Horizon Minerals Limited announced new nickel drilling results and exploration update from the 100% owned Cannon, Golden Ridge and Yarmany project areas located near Kalgoorlie-Boulder in the heart of the Western Australian goldfields. The drilling formed part of the current CY22 program focussing on new discoveries across the 1,100km2 portfolio. During 2021, an air core program tested the Golden Ridge area to the west and to the south of the open cut mine where highly magnetic ultramafics were known to exist.

The drilling highlighted anomalous levels of Ni-Co-Cu within the regolith profile. This was the target for the follow up 2022 Golden Ridge exploration program. At Cannon, two nickel prospects have been identified in proximity to the existing Cannon open pit where nickel sulphide (pentlandite) mineralisation was discovered in komatiites in 2007/2008.

Historical results from these areas include1: 3m @ 2.62% Ni, 542 ppm Co, 2400 ppm Cu from 156m and 2m @ 3.94% Ni, 709 ppm Co, 1,825 ppm Cu from 161m (Blair North Prospect, BNRC019)1; 4m @ 1.78% Ni, 235 ppm Co and 1,400ppm Cu (Euston Prospect, BSRC041) 2; 5m @ 0.97% Ni, 231 ppm Co and 1,400 ppm Cu from 52m (Euston Prospect, BSRC004) 2. These 2 prospects were recently drill tested to validate the historical work and familiarise the Kalgoorlie team with the geology and structure. At Yarmany, follow up deep drilling beneath the nickel laterites delineated in the 2021 air core program was completed along with a regional `new discovery' auger program that aimed at `opening up' underexplored areas and conceptual targets. Project Geology: The Cannon deposit occurs within Horizon's Bulong South gold project located 30km east-southeast of Kalgoorlie in the Eastern Goldfields region of Western Australia, on granted mining lease ML25/333.

The Cannon deposit was discovered by Southern Gold Limited in 2008 following up geochemical anomalies testing for strike extensions of the George's Reward mineralisation immediately north of the Bulong South deposit. The George's Reward prospect was initially held by Northern Mining Limited and comprised an Inferred Mineral Resource of approximately 23,000 ounces when purchased by Westgold Limited in 2015. The Golden Ridge area is largely associated with the north-south trending, sub vertical quartz- feldspar porphyry located between ultramafic, shales and cherts to the west and an ultramafic (talc- carbonate) sequences to the east.

Gold mineralisation is similar to Boorara where gold is observed in flat lying vein arrays and thicker, steeper dipping, contact style lodes. The geology at the Yarmany Project area is dominated by tholeiitic and high MgO basalts, felsic and pelitic schists after felsic volcanic rocks and/or sediments with less common lithologies including komatiitic ultramafics and granitoid intrusives with reported pegmatites. The largest of these granitoids, which occur in the southern parts of Yarmany, is the Silt Dam Monzogranite, interpreted to be a post-regional folding granitoid.

The region has variable metamorphic grade, but generally varies between low to high amphibolite facies typical for this western part of the Kalgoorlie Terrane. Summary of Results: Cannon: At the Cannon project area, the two nickel prospects were drill tested earlier this year and preliminary results released to the ASX 3. At the Euston prospect, two southeast trending holes encountered nickel mineralisation on the footwall contact of the ultramafic komatiite with an underlying basalt and dolerite. Results from the program included: 2m @ 2.21% Ni, 765ppm Cu, 324 ppm Co and 0.76g/t Pt-Pd from 161m (CARC22008) 1; 4m @ 0.64% Ni and 321ppm Cu from 180m (CARC22006) 2. Single samples have been submitted for CARC22006.

Two holes (330m) drilled to the east, up dip and along strike of BSRC0041 failed to intersect this mineralisation. Deeper drilling beneath BSRC0041 is planned. At the Blair North prospect, only two holes were drilled, one drill hole to the southeast intersected: 2m @ 2.68% Ni, 0.9% Cu, 440 ppm Co and 0.71g/t Pt-Pd from 176m (CARC22009) 1. Another drillhole (CARC22030) located close to CARC22009 and drilled to the east failed to locate the nickel mineralisation observed in CARC22009 and BNRC0019.

A DHEM survey CARC22030 also failed to pick up a conductor despite the strongly disseminated/stringy sulphide nearby in CARC22009. The nickel mineralisation in CARC22009 appears to be somewhat different to the Euston geology in that the nickel is contained within the komatiite host and is regarded as hanging wall style mineralisation. The ore zone is also marked by increased percentages of iron and sulphur.

Strong magnetic responses to the east of Blair North and Euston suggest this area might also be iron rich due to basal accumulations of iron oxides and sulphides, providing another additional target for drill testing. The prospective magnetic highs strike over 1.2km and have not been effectively tested to date. Drill chip samples from these two holes have now been sent to Professor Tony Crawford in Adelaide for thin and polished section analysis.

The results from both prospects are considered encouraging as they not only validate the occurrences and grades, but the Ni-Cu-Pt-Pd metallurgy is on par with other Kambalda style Komatiite hosted nickel deposits in the region.