Horizon Minerals Limited: Boorara Drill Results Continue To Exceed Expectations

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce further 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 (Figure 1*).

Commenting on the latest results from Boorara, Horizon Managing Director Mr Jon Price said:

"The results from Regal and Crown Jewel continue to demonstrate the considerable potential at Boorara with high grades intercepted at mineable widths and the ore starting at surface. The drilling has intercepted both the main NNW striking zones and multiple flat cross cutting vein sets and has certainly exceeded our expectations. "

"The focus is now on delivering a robust model, mine optimisation and economic evaluation to meet our objective of bringing Stage 1 of Boorara into production in 2020 and unlocking further value from the larger scale development being assessed as part of the Feasibility Study due out in December Quarter 2020. "

During 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 (Figures 1 and 2*).

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:

1. Northwest dipping sheeted and stockwork quartz-carbonate vein arrays within the quartz dolerite host rocks

2. 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.

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. 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.

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 Regal and Crown Jewel deposit (Figures 2 - 8*) demonstrate the higher gold grades resulting from this close spaced grade control drilling.

Three parallel lodes were grade control drilled at Regal, with all lodes at a 060deg azimuth and -60deg dip on a 5m x 10m drill spacing. Near vertical quartz dolerite lodes with multiple quartz vein arrays were intercepted as well as multiple flat NW dipping quartz lodes.

At Crown Jewel, vertical grade control holes (4mx10m drill spacing) intercepted the quartz dolerite lode from surface with multiple vein arrays.

Next Steps

All results will now 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 consultancy 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.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/58675QOQ

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