Horizon Minerals Limited High Grade Gold And Initial Nickel Results At Golden Ridge

Horizon Minerals Limited (ASX:HRZ) is pleased to announce new gold and nickel drilling results from the 100% owned Golden Ridge gold project area located 18km southeast of Kalgoorlie – Boulder in the heart of the Western Australian goldfields.

HIGHLIGHTS

Further assay results received from the second phase of drilling at the Golden Ridge project, 18km southeast of Kalgoorlie – Boulder in the heart of the Western Australian goldfields

Extension drilling completed in 2021 comprised 42 RC holes for 5,308m to the north of the historic Golden Ridge mine and 4km south of the Boorara gold project

Significant new high-grade gold mineralisation intercepted including:

2m @ 20.77g/t Au from 80m (GRRC21026)

2m @ 26.11g/t Au from 69m (GRRC21018)

1m @ 6.73g/t Au from 40m, 2m @ 2.27g/t Au from 44m, 2m @ 2.86g/t Au from 87m

and 14m @ 3.62g/t Au from 106m including 1m @ 40.3g/t Au from 119m (GRRC21014)

5m @ 8.06g/t Au from 57m (GRRC21035)

1m @ 21.36g/t Au from 86m (GRRC21034)

5m @ 3.98g/t Au from 62m (GRRC21013)

Results demonstrate continuity of the high-grade mineralisation that remains open to the north and at depth with follow up drilling to commence in the June Quarter 2022

Channel sampling across the southern ramp of the historic pit confirmed steeply dipping, shallow high-grade lodes remained in pit with results including:

4m @ 10.49g/t Au from 6m and 2m @ 1.41g/t Au from 19m (CSGR01)

1m @ 2.98g/t Au from 2m, 1m @ 1.07g/t Au from 7m and 3m @ 5.56g/t Au from 15m (CSGR02)

Multi-element composite assay results received from the 43-hole Air Core program at Golden Ridge South and two RC holes at Golden Ridge North. Widespread mineralisation up to 0.62% Ni, 460ppm Cu, 0.13% Co and 48g/t Ag has been intersected in ultramafic saprolitic clays and rocks

RC drilling up to 330m deep has commenced at Golden Ridge. The drilling will allow for downhole EM survey access that will help locate any nearby deep sulphide conductors and better delineate the ultramafic stratigraphy

Commenting on the Golden Ridge results, Horizon Managing Director Mr Jon Price said: “Golden Ridge is continuing to demonstrate the potential for large scale extensions and the continuity to the northwest and the south is very encouraging. This highly mineralised system is now being tested for base metals with immediate initial success. We now look forward to the deeper drilling and EM survey data in our search for nickel sulphides and further gold extensions to the north and south.”

The drilling formed part of the 50,000m CY21 program testing high priority resource definition and new discovery targets across the 1,100km2 portfolio. The aim of the program was to organically grow the project pipeline within a 75km radius of Kalgoorlie. The Company currently has one RC rig drilling at Golden Ridge.

The 2021 stage 2 Golden Ridge RC program was completed to generate an initial resource and test extensions to the north of the historic open pit. An Air Core program drill tested Golden Ridge to the south where new gold mineralisation was discovered. Recent multi-element work has highlighted anomalous levels of Ni-Co-Cu within a weathered ultramafic system.

Next Steps

A Golden Ridge gold Mineral Resource Estimate update is expected in the June Quarter 2022. This will include the northern extension area as well as the historic resource beneath the Golden Ridge mine.

RC drilling will continue testing both precious and base metal targets at Golden Ridge through the June Quarter 2022 before moving to test targets in the northern Greater Boorara project area at Kanowna South, Perkolilli and Balagundi.

About Horizon Minerals Limited

Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia’s richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE’s, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

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