Horizon Minerals Unveils Spectacular High-Grade Gold Hits at Burbanks

Burbanks Drilling Delivers Exceptional Grades

Horizon Minerals Limited (ASX, HRZ) has released a highly encouraging update on its 30,000-metre drilling campaign at the 100% owned Burbanks gold project, situated just 9 kilometres south of Coolgardie in Western Australia. The initial results from the Phase 1 infill drilling program, comprising 15 completed holes out of 45 planned, have returned spectacular high-grade gold intersections that significantly bolster confidence in the existing mineral resource.

Among the standout results are intercepts such as 1.55 metres grading an extraordinary 99.65 grams per tonne (g/t) gold, including a blistering 0.4 metres at 350 g/t Au. Other notable hits include multiple intervals exceeding 20 g/t Au, with visible gold observed in most holes, underscoring the exceptional quality of the orebody.

Enhancing Resource Confidence and Continuity

The Phase 1 program primarily targets infill drilling around the Main Lode, Birthday Gift, and Burbanks North lodes to upgrade the resource classification from Inferred to Indicated. This upgrade is critical for converting Mineral Resources into Ore Reserves and developing a robust mining plan. Drilling has confirmed the continuity of mineralisation along strike and at depth, including a 70-metre downdip extension beneath historical workings, which significantly enhances the geological model's reliability.

Managing Director and CEO Grant Haywood highlighted that these results provide "real assurance in the project" and demonstrate the potential to deliver valuable high-grade feed to Horizon's Black Swan processing plant, which the company wholly owns.

Next Steps and Future Outlook

To accelerate progress, a second diamond drilling rig has been mobilised, aiming to complete Phase 1 drilling by December 2025. Assay results will continue to be released through to the March 2026 quarter, culminating in an updated Mineral Resource Estimate scheduled for June 2026. Following this, Ore Reserve studies will be undertaken based on the improved resource confidence.

Looking ahead, Phase 2 extensional drilling, targeting resource growth along strike and down dip of known high-grade lodes, is planned to commence in early 2026. This phase aims to expand the resource base further, potentially extending the mine life and production profile.

Context and Historical Significance

The Burbanks project has a rich mining history, with underground operations historically producing 324,000 ounces at an exceptional grade of 22.7 g/t Au. The current Mineral Resource stands at 6.1 million tonnes grading 2.4 g/t Au for 466,000 ounces, excluding historical production. The ongoing drilling program is designed to build on this foundation, leveraging modern exploration techniques and rigorous sampling protocols to unlock further value.

All drilling and assay work adhere to the JORC Code (2012) standards, with quality control measures including certified reference standards, blanks, and duplicates to ensure data integrity. The company’s competent persons, including Chief Geologists Stephen Guy and Glenn Poole, have verified the results and geological interpretations.