Mineral Resource Estimates
Total Indicated and Inferred Mineral Resources within the Gum Creek Project as at 15 May 2023 are equal to 44.45 million tonnes averaging 1.50 g/t Au for 2.14 million ounces of gold*, and 7.0 Mt @ 1.8% Zn, 0.5% Cu, 5.0g/t Ag (2.9% ZnEq) at a 2.0% ZnEq cut-off for 200,000 ZnEq tonnes (130,000t Zn, 30,000t Cu, 1.1Moz Ag)**.
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 May 2023 Total Gold Resource Estimate by deposit is shown in Table A, and broken down by material type and metallurgical categories in Tables B and C respectively. The Altair Zn-Cu-Ag inferred mineral resource is shown in Table D.
* Refer to Horizon Gold Limited ASX Announcement titled “19% Increase in Gold Resources at Gum Creek Project” dated 15 May 2023.
** Refer to Horizon Gold Limited ASX Announcement titled “Maiden Altair Base Metal Resource and Drilling Results from Altair and Mensa Targets” dated 14 March 2023.
Table A: Gum Creek Mineral Resources as at 15 May 2023
* 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 in this announcement that relates to the reporting of the Wilsons, 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 and is available to view on https://horizongold.com.au. The information in this announcement that relates to the reporting of the Swan/Swift Open Pit Mineral Resource, the Swan and Swift Underground Mineral Resource and the Camel Bore, Orion, Psi, Snook, Wahoo and Wyooda Mineral Resources has been extracted from the Horizon Gold Limited ASX announcement titled “32% Increase in Resources at Gum Creek Gold Project” dated 25 July 2022 and is available to view on https://horizongold.com.au.
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, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market 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 Eagle, Eagles Peak, Deep South Reliance, Fangio, Hawk, Heron South, Howards, Hyperno-Reliance, Kearrys, Kingfisher, Melbourne Bitter, Orion, Specimen Well, Swan/Swift, Toedter, Wahoo, Wedge and Wyooda is free milling, and fresh mineralisation from Eagle, Eagles Peak, Deep South Reliance, Fangio, Hawk, Howards, Hyperno-Reliance, Kingfisher, Melbourne Bitter, Orion, Swan/Swift, Toedter, Wahoo, and Wedge is free milling. Transition and fresh mineralisation from Camel Bore, Heron, Heron South, Kearrys, Psi, Snook, Specimen Well, Wilsons and Wyooda has variable gold recovery issues.
Table D: Altair Inferred Mineral Resource by Material Type and cut-off grade as at 14 March 2023 (Zinc Equivalent % cut off)
Note: The metal equivalent calculation formula is ZnEq % = Zn (%) + 2.78 x Cu (%) + 0.018 x Ag (g/t) using metal prices of A$4,500/t Zn, A$12,500/t Cu and A$30/oz Ag. Based on preliminary metallurgical studies, recoveries used were 90% for Zn, 90% for Cu, and 75% for Ag. In Horizon’s opinion all elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Rounding errors are apparent.
Competent Person’s Statement
The information in this report that relates to Estimation of the Shiraz, Howards, Swan/Swift OC and Altair 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 a director of Matrix Resource 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 Deep South Reliance, Eagle, Eagles Peak, Fangio, Hyperno-Reliance, Kearrys, Kingfisher OC & UG, and Melbourne Bitter Mineral Resources has been compiled and reviewed by Mr Shaun Searle, who is a member of the Australian Institute of Geoscientists. Mr Searle 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. Searle is a director of Ashmore Advisory Pty Ltd, and an independent consultant to Horizon. Mr. Searle 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 Wyooda, Orion, Snook, Camel Bore, Psi, 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 Hawk, Heron, Heron South, Specimen Well, and Wedge Mineral Resources has been compiled and reviewed by Mr Grant Louw, who is a member of the Australian Institute of Geoscientists. Mr Louw 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. Louw is employed by Auralia Mining Consulting Pty Ltd and is an independent consultant to Horizon. Mr. Louw 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 exploration data and sampling information informing the Mineral Resources and the potential for eventual economic extraction of 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.
