Horizon Minerals : Regional Drilling Delivers Excellent Results

REGIONAL DRILLING CONFIRMS TWO NEW PROSPECTS AT THE BADEN POWELL AND WINDANYA PROJECT AREAS

HIGHLIGHTS

• Regional drilling comprising 58 RC holes for 4,763m completed in September 2019. Two historic prospects "Baden Powell North" and "Capricorn" returned significant new gold mineralisation in an area of limited historic exploration
• At the Capricorn prospect, follow up drilling was conducted on a 40m spacing along 360m of strike length. Significant results include1:

1. 12m @ 3.62g/t Au from 28m including 1m @ 24.0g/t Au from 32m (WDRC19031)

1. 5m @ 6.56g/t Au from 43m including 1m @ 21.60g/t Au from 46m (WDRC19028)

1. 5m @ 6.15g/t Au from 66m including 1m @ 26.20g/t Au from 66m (WDRC19029)

• 1. 10m @ 1.97g/t Au from 65m (WDRC19033)
• At the Baden Powell North prospect, historic workings and adjacent areas up to 600m NNW of the historic open pit area were tested. Significant results include1:
• 1. 8m @ 2.79g/t Au from 76m* (BPRC19028)

1. 5m @ 2.67g/t Au from 12m (BPRC19022)

• 1. 3m @ 5.73g/t Au from 18m (BPRC19022)
• At the Baden Powell mine area, infill drilling was conducted to convert the established mineralisation to a JORC compliant resource. Better results include1:
• 1. 6m @ 1.82g/t Au from 54m (BPRC19014)

1. 5m @ 1.61g/t Au from 56m and 2m @ 1.10g/t Au from 70m (BPRC19011) Commenting on the latest results, Horizon Managing Director Mr Jon Price said:

"The regional drilling program continues to deliver new and exciting results in areas where limited modern exploration has been conducted in the past. The Windanya and Baden Powell areas are now demonstrating the potential for new resources to be established within trucking distance from a centralised processing facility. We look forward to the next round of drilling to further test the extent of mineralisation and infill drilling to improve geological confidence. "

1 3See Table 1 on Page 10, Competent Persons Statement on page 12 and JORC Tables on Page 13. * 4m composite, single results pending.

Overview

Horizon Minerals Limited (ASX: HRZ) ("Horizon" or the "Company") (formerly Intermin Resources Limited) is pleased to announce further excellent reverse circulation ("RC") drilling results from the 100% owned Kalgoorlie regional gold project areas located along the Bardoc Tectonic Zone and Abattoir Shear Zone in the heart of the Western Australian goldfields (Figure 1).

Figure 1: Kalgoorlie Regional Project area location and surrounding infrastructure

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During 2019, the Company completed 3 RC programs, focused on resource growth at Coote and Crake, but also testing a number of under explored regional prospects such as the Central Binduli area (Darter and Honeyeater), Black Flag, Capricorn and Baden Powell. These tenements are all located within the highly prospective Abattoir Shear-Bardoc Tectonic Zone corridor. To date, Horizon has drilled a total of 164 RC holes for 14,227m in 2019.

Windanya Project Area

The Windanya group of tenements are located about 45km NW of Kalgoorlie. During March and April 2019, the Company completed a first pass 5 hole, RC program at the historic Capricorn Prospect (refer to Metaliko 2010 IPO prospectus dated 16 July 2010 for more details). Earlier drilling had delineated gold bearing quartz veins on the contact of an ultramafic and basaltic unit. Significant historical intercepts included 1:

• 1m @ 9.5g/t Au from 36m (PCN/DCN003)
• 1m @ 24.2g/t Au from 86m (PCN021)
• 3m @ 3.35g/t Au from 66m (PCN022)

The March drilling confirmed the tenor of mineralisation with results including 2:

• 1m @ 9.91g/t Au from 35m and 1m @ 1.05g/t Au from 41m (WDRC19012)
• 5m @ 2.28g/t Au from 92m and 1m @ 1.68g/t Au from 106m (WDRC19009)

Given the positive results and favourable geology, Horizon conducted a follow up, resource style drill program on a 40m spacing along 360m of interpreted strike length. The results are promising with relatively shallow, high grade mineralisation intercepted (Figures 2 and 3). Highlights include 3:

• 12m @ 3.62g/t Au from 28m, including 1m @ 24.0g/t Au from 32m (WDRC19031)
• 5m @ 6.56g/t Au from 43m including 1m @ 21.60g/t Au from 46m (WDRC19028)
• 5m @ 6.15g/t Au from 66m including 1m @ 26.20g/t Au from 66m (WDRC19029)
• 10m @ 1.97g/t Au from 65m (WDRC19033)

Typical of these areas, there is a near surface depletion zone that has blanketed the prospect with deeply weathered clays. Beneath this, the primary mineralisation dips to the east and averages about 4m thick but can blow out in the oxide zone to 10-12m in width as shown in WDRC19031. Some pinching and swelling, typical of high strain terrains, together with inferred fault offsets have complicated the ore shoot distribution.

In addition to the drilling, Horizon has also been actively exploring the entire Windanya tenement group having taken over 200 soil samples and rock chips in 2019. Several anomalies coincident with interpreted structures were generated and remain to be tested. POW's for 2020 drill programs have been submitted.

1 As announced to the ASX by MKO on 16 July 2010. 2 As announced to the ASX on 16 July 2019. 3 See Table 1 on Page 10, Competent Persons Statement on page 12 and JORC Tables on Page 13.

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Figure 2: Capricorn Drill hole Collar Plan

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Figure 3: Capricorn Cross Section (see Figure 2 for location)

Baden Powell Project Area

The Baden Powell project is located about 60km NNW of Kalgoorlie. Step back RC drilling by Horizon in 2017 confirmed that there was potential to build a limited resource around the old pit (Figure 4). The gold mineralisation is steeply dipping and typically occurs in a shear zone along a porphyry and ultramafic contact. Significant 2017 intercepts included 1:

• 17m @ 3.00 g/t Au from 104m (BPRC1703)
• 14m @ 1.87 g/t Au from 129m (BPRC1708)
• 10m @ 1.30 g/t Au from 183m (BPRC1701)

1 As announced to the ASX on 29 August and 28 November 2017.

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The drilling highlighted some gaps in the data and potential extensions immediately north of the pit (Figure 4). These areas were recently drill tested (Figure 5). Significant results include 1:

• 6m @ 1.82g/t Au from 54m (BPRC19014)
• 5m @ 1.61g/t Au from 56m and 2m @ 1.10g/t Au from 70m (BPRC19011)
• 4m @ 1.57g/t Au from 29m (BPRC19013)

Deep drilling (BPRC19018-19019) 100m north of the pit did not intersect any significant mineralisation which definitively bounds the potential Baden Powell resource size to the north. The southern area of the pit has still to be tested.

In keeping with the Baden Powell resource expansion program, a series of historic workings about 250-600m NNW of the old pit were sampled. Quartz veins on the mullock returned high grade assays up to 67.1 g/t Au. The workings had been drill tested (possibly in the 1990's) but there was no sample/assay record of them in the GSWA Wamex database.

The drill spoils were in poor condition but were resampled as 4m composites by Horizon. The maximum result was 4m @ 1.3 g/t, with several other anomalous composites (>0.1 g/t Au) observed. Similar to the Baden Powell historic pit (Figure 4), the gold appeared to be located along the porphyry-ultramafic contact.

Given the comparable geology, the high grade veins and sampling results, Horizon completed 9 RC scout holes around these workings. The results were pleasing with several promising, shallow intercepts made along the trend line. Better results include 1:

• 8m @ 2.79g/t Au from 76m* (BPRC19028)
• 5m @ 2.67g/t Au from 12m (BPRC19022)
• 3m @ 5.73 g/t Au from 18m (BPRC19022)

Two other historic workings, located between Baden Powell North and the Scotia workings another 2km NNW were also tested. Some minor gold was observed in SRC19001 (2m @ 0.68 g/t Au from 56m). Follow up infill drilling is planned at Baden Powell North.

Figure 4: Historic Baden Powell pit looking north.

1 3See Table 1 on Page 10, Competent Persons Statement on page 12 and JORC Tables on Page 13. * 4m composite, single results pending.

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Figure 5: Baden Powell mine and Northern Prospect Collar Plan.

Black Flag Project Area

The Black Flag project is located about 35km NNW of Kalgoorlie and overlies part of the highly prospective Abattoir Shear Zone (Teal-Jacques-Gimlet Deposits) and arguably, the south-eastern edge of Mt Pleasant anticline. The geology is dominated by the Black Flag volcanics, sediments and porphyry intrusives.

Much of the historical (drilling) work was completed by Centaur Mining (1996-1998) and Placer Dome (2003-2006). This work resulted in an improved geological understanding of the area which was mostly covered by sheet wash and lake clays. There are few, if any, historical drill holes of note, the best result being 1m @ 1.24 g/t (38m) and 1m @ 4.46 g/t (46m) from BFLA553 near the interpreted Abattoir Shear.

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Horizon recently completed a first pass 4 hole RC program aimed at helping improve the regolith profile understanding as well as testing selected areas where the historical drilling had discovered minor, but anomalous, levels of gold (Figure 7). Significant results achieved included 1:

• 1m @ 2.84 g/t Au from 41m (BFRC19002)
• 1m @ 1.07 g/t Au from 23m (BFRC19003)

BFRC19002 was drilled near BFLA553 (WAMEX report A67339) and indicates that the oxidised black shale is genuinely mineralised and could possibly be part of a widespread supergene zone

BFRC19003 was drilled over a porphyry intrusive, similar in appearance to the pink Crake porphyry and recorded 1.07 g/t Au in the Tertiary clays sitting above a basal sand unit. Anomalous levels of gold (up to 0.17 g/t Au) were found in the fresh porphyry along with small amounts of pyrite near the bottom of the 78m hole.

BFRC19006 was drilled into a greywacke sediment and recorded a mildly anomalous 4m @ 0.14 g/t Au* near the fresh rock boundary. The results from these 3 holes are all considered encouraging and warrant follow up drilling. Two new soil orientation programs are scheduled this quarter and will be used to plan further soil work and/or assist with drill targeting.

Figure 6: Drilling at the Black Flag prospect.

1 3See Table 1 on Page 10, Competent Persons Statement on page 12 and JORC Tables on Page 13. * 4m composite, single results pending.

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Figure 7: Black Flag Collar Plan.

Next Steps

No further exploration drilling is scheduled this year, as Horizon is currently focussed on the 18,000m grade control drilling at Boorara (ASX Ann. 29 Oct 2019). Planning for the 2020 regional exploration campaign has already begun. Potential new resources are identified at Baden Powell, Capricorn and Coote. Priority drill targets include Baden Powell North, Black Flag, Honeyeater and Darter. New prospects are expected to emerge across all project areas in 2020. Target generation studies on the Yarmany and Lakewood prospects have progressed.

For further information, please contact:
Jon Price	Michael Vaughan
Managing Director	Media Relations - Fivemark Partners
Tel: [phone]	Tel: [phone]
[e-mail]	[e-mail]

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Table 1: Kalgoorlie gold project 2019 (Stage 3) significant downhole RC intercepts >1.00g/t Au 1,2

	Hole Id			East			North			Depth (m)			Dip			Azimuth			From			To			Interval			Au g/t
			(m)			(m)									(m)			(m)			(m)			(FA50)
	Windanya Drilling (>1.0 g/t)
	WDRC19014	332208		6640430		60		-60		275		20		21		1		1.49
																		27		28		1		1.11
	WDRC19015	332190		6640473		54		-60		275		25		28		3		2.37
	WDRC19016	332219		6640471		60		-60		275												NSA
	WDRC19017	332249		6640469		84		-60		275												NSA
	WDRC19018	332285		6640467		108		-60		275		32		33		1		1.31
																		58		60		2		1.09
	WDRC19019	332320		6640464		126		-60		275		55		57		2		2.55
																		65		68		3		1.09
	WDRC19020	332239		6640510		40		-60		275												NSA
	WDRC19021	332294		6640506		84		-60		275		36		37		1		1.13
																		41		43		2		2.40
																		49		50		1		3.30
	WDRC19022	332374		6640500		140		-60		275		114		115		1		1.89
																		128		129		1		1.84
	WDRC19023	332227		6640562		50		-60		275												NSA
	WDRC19024	332260		6640560		70		-60		275		33		36		3		1.10
	WDRC19025	332294		6640558		90		-60		275												NSA
	WDRC19026	332240		6640604		40		-60		275												NSA
	WDRC19027	332260		6640602		60		-60		275		39		40		1		1.91
	WDRC19028	332297		6640600		80		-60		275		43		48		5		6.56
																		54		55		1		1.39
	WDRC19029	332319		6640598		100		-60		275		58		59		1		1.05
																		66		71		5		6.15
	WDRC19030	332255		6640642		40		-60		275												NSA
	WDRC19031	332280		6640640		50		-60		275		28		40		12		3.62
	WDRC19032	332302		6640638		75		-60		275		46		47		1		1.02
																		52		53		1		1.05
	WDRC19033	332323		6640637		110		-60		275		53		54		1		1.72
																		65		75		10		1.97
	WDRC19034	332273		6640701		66		-60		275												NSA
	WDRC19035	332297		6640699		80		-60		275		31		34		3		1.51
	WDRC19036	332323		6640697		100		-60		275		50		54		4		1.96
	WDRC19037	332370		6640692		120		-60		275												NSA
	WDRC19038	332269		6640741		54		-60		275												NSA
	WDRC19039	332291		6640740		66		-60		275												NSA
	WDRC19040	332314		6640738		76		-60		275												NSA
	WDRC19041	332335		6640736		96		-60		275		41		44		3		2.31
																		46		47		1		1.03

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							61	63	2	2.64
	WDRC19042	332290	6640780	60	-60	275	12	17	5	1.67
	WDRC19043	332320	6640778	90	-60	275	32	33	1	1.99
							36	37	1	1.58
							47	48	1	1.49
	Black Flag (>1.0 g/t Au)
	BFRC19002	341390	6621200	91	-60	270	41	42	1	2.84
	BFRC19003	340675	6620325	78	-60	090	23	24	1	1.07
	BFRC19006	340965	6620325	70	-60	270				NSA
	BFRC19008	341270	6620325	131	-60	270				NSA
	Baden Powell Drilling (>1.0 g/t Au)
	BPRC19008	329033	6653391	90	-60	240				NSA
	BPRC19009	329066	6653411	130	-60	240	120	121	1	2.08
	BPRC19011	329011	6653433	90	-60	240	56	61	5	1.61
							70	72	2	1.10
	BPRC19013	328965	6653471	70	-60	240	29	33	4	1.57
	BPRC19014	328984	6653482	90	-60	240	54	60	6	1.82
	BPRC19015	328940	6653504	80	-60	240				NSA
	BPRC19016	328959	6653516	110	-60	240				NSA
	BPRC19017	328982	6653530	140	-62	240	86	87	1	2.34
							96	97	1	1.09
							106	107	1	2.38
							124	125	1	1.40
	BPRC19018	328951	6653558	140	-60	240				NSA
	BPRC19019	328971	6653571	180	-62	240				NSA
	Baden Powell North (>1.0 g/t Au)
	BPRC19021	328859	6653693	75	-60	240				NSA
	BPRC19022	328828	6653721	60	-60	240	12	17	5	2.67
	BPRC19023	328770	6653803	36	-60	240	18	21	3	5.73
	BPRC19024	328787	6653813	60	-60	240	41	42	1	4.33
							47	48	1	1.38
	BPRC19025	328809	6653825	100	-60	240				NSA
	BPRC19026	328752	6653838	30	-60	240	24	25	1	1.05
							29	30	1	1.48
	BPRC19027	328767	6653845	60	-60	240				NSA
	BPRC19028	328761	6653908	100	-60	240	76	84	8	2.792
	BPRC19029	328649	6654010	50	-60	240				NSA
	Scotia and Olympia (>1.0 g/t Au)
	SRC19001	327777	6655144	80	-60	228				NSA
	SRC19004	327955	6654930	40	-60	205				NSA
	SRC19005	328230	6654587	40	-60	228				NSA
	OLRC19004	329120	6656400	103	-60	270				NSA
	OLRC19005	329100	6656480	110	-60	270				NSA

1. Au g/t FA50 is a fire assay. True width intercepts are not known but estimated to be close (~75%) of the downhole width.
2. 4m composite results, check single assays pending.

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• Competent Person Statement - Exploration Results: Information in this announcement that relates to exploration results is based on information compiled by Mr. David O'Farrell who is the Exploration Manager of Intermin Resources Ltd. Mr. O'Farrell is a Member of The Australian Institute of Mining and Metallurgists (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. O'Farrell consents to the inclusion in the document of the information in the form and context in which it appears

Forward Looking and Cautionary Statements

Some statements in this report regarding estimates or future events are forward looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward looking statements include, but are not limited to, statements preceded by words such as "planned", "expected", "projected", "estimated", "may", "scheduled", "intends", "anticipates", "believes", "potential", "could", "nominal", "conceptual" and similar expressions. Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward looking statements may be affected by a range of variables that could cause actual results to differ from estimated results, and may cause the Company's actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licenses, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for among other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rate, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward looking statements will prove to be correct.

Statements regarding plans with respect to the Company's mineral properties may contain forward looking statements in relation to future matters that can only be made where the Company has a reasonable basis for making those statements.

This announcement has been prepared in compliance with the JORC Code (2012) and the current ASX Listing Rules.

The Company believes that it has a reasonable basis for making the forward looking statements in the announcement, including with respect to any production targets and financial estimates, based on the information contained in this and previous ASX announcements.

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Appendix 1 - Kalgoorlie Regional Gold Projects

JORC Code (2012) Table 1, Section 1 and 2

Mr David O'Farrell, Exploration Manager of Intermin compiled the information in Section 1 and Section 2 of the following JORC Table 1 and is the Competent Person for those sections. The following Table and Sections are provided to ensure compliance with the JORC Code (2012 edition) requirements for the reporting of Mineral Resources. For further detail, please refer to the announcements made to the ASX by Intermin Resources Ltd in 2016-2019 and Horizon Minerals Ltd (2019) relating to the Kalgoorlie gold project areas.

Section 1 Sampling Techniques and Data

	Criteria			JORC Code explanation			Commentary
							∙ 4m composite samples taken with a 450mm x 50mm PVC spear being thrust to the bottom of the sample
	Sampling		Nature and quality of sampling (e.g. cut channels, random		bag for RC drilling. 1m single splits taken using riffle splitter if 4m results above cut-off. Average sample
	techniques		chips, or specific specialised industry standard measurement		weights about 1.5-2kg.
				tools appropriate to the minerals under investigation, such as
				down hole gamma sondes, or handheld XRF instruments, etc).
				These examples should not be taken as limiting the broad
				meaning of sampling.
							∙ For RC drilling regular air and manual cleaning of cyclone to remove hung up clays where present.
				Include reference to measures taken to ensure sample		Standards & replicate assays taken by the laboratory. Based on statistical analysis of these results, there is
				representivity and the appropriate calibration of any		no evidence to suggest the samples are not representative.
				measurement tools or systems used.
							∙ RC was used to obtain 1m samples from which approximately 1.5-2kg was pulverised to produce a 50 g
				Aspects of the determination of mineralisation that are		charge for fire assay. RC chips were geologically logged over 1m intervals, initially sampled over 4m
				Material to the Public Report. In cases where 'industry		composite intervals and then specific anomalous intervals were sampled over 1m intervals. Depending
				standard' work has been done this would be relatively simple		on the final hole depth, the maximum composite interval was 4m and minimum was 1m. Samples
					assayed for Au only for this program. Drilling intersected oxide, transitional and primary ore at a
				(e.g. 'reverse circulation drilling was used to obtain 1 m
					maximum downhole depth of 128mm. Assays were determined by Fire assay with checks routinely
				samples from which 3 kg was pulverised to produce a 30 g
					undertaken. Drilling of mainly oxide and primary felsic volcanogenic sediments with gold contained
				charge for fire assay'). In other cases more explanation may
					within sulphides and quartz.
				be required, such as where there is coarse gold that has

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	Criteria			JORC Code explanation			Commentary
				inherent sampling problems. Unusual commodities or
				mineralisation types (e.g. submarine nodules) may warrant
				disclosure of detailed information.
							∙ RC drilling with a 5' 1/4 inch face sampling hammer bit.
	Drilling		Drill type (e.g. core, reverse circulation, open-hole hammer,
	techniques		rotary air blast, auger, Bangka, sonic, etc) and details (e.g.
				core diameter, triple or standard tube, depth of diamond tails,
				face-sampling bit or other type, whether core is oriented and
				if so, by what method, etc).
							∙ RC recovery and meterage was assessed by comparing drill chip volumes (sample bags) for individual
	Drill sample		Method of recording and assessing core and chip sample		meters. Estimates of sample recoveries were recorded. Routine checks for correct sample depths are
	recovery		recoveries and results assessed.		undertaken every RC rod (6m). RC sample recoveries were visually checked for recovery, moisture and
							contamination. The cyclone was routinely cleaned ensuring no material build up.
				Measures taken to maximise sample recovery and ensure		∙ Due to the generally good/standard drilling conditions around sample intervals (dry) the geologist believes
				representative nature of the samples.		the samples are representative, some bias would occur in the advent of poor sample recovery which was
					logged where rarely encountered. At depth there were some wet samples and these were recorded on
				Whether a relationship exists between sample recovery and		geological logs. Where significant samples were wet they were recorded.
					∙ No sample bias has been identified to date.
				grade and whether sample bias may have occurred due to
				preferential loss/gain of fine/coarse material.
							∙ Drill chip logging and core was completed on one metre or selected intervals at the rig by the geologist.
	Logging		Whether core and chip samples have been geologically and		The log was made to standard logging descriptive sheets, and transferred into Micromine software once
				geotechnically logged to a level of detail to support		back at the office.
				appropriate Mineral Resource estimation, mining studies and		∙ Logging was qualitative in nature.
				metallurgical studies.		∙ All intervals logged for RC drilling.
				Whether logging is qualitative or quantitative in nature. Core
				(or costean, channel, etc) photography.

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Criteria

Sub-sampling techniques and sample preparation

Quality of assay data and laboratory tests

JORC Code explanation			Commentary
The total length and percentage of the relevant intersections
logged.
			∙ 4m composite and 1m RC samples taken.
If core, whether cut or sawn and whether quarter, half or all			∙ RC samples were collected from the drill rig by spearing each 1m collection bag and compiling a 4m
core taken.			composite sample. Single splits were automatically taken by emptying the bulk sample bag into a riffle
			splitter. Samples collected in mineralisation were all dry except for some at depth and these were recorded
If non-core, whether riffled, tube sampled, rotary split, etc			on logs.
and whether sampled wet or dry.			∙ For Intermin samples, no duplicate 4m composites were taken in the field. 4m and 1m samples were
		analysed by SGS Mineral Services in Kalgoorlie.
For all sample types, the nature, quality and appropriateness			∙ Samples were consistent and weighed approximately 1.5-2.0 kg and it is common practice to review 1m
		results and then review sampling procedures to suit.
of the sample preparation technique.
		∙ Once samples arrived in Kalgoorlie, further work including duplicates and QC was undertaken at the
Quality control procedures adopted for all sub-sampling			laboratory. Intermin has determined that there is insufficient drill data density to inform an updated
		Mineral Resource Estimate with the current level of data.
stages to maximise representivity of samples.
		∙ Mineralisation is located in weathered and fresh porphyry. The sample size is standard practice in the WA
			Goldfields to ensure representivity
Measures taken to ensure that the sampling is representative
of the in situ material collected, including for instance results
for field duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the
material being sampled.
			∙ The 1m RC samples were assayed by Fire Assay (FA50) by SGS accredited Labs (Kalgoorlie) for gold only.
The nature, quality and appropriateness of the assaying and			∙ No geophysical assay tools were used.
laboratory procedures used and whether the technique is			∙ Laboratory QA/QC involves the use of internal lab standards using certified reference material, blanks,
considered partial or total.			splits and replicates as part of the in-house procedures. HRZ also supplied a number of certified standards
			for checking. QC results (blanks, duplicates, standards) were in line with commercial procedures,
For geophysical tools, spectrometers, handheld XRF			reproducibility and accuracy.
instruments, etc, the parameters used in determining the

Page 15 of 20

Criteria

JORC Code explanation

Commentary

analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

		∙ Work was supervised by senior SGS staff experienced in metals assaying. QC data reports confirming the
Verification of	The verification of significant intersections by either		sample quality are supplied.
sampling and	independent or alternative company personnel.	∙	Data storage as PDF/XL files on company PC in Perth office.
assaying		∙	No data was adjusted.
	The use of twinned holes.
	Documentation of primary data, data entry procedures, data
	verification, data storage (physical and electronic) protocols.
	Discuss any adjustment to assay data.
		∙ All drill collar locations were initially pegged and surveyed using a hand held Garmin GPS, accurate to within
Location of	Accuracy and quality of surveys used to locate drill holes		3-5m. The holes are normally accurately surveyed using a RTK-DGPS system at a later date. Holes were
data points	(collar and down-hole surveys), trenches, mine workings and		drilled on a regular spacing as per Table 1 collar details. All reported coordinates are referenced to a local
	other locations used in Mineral Resource estimation.		grid. The topography is flat at the location of the drilling. Down hole surveys were taken.
	∙	Grid MGA94 Zone 51.
	Specification of the grid system used.	∙ Topography is very flat, small differences in elevation between drill holes will have little effect on
		mineralisation widths on initial interpretation.
	Quality and adequacy of topographic control.

• Holes were variably spaced and were consistent with industry standard resource style drilling in

Data spacing	Data spacing for reporting of Exploration Results.	accordance with the collar details/coordinates supplied in Table 1.
and		∙ The hole spacing was determined by Intermin to be sufficient when combined with confirmed historic
distribution	Whether the data spacing and distribution is sufficient to	drilling results to define mineralisation in preparation for a JORC Compliant Resource Estimate.
	establish the degree of geological and grade continuity

Page 16 of 20

	Criteria			JORC Code explanation			Commentary
				appropriate for the Mineral Resource and Ore Reserve
				estimation procedure(s) and classifications applied.
				Whether sample compositing has been applied.
							∙ No, drilling angle or vertical holes in cases is deemed to be appropriate to intersect the oxide and primary
	Orientation of		Whether the orientation of sampling achieves unbiased		mineralisation and potential residual dipping structures. At Crake, all holes were angles and used to
	data in		sampling of possible structures and the extent to which this is		intersect the shallow dipping lodes. In this case the intercept width is very close (~75%) to the true width
	relation to		known, considering the deposit type.		however, further drilling is required.
			∙ The relationship between the drilling orientation and the orientation of mineralised structures is not
	geological
					considered to have introduced a sampling bias. Given the style of mineralisation and drill spacing/method,
	structure		If the relationship between the drilling orientation and the
			it is the most common routine for delineating shallow gold resources in Australia.
				orientation of key mineralised structures is considered to have
				introduced a sampling bias, this should be assessed and
				reported if material.
							∙ Samples were collected on site under supervision of the responsible geologist. The work site is on a
	Sample		The measures taken to ensure sample security.		destocked pastoral station. Visitors need permission to visit site. Once collected samples were bagged and
	security					transported to Kalgoorlie for analysis. Dispatch and consignment notes were delivered and checked for
							discrepancies.
							∙ No Audits have been commissioned.
	Audits or		The results of any audits or reviews of sampling techniques
	reviews		and data.

Section 2 Reporting of Exploration Results

	Criteria			JORC Code explanation		Commentary
						∙	Black Flag P24/5146, Capricorn P24/5057, Baden Powell M24/959, Scotia P24/5046, Olympia M24/919. No
	Mineral		Type, reference name/number, location and ownership		third party JV partners involved.
	tenement and	including agreements or material issues with third parties
				such as joint ventures, partnerships, overriding royalties,	∙	The tenements are in good standing and no known impediments exist.

Page 17 of 20

Criteria

JORC Code explanation

Commentary

land tenure	native title interests, historical sites, wilderness or national
status	park and environmental settings.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

			∙ Previous workers in the area include Metaliko Resources, Placer Dome Asia, Inco Australia, Centaur
Exploration	Acknowledgment and appraisal of exploration by other		Mining & Exploration.
done by other	parties.
parties
			∙ Archaean sediments, volcanics and porphyry. Oxide supergene and transitional gold with vein quartz,
Geology	Deposit type, geological setting and style of mineralisation.		shear hosted with varying amounts of sulphide mineralisation.
			∙	See Table 1.
Drill hole	A summary of all information material to the understanding
Information	of the exploration results including a tabulation of the
	following information for all Material drill holes:
	∙ easting and northing of the drill hole collar
	∙ elevation or RL (Reduced Level - elevation above
		sea level in metres) of the drill hole collar
	∙ dip and azimuth of the hole	∙ No information is excluded.
	∙	down hole length and interception depth
	∙	hole length.
	If the exclusion of this information is justified on the basis that
	the information is not Material and this exclusion does not
	detract from the understanding of the report, the Competent
	Person should clearly explain why this is the case.

Page 18 of 20

	Criteria			JORC Code explanation			Commentary
							∙ No weighting or averaging calculations were made, assays reported and compiled are as tabulated in
	Data		In reporting Exploration Results, weighting averaging		Table 1.
	aggregation		techniques, maximum and/or minimum grade truncations
	methods		(e.g. cutting of high grades) and cut-off grades are usually		∙ All assay intervals reported in Table 1 are 1m downhole intervals or as indicated.
				Material and should be stated.		∙ No metal equivalent calculations were applied.
				Where aggregate intercepts incorporate short lengths of high
				grade results and longer lengths of low grade results, the
				procedure used for such aggregation should be stated and
				some typical examples of such aggregations should be shown
				in detail.
				The assumptions used for any reporting of metal equivalent
				values should be clearly stated.
							∙ Laterite, oxide mineralisation is generally flat lying (almost blanket like) while transitional and primary
	Relationship		These relationships are particularly important in the reporting		mineralisation at depth is generally steeply dipping 60-90 degrees.
	between		of Exploration Results.		∙ Drill intercepts and true widths appear to be close to each other, or within reason allowing for the
	mineralisatio					minimum intercept width of 1m. Intermin estimates that the true width is variable but probably around
	n widths and		If the geometry of the mineralisation with respect to the drill		75-100% of most intercept widths.
	intercept		hole angle is known, its nature should be reported.		∙ Given the nature of RC drilling, the minimum width and assay is 1m. The true thickness of the downhole
			intercepts are not known however the downhole intercepts appear to represent very close to true width
	lengths
		If it is not known and only the down hole lengths are reported,		given the orientation of the drilling.
				there should be a clear statement to this effect (e.g. 'down
				hole length, true width not known').
							∙ See Figure 1-7.
	Diagrams		Appropriate maps and sections (with scales) and tabulations
				of intercepts should be included for any significant discovery
				being reported These should include, but not be limited to a

Page 19 of 20

	Criteria			JORC Code explanation		Commentary
				plan view of drill hole collar locations and appropriate
				sectional views.
	Balanced		Where comprehensive reporting of all Exploration Results is	• Summary results showing 1m assays >1.00 g/t Au are shown in Table 1.
	reporting		not practicable, representative reporting of both low and high
				grades and/or widths should be practiced to avoid misleading
				reporting of Exploration Results.
						∙ No comprehensive metallurgical work has been completed at Windanya or Baden Powell.
	Other		Other exploration data, if meaningful and material, should be	∙ See details from previous ASX releases from Intermin Resources Limited (ASX; IRC) and more recently
	substantive		reported including (but not limited to): geological	Horizon Minerals (ASX: HRZ). These can be accessed via the internet.
	exploration		observations; geophysical survey results; geochemical survey
	data		results; bulk samples - size and method of treatment;
				metallurgical test results; bulk density, groundwater,
				geotechnical and rock characteristics; potential deleterious or
				contaminating substances.
						∙ New resource calculations are planned once sufficient data is compiled, with pit or underground
	Further work		The nature and scale of planned further work (e.g. tests for	economic assessments to follow if warranted.
				lateral extensions or depth extensions or large-scalestep-out	∙ Commercially sensitive.
				drilling).
				Diagrams clearly highlighting the areas of possible extensions,
				including the main geological interpretations and future
				drilling areas, provided this information is not commercially
				sensitive.

Page 20 of 20