDWA102)
• 6.0m @ 5.8g/t Au from 209m (JDWA099)
• 16.2m @ 2.0g/t Au from 406.9m (JDWA083)
• 13.0m @ 2.3g/t Au from 175m (JRC1890)
• 10.0m @ 3.0g/t Au from 172m (JRC1888)
• 6.5m @ 4.5g/t Au from 325.6m (JDWA103)
• 13.0m @ 2.0g/t Au from 72m (JRC1520)
• 5.0m @ 5.1g/t Au from 160m (JRC3295)

(0.2g/t Au lower cut-off, max. 3m internal waste, refer to Figure 4, Table D and Appendix 1 JORC Table 1 for details)

The above intercepts have been selected to demonstrate the prospectivity of the deposit. These select intercepts are not intended to be representative of all results taken from the deposits and the reader should refer to the figures, Table C and the Appendix 1 JORC Table 1 for details.

5