Horizon Minerals Limited: Crake Gold Project Continues To Grow

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce an updated Mineral Resource estimate for the Crake project located within the 100% owned Binduli gold project, located 9km west of Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*).

HIGHLIGHTS

- Highly successful infill and extensional drilling completed at the Crake gold project, part of the Binduli project area 9km west of Kalgoorlie-Boulder in the Western Australian goldfields

- A total of 43 RC holes for 3,534m of resource drilling was completed at Crake in 2019

- Significant results received included:

o 3m @ 7.41g/t Au from 81m and 10m @ 1.78g/t Au from 102m (BRC19021)

o 5m @ 4.91g/t Au from 36m and 9m @ 1.58g/t Au from 65m (BRC19025)

o 3m @ 3.18g/t Au from 14m and 4m @ 2.47g/t Au from 55m (BRC19031)

o 3m @ 1.28g/t Au from 10m, 1m @ 2.91g/t Au from 17m, 1m @ 2.13g/t Au from 25m, 1m @ 5.19g/t Au from 32m and 14m @ 1.75g/t Au from 44m (BRC19012)

o 12m @ 1.65g/t Au from 32m (BRC19010)

o 10m @ 1.46g/t Au from 77m (BRC19029)

o 1m @ 3.00g/t Au from 57m and 7m @ 2.78g/t Au from 97m (BRC19027)

- Results demonstrated both width and grade continuity across a 450m strike length with the mineralisation open along strike to the north and east and to the west at depth

- Updated independent Mineral Resource estimate now compiled and stands at:

o 1.27Mt grading 1.81g/t Au for 74,000oz at a 1g/t Au lower grade cut-off

- Over 67% now in the Measured and Indicated Resource category

- Internal mine optimisation results delivered positive results with further extensional and infill RC and diamond drilling planned for the March Quarter 2020 3

- Initial metallurgical test work results indicated gold recoveries of 98.6% and 96.5% for the oxide and fresh composites respectively with high (>50%) gravity recoveries

Commenting on the resource upgrade, Horizon Managing Director Mr Jon Price said:

"Crake and the Binduli area in general is certainly shaping up to be a significant contributor to our future production profile providing high grade satellite feed to complement the base load Boorara project 25km to the east. We look forward to growing this project area further in 2020 and testing the high priority Coote, Darter and Honeyeater prospects in close proximity. "

Project Geology

The geology at Crake is similar to the 390,000oz Janet Ivy open pit, located approximately 1,500m to the south, where the gold is hosted in a structurally controlled feldspar porphyry. At the nearby Fort William and Fort Scott open pits, where over 100,000oz have been produced to date, gold is hosted within sheared units of volcanics and clastic sediments.

At Crake, the gold mineralisation strikes NW and dips shallowly to the SW. A poorly developed southern plunge is tentatively interpreted. The gold lodes are often tabular shaped and 20m thick but can blow out to >60m width. High grade shoots appear to result from intersecting structures. The Crake drilling focussed on a mineralised, variably altered pink porphyry with minor amounts of pyrite and magnetite. Higher grades usually coincide with stronger pyrite mineralisation (up to 3% by volume). There is little correlation between gold and magnetite. Higher grades usually coincide with stronger pyrite mineralisation (up to 3% by volume).

Resource Update

As announced to the ASX on 12 March 2019, a total of 85 RC holes for 8,096m were drilled at Crake in 2018. The RC drilling was completed on an approximate 20m pattern, spanned 450m and covered mineralisation from 10m to 170m vertical depth.

Significant downhole RC intercepts reported in 2018 included:

- 23m @ 4.16 g/t Au from 61m including 3m @ 20.73g/t Au from 66m (BRC18020)

- 13m @ 4.10g/t Au from 65m including 2m @ 18.53g/t Au from 75m (BRC18036)

- 18m @ 3.13 g/t Au from 70m (BRC18043)

- 15m @ 2.75 g/t Au from 27m (BRC18069)

- 9m @ 4.38 g/t Au from 39m (BRC18079)

- 15m @ 1.96 g/t Au from 75m (BRC18029)

- 12m @ 1.75 g/t Au from 45m (BRC18057)

- 8m @ 2.51 g/t Au from 106m (BRC18018)

The 2018 drilling was compiled to generate a maiden independent Mineral Resource estimate compliant with the 2012 JORC Code of 1.12Mt grading 1.59g/t Au for 57,700oz at a 1g/t Au lower grade cut-off.

The 2019 follow up drilling program was designed to extend the mineralised envelope along strike and at depth and to infill to improve geological confidence within the block model.

The results (Figure 2*) had good alignment with the current mineralisation model with several eastern holes intersecting shallower, up dip, mineralisation largely outside the resource area. On the western side, several deeper holes returned encouraging levels of well-developed and consistent mineralisation that highlight the deeper resource potential.

The new data has been used to compile an updated independent Mineral Resource Estimate compliant with the JORC 2012 Code. The Mineral Resource for Crake stands at:

- 1.27Mt @ 1.81 g/t Au for 74,000 ounces at a 1.0 g/t Au lower grade cut-off *

Further breakdowns of ore types and categories are shown in Table 1 - 3*.

Preliminary internal optimisation work has delivered positive results and identified where further drilling is required to increase the mineralised envelope and improve geological confidence. On completion of further drilling, the project will be optimised by an independent mining consultant.

Composite RC samples were submitted to Independent Metallurgical Operations for initial metallurgical testwork. Overall gold recoveries were 98.6% and 96.5% for the oxide and fresh composites respectively. Gravity recoveries were 60.3% for the oxide composite and 52.9% for the fresh composite with low reagent consumption observed for both gravity/leach tests.

Next Steps

Further infill and extensional RC is planned in the March Quarter 2020 to test along strike to the north and east and at depth to the west. Diamond drilling will also be conducted to improve the structural knowledge of the orebody, provide geotechnical information for mine design and additional samples for the next phase of metallurgical testwork.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/O6O5GNT5

About Horizon Minerals Limited:

Horizon Minerals Ltd. (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.

Source:

Horizon Minerals Ltd.

Contact:

Jon Price Managing Director Tel: +61-8-9386-9534 E: jon.price@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners Tel: +61-422-602-720 E: michael.vaughan@fivemark.com.au