Horizon Minerals Limited: Nimbus Zinc Silver Project Update

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to provide an update on the Nimbus silver-zinc project, adjacent to the Boorara gold mine, 17km east-southeast of Kalgoorlie-Boulder in the goldfields of Western Australia (Figure 1*).

HIGHLIGHTS

- The current global Mineral Resource estimate for Nimbus stands at:

o 12.1Mt grading 52g/t Ag for 20.24Moz of silver and 0.9% Zn for 106kt zinc

- A high-grade subset exists within this global resource immediately below the historical pits and has a Mineral Resource estimate of:

o 260kt grading 774g/t Ag for 6.4Moz silver and 12.8% Zn for 33kt zinc

- Concept study has confirmed the optimal economic development pathway through mining of the higher-grade lodes and generation of a silver / zinc concentrate with more drilling required to increase overall tonnage and mine life

- Silver currently trading at A$42/oz and zinc at A$4,000/t

- A Programme of Work (POW) has been approved by DEMIRS and drilling expected to be undertaken in the first half of 2025 to drill test the exploration target

- Exploration Target defined below Nimbus to be tested.

Commenting on the Nimbus silver-zinc project, Horizon Managing Director and CEO Mr Grant Haywood said:

"We see the potential to grow the higher-grade core within the Nimbus resource at depth down plunge and along strike. Whilst we are firmly focussed on delivering on gold production at Boorara and Phillips Find, the Company will continue working to develop a longer-term production profile at Nimbus. We look forward to undertaking drilling in 2025 with the aim of increasing the resource prior to re-instigating a feasibility study for the project".

The Nimbus Project is sits 2km east of the Company's cornerstone Boorara project and 6.5km northnorthwest of Golden Ridge. Both Boorara and Golden Ridge are historic gold mining centres, with Boorara recommencing production activities.

The Nimbus mine site on granted mining leases M26/490 and M26/598 and easily accessed from the Kalgoorlie-Bulong Road via an unsealed haul road. The tenements are located within the Hampton Hill Pastoral Station (Figure 2).

The Nimbus Project was mined by Polymetals in two stages. Phase 1 (Jan 2004 - April 2005) concentrated on mining extremely weathered oxide material in the Discovery and East Pits. Phase 2 (Nov 2005 - May 2006) concentrated on mining remnant oxide and supergene material from the Discovery Pit. Ore treatment was undertaken at an onsite mill utilising a Merrill-Crowe circuit.

The Nimbus Silver-Zinc Project was placed on care and maintenance in 2007 after producing 3.6 Moz of silver from 318 kt of ore processed at a grade of 353 g/t Ag.

MacPhersons Resource Limited (MRP) completed due diligence in August 2011and purchased the Nimbus property on 8th September 2011 from Kalgoorlie Ore Treatment Company Pty Ltd (KOTC) in order to treat ore hauled from their proposed Coolgardie gold mining operations, some 55km to the west. MacPhersons fast tracked the development of the Nimbus project, securing financing and purchasing necessary plant infrastructure.

In June 2019 the former Intermin Resources Limited finalised its merger with MRP, becoming Horizon Minerals Ltd. The Nimbus project was put on hold pending review.

Nimbus was classified as a contaminated site by the Department of Water and Environmental Regulation (DWER) in 2006 as Contaminated - Remediation Required under the Contaminated Sites Act from the historic mining and processing of ore which restricted some activities. Following the merger with MacPherson Resources in 2019, Horizon undertook a Mandatory Review Audit process under the Contaminated Sites Act to carry out cleanup works to reclassify the site. The Company completed the clean-up in 2022 and the MAR report is nearing completion to submit to DWER to reclassify the site. The old plant was removed and the area rehabilitated. The mine office and other infrastructure is still in place and operational and on grid power.

An independent review by Australian Mining Consultants (AMC) and Sedgmen was commissioned in 2022 to assess the historic data, mine optimisations and metallurgical work to evaluate the optimal pathway forward for the project.

The review highlighted the potential of the project through underground mining the fresh higher-grade ore below the historic Discovery pit and generating a silver and a zinc concentrate for sale to potential offtake partners. A gold concentrate was also assessed to improve overall life of mine given the need for additional tonnage to underpin a concentrator at site.

Exploration Target Drilling Zones Identified

Given the drilling success to date along the Gretel-Nimbus-Brindabella trend and the potential for repeat high grade lenses at Nimbus deeps and along strike, a drilling campaign has been designed to commence in the first half of 2025 pending cashflows from gold mining operations.1 Exploration Target drilling zones identified below the Nimbus pits which remain untested are show below (Figure 3 and 4*).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/UD6988IY

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.

Source:
Horizon Minerals Limited

Contact:

Grant Haywood Chief Executive Officer T: +61 8 9386 9534 E: grant.haywood@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners T: +61 422 602 720 E: michael.vaughan@fivemark.com.au