Horizon Gold Limited announced additional shallow high grade gold results from the recently completed RC drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia. All assay results have now been received from initial RC drilling programs at the Hawk, Heron and Shiraz prospects, all located within 15 kilometres of the Gidgee processing plant with direct links to the existing haul road network. The Company completed a total of 42 RC holes for 6,395 metres at the Hawk, Heron and Shiraz prospects during June/July 2022.

The drilling has increased the geological confidence, validated the width and grade of historic intercepts, and successfully highlighted extensions to gold mineralization which remains open along strike and at depth at all three prospects. The Hawk Prospect is located only 5km southeast of the historic Gidgee mill and was previously mined by open cut methods. The initial RC program has confirmed and extended shallow gold mineralisation down plunge and down dip beneath and along strike of the Hawk open pit.

Numerous significant shallow gold intercepts were returned including 24m @ 3.7g/t Au from 124m including 11m @ 7.6g/t Au from 125m, 7m @ 6.2g/t Au from 119m including 1m @ 29.9g/t Au from 119m, 7m @ 4.9g/t Au from 139m including 1m @ 30.1g/t Au from 142m, 11m @ 2.2g/t Au from 95m including 6m @ 3.7g/t Au from 98m, 9m @ 2.4g/t Au from 134m including 3m @ 4.7g/t Au from 137m, 6m @ 2.5g/t Au from 86m including 2m @ 4.3g/t Au from 88m, and 8m @ 1.5g/t Au from 123m including 2m @ 2.6g/t Au from 123m. Assay results for HKRC017 are pending. Gold mineralisation at Hawk is associated with quartz veined limonitic saprolite and pyritic sericite- silica altered basalt within two sub-parallel, steeply south-west dipping shear zones containing abundant flat-lying quartz tension veins.

Mineralisation is continuous over a 450 metre strike and is currently defined to a maximum vertical depth of 130 metres, with high grade gold zones open and plunging to the north. The base of weathering extends to over 120 metres below surface, with high- grade supergene enrichment overlaying primary gold mineralisation. Whilst additional drilling is required down dip, down plunge and along strike to the north and south of Hawk, a maiden MRE will be completed prior to further drilling.

The Heron Prospect is located 14km southeast of the historic Gidgee mill and has not been previously mined. Initial RC drilling has identified strike extensions to shallow supergene mineralisation and down dip extensions to the primary gold mineralisation. Significant gold intercepts from the recent campaign include: 15m @ 3.0g/t Au from 84m including 6m @ 6.7g/t Au from 84m, 7m @ 3.1g/t Au from 105m including 2m @ 9.3g/t Au from 105m, 7m @ 2.5g/t Au from 133m including 4m @ 4.2g/t Au from 133m (HRRC004), 5m @ 2.8g/t Au from 65m including 2m @ 5.9g/t Au from 65m (HRRC006), and 7m @ 1.4g/t Au from 64m including 3m @ 2.9g/t Au from 67m.

Gold mineralisation at Heron is located within two broad flat-lying supergene enrichment zones overlying three sub-parallel northeast dipping fault zones containing quartz veined altered basalt. Mineralisation is continuous over an 850 metre strike and is currently defined to a maximum vertical depth of approximately 350 metres. The prospect area is deeply weathered with the base of complete oxidation between 60m and 120 metres below surface.

Four follow up RC holes for 663m were recently completed at the southern end of the deposit with all assays pending. Whilst additional drilling is required at depth and along strike to the north and south of Heron, a maiden MRE will be completed prior to any further drilling. Shiraz Prospect The Shiraz Prospect is located 15km northeast of the historic Gidgee mill and has previously been mined by open cut methods.

The current Mineral Resource Estimate for the Shiraz deposit is 2.92Mt @ 0.83g/t Au for 78,000oz. Initial RC drilling has confirmed the down plunge and down dip extensions to previously delineated gold mineralisation beneath and along strike of the Shiraz open pit and resource block model. Significant broad gold intercepts from the recent campaign include: 29m @ 0.8g/t Au from 105m including 5m @ 2.0g/t Au from 110m, 27m @ 0.8g/t Au from 116m including 6m @ 1.8g/t Au from 134m, 32m @ 0.5g/t Au from 129m including 2m @ 2.1g/t Au from 148m, 24m @ 0.6g/t Au from 92m including 4m @ 1.1g/t Au from 101m, 18m @ 0.6g/t Au from 75m including 2m @ 2.2g/t Au from 86m (SHRC007), 25m @ 0.5g/t Au from 80m, and 20m @ 0.5g/t Au from 100m.

Gold mineralisation at Shiraz is associated with a thick, quartz veined pyrite-pyrrhotite-rich quartz dolerite unit that dips steeply to the west. Mineralisation is continuous over a 700 metre strike and is currently defined to a maximum vertical depth of approximately 180 metres. Whilst additional drilling is required at depth and along strike to the north and south at Shiraz, an updated MRE for Shiraz will be completed prior to any further drilling.