Horizon Minerals Limited announced an updated Mineral Resource Estimate (MRE) for the Cannon gold project located 30km east-southeast of Kalgoorlie-Boulder in the heart of the Western Australian goldfields. The high-grade Cannon underground gold project was acquired as part of the Bulong South, Glandore and Cowarna project acquisition recently completed for $5 million in cash. The project is 10km east by existing roads to the proposed Boorara mill site, and includes an historic open pit mined in 2017. Cannon is now one of six core open pit and underground satellite gold projects being advanced to complement the baseload Boorara gold project as part of the consolidated Feasibility Study to deliver a minimum five-year initial mine plan and underpin the establishment of a stand-alone centralized processing facility at the Boorara mine site. The Cannon deposit occurs within Horizon Mineral's Bulong South gold project located 30km east-southeast of Kalgoorlie in the Eastern Goldfields region of Western Australia, within granted mining lease ML25/333. The Cannon deposit was discovered by Southern Gold 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 at the time before Westgold purchased it in 2015. A maiden Mineral Resource estimate for the Cannon Gold Deposit was completed during December 2012 by Runge Pincock Minarco Limited (RPM) for Southern Gold. This Indicated and Inferred Resource totalled 812,200t @ 3.9 g/t for 100,400oz based upon a 0.5 g/t Au cut-off. Open pit mining commenced in August 2015 under a profit-sharing arrangement with Westgold/Metals X who had acquired the adjacent Georges Reward tenement. The Cannon pit, under the Westgold JV, was based upon a 2015 Resource of 452,000t @ 3.9g/t for 56,000 ounces at a 0.7g/t lower cut. Mining was completed in June 2017 with 576,400t reconciled mined at 2.98g/t for 55,143 ounces, almost 100% reconciliation back to the resource but at close to 30% additional dilution. Mining operations were suspended in August 2017 by Westgold and Southern gold reverted to management over ML25/333. A 30 hole in pit RC delineation drill program was undertaken from the base of the Cannon pit and ramp in July 2017 which informs the high confidence behind this Resource update. An adit at Cannon was mined to recover a parcel of ore that became inaccessible via open pit mining in the east pit wall below the ramp. Development of the adit began in May 2017 and production was completed in June 2017. A total of 10,640 tonnes at 9.15g/t Au for 3,131 ounces were mined over the life of the adit; a significant improvement on the reserve figures of 13,313 tonnes at 6.92 g/t for 2,962 ounces. Project Geology: Regionally, Cannon is in the western part of the Bulong ultramafic complex in the Boorara Domain. The Bulong complex consists of 5km thick sequence of komatiitic lava flows made up of a thick serpentinised peridotite in the centre of the complex, flanked by thin spinifextextured komatiitic flows at the top of the sequence. HighMg basalts and interflow sediments are intercalated with the thin flow facies komatiites. Komatiitic basalt and highMg basalts have a variety of textures which include pillowed, pyroxene spinifex textured and variolitic textured. A prominent, north ? south trending, quartz vein cuts both highMgO basalts and the Komatiites and extends for at least 1.5km to the southsouthwest of Cannon and several smaller quartz veins sub parallel to the main vein are also present. This quartz vein system has been the focus of past shallow prospecting and mining activities. The Cannon mineralisation is structurally controlled and strikes northeasterly, dipping steeply to the northwest; higher grade zones within the mineralised envelope appear to have a steep northerly plunge. Gold related alteration consists of biotitecalcitechloritepyrite alteration with an inner core of albitesilica carbonate biotite pyritegold replacement of the high Mg basalt and intermediate intrusions. The Cannon gold deposit is hosted within a sequence of ultramafic and highMg basaltic rocks intruded by a maficintermediate suite of lamprophyre dykes, and rarer dacitic dykes. The greenstone sequence strikes NS and dips steeply west whilst the intrusions strike NNE-SSW with variable dips to the west and east. Early shears and veins dip steeply to the WNW and these are folded and overprinted by a strong S2 foliation that is axial planar to the fold, and dips moderate to the NW. F2 folds plunge 25?035?. In zones of intense S2 foliation, the earlier formed fabrics become strongly crenulated, dismembered and ultimately transposed by S2. Early talc, carbonate, and quartzcarbonate veins developed within these shear zones probably formed as sets of extension veins, oriented normal to the shear zone (i.e. steep eastdipping) and with ongoing shortening during D2 become folded and then transposed by S2. Within some highstrain shear zones a rare third foliation, a crenulation cleavage S3, is developed. Younger brittle fault events are also noted.