Horizon Minerals Limited: Rose Hill Firms as High Grade Satellite Gold Project

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce updated open pit and underground Mineral Resource estimates for the Rose Hill gold project located in the Coolgardie region, 35km west of Kalgoorlie - Boulder in the Western Australian goldfields (Figure 1*).

HIGHLIGHTS

- Highly successful diamond and RC drilling programs completed at the Rose Hill gold project in Coolgardie, 35km west of Kalgoorlie-Boulder in the Western Australian goldfields

- Drilling in 2020 comprised 45 holes for 2,500m to a maximum depth of 200m to improve geological confidence and improve JORC classification for Ore Reserve conversion

- Significant high grade intercepts received include:

o 11m @ 8.79g/t Au from 43m (RC20039) and 10m @ 6.28g/t Au from 28m (RC20001)
o 16m @ 4.10g/t Au from 93m (RC20012) and 7m @ 7.26g/t Au from 27m (RC20009)
o 3.4m @ 17.92g/t Au from 79m (RCD20015) and 4m @ 9.77g/t Au from 84m (RC200014)
o 5m @ 4.79g/t Au from 4m and 2m @ 3.12g/t Au from 24m (RC20031)
o 7m @ 1.15g/t Au from 0m and 3m @ 6.63g/t Au from 10m (RC20013)
o 7m @ 2.36g/t Au from 2m (RC20020) and 10m @ 1.94g/t Au from 10m (RC20040)

- New data enabled compilation of a new independent open pit and underground Mineral Resource estimates with mineralisation open along strike and particularly at depth

- Updated Mineral Resource estimates for Rose Hill stand at:

o 286kt grading 2.0g/t Au for 18,300oz at a 0.5g/t Au cut-off grade (open pit)
o 507kt grading 4.6g/t Au for 75,000oz at a 2g/t Au cut-off grade (underground)

- Importantly, over 70% of the resource is in the Measured and Indicated JORC Categories

- Open pit and underground mining optimisation and design studies well advanced for generation of Ore Reserves as part of the consolidated Feasibility Study

- Rose Hill is one of five core satellite projects being assessed to complement the base load Boorara deposit to underpin the construction of a stand-alone processing plant at Boorara

Commenting on the updated Rose Hill resources, Horizon Managing Director Mr Jon Price said:

"The excellent open pit and underground grades at Rose Hill have demonstrated its potential to be a significant contributor to the initial five year mine plan being developed as part of the Feasibility Study due for completion in the June Quarter 2021. We look forward to releasing the maiden Ore Reserve as the optimisation and design studies continue in the first half of 2021."

Rose Hill is one of five core satellite gold projects being advanced to complement the baseload Boorara gold project as part of the consolidated Feasibility Study aimed at delivering an initial five year mine plan to underpin the establishment of a stand-alone processing plant at the Boorara mine site.

The project was acquired under an asset swap with Northern Star Resources Ltd. (ASX:NST) as announced to the ASX on 12 September and 20 December 2019.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/023TEMSN

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