Horizon Minerals Limited (ASX: HRZ) ('Horizon' or the 'Company') is pleased to announce excellent reverse circulation ('RC') drilling results from the 100% owned Boorara gold project located 10km east of Kalgoorlie-Boulder in the heart of the Western Australian goldfields.

In the December Quarter 2019, the Company completed 18,000m of infill Reverse Circulation (RC) drilling on 4m x 10m (south) and 5m x 10m (north) drill spacing to a maximum depth of 54m at the Royal (southern stockwork), Crown Jewel (central) and Regal (northern stockwork) deposits.

Project Summary and Geology

The Boorara gold project is located on granted Mining Leases 1km southwest of the Nimbus site where established offices are connected to mains power and a production water supply from the Stoneville bore field.

The deposit is hosted in a typical quartz dolerite comprising a sheeted quartz vein array system with bounding shear zones and late stage cross faults. Mineralisation occurs as: northwest dipping sheeted and stockwork quartz-carbonate vein arrays within the quartz dolerite host rocks

Steeply dipping zones along sheared geological contacts trending to the north-northwest

A significant amount of RC and diamond drilling has been completed at Boorara over the last 10 years with the project hosting a current Mineral Resource Estimate totalling 16.45Mt grading 0.96g/t Au for 507,000oz at a 0.5g/t Au cut-off grade.1

Gold mineralisation is associated with pyrite and arsenopyrite with alteration halos of iron carbonate, sericite and bleaching. The current resource covers a strike length of over 1.8km and widths of over 250m and remains open along strike to the south and north and at depth.

A small scale trial pit to 20m depth was mined in the Royal area at Boorara in 2016, with ore up to 15m wide mined on 2.5m high flitches 2 . A close spaced grade control program undertaken prior to mining yielded planned trial pit grades well above the global resource grade of 1g/t 1 . Ore mined from the trial pit was processed at FMR Investments' Greenfields Mill in Coolgardie which reconciled at 30,239 tonnes at 1.73g/t of high grade ore, with an additional 13,095 tonnes at 0.68g/t of low grade still stockpiled at Boorara.

Depth of weathering can vary from less than 10m in the northern area and over 60m in the southern area. The ore is free milling with gold recoveries > 90% with a high gravity recoverable component as demonstrated through extensive metallurgical test work and trial mining and ore processing. 2

The aim of the current grade control program was to further test the grade uplift potential on a larger scale and enable a new geological model to be compiled for mine optimisation, design and economic analysis. In addition, the data will be used to update the global resource model as part of the Feasibility Study underway for the larger scale development to underpin a standalone processing facility at Boorara or collaboration with neighbouring companies.

The results received from the Royal deposit have demonstrated this potential with excellent widths intercepted across the mineralised system at higher grades than expected and consistent with the previous infill drilling program and subsequent mine and mill reconciliation. The drilling intercepted both the NNW striking main zone and multiple flat lying vein sets which can significantly improve the grade and mineable ounces per vertical metre.

Results from the Regal and Crown Jewel deposits are expected in coming weeks ahead of the compilation of an updated geological model for mine optimisation, design and economic assessment. The aim is to generate three starter pits across the project for mining and toll milling in 2020.

Next Steps

On receipt of all assay data and validation in coming weeks, the results will be used to compile an independent geological model for Boorara Stage 1 comprising all three deposits. The model will be generated by BM Geological Services Pty Ltd, a local geological consultant who has significant experience in the region and with this style of mineralisation. On completion of the model, a mine optimisation and design will be undertaken across three starter pits to generate a mining inventory for mine scheduling and economic evaluation.

Significant metallurgical test work has been completed and previous mining and milling data demonstrated expected gold recoveries of >91% with a high gravity recovery component. Discussions with mining, haulage and toll milling contractors are well advanced and all statutory approvals have been submitted to meet the Company's objective to be mining at Boorara in the June Quarter 2020 and toll milling in the September Quarter 2020.

Contact:

Tel: +61 8 9386 9534

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.

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