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Horizon Minerals Limited (ASX:HRZ) Updated Crake Gold Resource Improves In Quality
Horizon Minerals Limited (ASX:HRZ) is pleased to announce an updated Mineral Resource Estimate (MRE) for the Crake project located within the 100% owned Binduli gold project, located 9km west of Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*).

Crake is one of six core open pit and underground satellite gold projects being advanced to complement the baseload Boorara gold project as part of the consolidated Feasibility Study to deliver a minimum five-year initial mine plan and underpin the establishment of a stand-alone processing facility at the Boorara mine site.

RC and diamond infill and extensional drilling was completed in the December 2020 and March 2021 quarters with all data now incorporated into the geological model for the updated Mineral Resource Estimate. The new model will now be used to generate a maiden Ore Reserve for Crake and is expected for completion in the December Quarter 2021.

Project Geology

The geology at Crake is similar to the 390,000oz Janet Ivy open pit, located approximately 1,500m to the south, where the structurally controlled gold is hosted in a feldspar porphyry. At the nearby Fort William and Fort Scott open pits, where over 100,000oz have been produced to date, gold is hosted within sheared units of volcanics and clastic sediments.

At Crake, the gold mineralisation strikes NW and dips shallowly to the SW with a poorly developed southern plunge. The gold lodes are generally tabular shaped and 3m to 5m thick but can be stacked to 50m in thickness. High grade zones appear to result from intersecting structures. The Crake drilling focussed on a mineralised, variably altered pink porphyry with minor amounts of pyrite and magnetite. Higher grades usually coincide with stronger pyrite mineralisation (up to 3% by volume). There is little correlation between gold and magnetite.

Resource Update

As announced to the ASX on 4 and 24 November 2020 and 31 March 2021, a total of 51 RC holes for 5,043m were drilled at Crake in 2020/2021. RC drilling has been completed on an approximate 20m x 20m pattern, spanned 500m and covered mineralisation from 10m to 140m vertical depth.

In addition, three large diameter HQ3 diamond drill holes were completed for structural geology, geotechnical assessment and metallurgical testwork for Ore Reserve generation.

Significant downhole RC intercepts reported in 2020/21 included:

o 24m @ 4.9g/t Au from 32m including 1m @ 57.2g/t Au from 36m (BRC20028)

o 12m @ 6.7g/t Au from 6m (BRC20018)

o 2m @ 37.9g/t Au from 13m including 1m @ 67.9g/t Au (BRC20020)

o 4m @ 14.9g/t Au from 53m including 1m @ 56.2g/t Au (BRC20045)

o 6m @ 2.0g/t Au from 20m, 4m @ 6.7g/t Au from 44m
including 1m @ 24.0g/t Au from 44m and 2m @ 2.3g/t Au from 91m (BRC20049)

o 6m @ 3.6g/t Au from 36m, 5m @ 2.9g/t Au from 69m and 3m @ 1.6g/t Au from 83m (BRC20043)

o 2m @ 2.2g/t Au from 46m, 2m @ 3.2g/t Au from 60m, 14m @ 1.8g/t Au from 71m and 11m @ 2.6g/t Au from 91m (BRC20014)

The 2020/21 follow up drilling program was designed to extend the mineralised envelope along strike and at depth and to infill to improve geological confidence within the block model.

The results (Figure 2*) had good alignment with the current mineralisation model with several eastern holes intersecting shallower, up dip, mineralisation largely outside the resource area. On the western side, several deeper holes returned encouraging levels of well-developed and consistent mineralisation that highlight the deeper resource growth potential.

Commenting on the Crake resource update, Horizon Managing Director Mr Jon Price said:

"Crake and the Binduli area in general are certainly shaping up to be significant contributors to our future production profile providing high grade satellite feed to complement the baseload Boorara project 25km to the east. We look forward to completing the maiden Ore Reserve for Crake and continuing the step out drilling at the Coote, Kestrel and Honeyeater prospects to the north."

*To view tables and figures, please visit:

Jon Price 
Managing Director
T: +61 8 9386 9534 

Michael Vaughan 
Media Relations - Fivemark Partners 
T: +61 422 602 720 

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