Leach Testing Begins on Groete Creek Gold Project Samples

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an updated Mineral Resource Statement for the Company's gold projects located near Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*). In addition, following the merger with Greenstone Resources, the Company has also added the Burbanks, Phillips Find and 50% owned Mt Thirsty projects to the Company's resources.

Following the successful completion of the merger between Horizon Minerals Limited and Greenstone Resources Limited (formerly ASX-GSR), additional resource model work and reviews, the Company is pleased to provide a consolidated statement of group Mineral Resources as of 30 June 2024.

HIGHLIGHTS

- Mineral Resources currently stand at:

o 1.8Moz gold
o 20.2Moz silver, 104kt zinc
o 283kt nickel, 40.5kt cobalt and 296.2kt manganese (50% owned)

- Mineral Resources are underpinned by the large cornerstone Boorara and Burbanks assets

- Updated Mineral Resource Estimates (MRE) include a maiden MRE for Pinner, an update for Monument and a revision for Boorara which is currently under an Ore Reserve Study (ORS) from AMC Consultants

- Changes to the gold MREs include:

o Addition of 297,650oz from Burbanks open pit
o Addition of 167,920oz from Burbanks underground
o Addition of 13,000oz from Pinner
o Addition of 3,000oz from Monument, and
o Reduction of 20,240oz from Boorara

- Large Mineral Resource base and ongoing studies pave the way for a development profile aiming at sustained gold production and continuous cashflows

Commenting on the Group MRE upgrade, Managing Director and CEO Mr Grant Haywood said:

"It is very pleasing to have the Burbanks and Phillips Find assets under single ownership with Horizon's complementary and extensive project base. Together this provides 1.8 million ounce gold portfolio, which is a great platform to implement our near term strategy of cashflow from operations and further growth into the medium and long term".

The gold MREs include an updated Monument MRE and a maiden MRE for Pinner, both part of the larger Cannon project area, and a review of the cornerstone Boorara project. A summary of the revised MREs are as follows:

- Monument 740,000t grading 1.18g/t Au for 28,000oz at a 0.5g/t Au cut-off grade

- Pinner 330,000t grading 1.21g/t Au for 12,844oz at a 0.5g/t Au cut-off grade

- Boorara 10.53Mt grading at 1.27g/t Au for 428,000oz at a 0.5g/t Au cut-off grade

Cannon, Monument and Pinner Project Overview

The Cannon deposit (Figure 1*) is located 30 km east-southeast of Kalgoorlie in the Eastern Goldfields region of Western Australia on granted mining leases M25/333 and M25/357. The Cannon mine and surrounding area is dominated by mafic to ultramafic rocks of the Bulong Complex overlain by a sequence of felsic volcanics, volcaniclastics and sediments. Lithologies present include komatiitic mafics and ultramafics, peridotites, basalts and gabbros. Sedimentary rocks include shales and cherts with rare, banded iron formation. The geological structure is complex and dominated by the Cannon shear which is recognised as a key ingredient for local gold and possibly nickel sulphide mineralisation.

The gold mineralisation at the adjacent Pinner deposit is similar to Cannon and consists small pods of semi-continuous mineralisation with three dominant directions that highlight the structural complexity observed at Pinner. The dominant lodes trend SW/NE, N/S, and E/W with cross cutting faults influencing the geometry.

Gold mineralisation within the Monument deposit consists of two main zones oriented NNW and NW, dipping steeply to the west. There is some indication of faulting through the centre of the mineralised area.

Boorara Overview

The Boorara Gold Project is located 15 km east of Kalgoorlie-Boulder (Figure 1*) adjacent to the Super Pit, and 1 km southwest of the Nimbus Silver-Zinc Project site where established offices are connected to mains power and existing water supplies.

The deposit is hosted in a 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, and steeply dipping zones along sheared geological contacts trending to the north-northwest.

*To view tables and figures with updated mineral estimates, please visit:
https://abnnewswire.net/lnk/181JSBZ2

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.