Mineral Resource Estimates

Total Mineral Resources within the Gum Creek Gold Project as at 26 July 2022 are equal to 36.83 million tonnes averaging 1.51 g/t Au for 1.79 million ounces*.  All Mineral Resource Estimates are classified in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC, 2012).  A breakdown of the July 2022 Total Mineral Resource Estimate by deposit is shown in Table A, and broken down by material type and metallurgical categories in Tables B and C.

* Please refer to Horizon Gold Limited ASX Announcement titled “32% Increase in Resources at Gum Creek Gold Project” dated 25 July 2022.

Table A: Gum Creek Mineral Resources as at 25 July 2022

* cut-off grades are 2.5g/t Au for Swan Underground (UG) Indicated, and 3.0g/t Au for Swan UG Inferred.

** Wyooda includes the Kingston Town, Think Big and Manikato resources which are within 600m and 200m of each other respectively.

Notes. Rounding errors are apparent. The information that relates to the reporting of the Wilson’s, Shiraz, and Toedter Mineral Resources has been extracted from the Horizon Gold Limited ASX announcements titled “Gum Creek Gold Project Resource Update” dated 12 February 2021. The Company confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the announcement continue to apply and have not materially changed.

 

Table B: Gum Creek Mineral Resources by Material Type as at 25 July 2022

Note: Rounding errors are apparent.

 

Table C: Gum Creek Mineral Resources by Metallurgical Category as at 25 July 2022

Notes: Rounding errors are apparent. Preliminary metallurgical testwork indicates oxide mineralisation at all deposits is free milling, transition mineralisation from Swan/Swift, Howards, Kingfisher, Eagle, Wyooda, Toedter, Specimen Well, Orion and Wahoo is free milling, and fresh mineralisation from Swan/Swift, Howards, Kingfisher, Eagle, Toedter, Orion and Wahoo is free milling. Transition and fresh mineralisation from Wyooda, Heron South, Snook, Camel Bore, Specimen Well, and Psi is variably refractory.

 

Competent Person’s Statement

The information in this report that relates to Estimation and Reporting of the Kingfisher, Heron South, Specimen Well, Wyooda, Orion, Snook, Camel Bore, Psi, Eagle, and Wahoo Mineral Resources has been compiled and reviewed by Mr Richard Maddocks, who is a Fellow of the Australasian Institute of Mining and Metallurgy (member no. 111714). Mr Maddocks has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Maddocks is employed by Auranmore Consulting and an independent consultant to Horizon. Mr. Maddocks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

 The information in this report that relates to Estimation and Reporting of the 2022 Swan/Swift Open Pit and 2022 Howards Mineral Resources is based on information compiled by Mr Jonathon Abbott, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Abbott has sufficient experience, that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Abbott is an associate of MPR Geological Consultants Pty Ltd, and an independent consultant to Horizon. Mr. Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

 The information in this report that relates to Estimation and Reporting of the Swan/Swift Underground Mineral Resource is based on information compiled by Dr Spero Carras. Dr Carras is a Fellow of the Australasian Institute of Mining & Metallurgy (member no. 107972) and has more than 40 years of experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. The Competent Person, Dr Spero Carras visited the Gum Creek site in 2004 and was responsible for the Closure Report in 2005. This involved time spent underground looking at Lodes which were being mined at the time and reviewing mine models and drill core. Dr Carras is an independent consultant to Horizon, and consents to the inclusion of the matters based on his supporting information in the form and context in which it appears.

 The information in this report that relates to Exploration Data and Sampling Information informing the Mineral Resources is based on information compiled and reviewed by Mr Leigh Ryan, who is a member of the Australian Institute of Geoscientists. Mr Ryan is the Managing Director of Horizon Gold Limited and holds shares and options in the Company. Mr Ryan has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Ryan consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

 The information in this announcement that relates to the reporting of the Wilson’s, Shiraz, and Toedter Mineral Resources has been extracted from the Horizon Gold Limited ASX announcement titled “Gum Creek Gold Project Resource Update” dated 12 February 2021. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the announcement continue to apply and have not materially changed.

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