Horizon Gold Confirms 800m Extension at Howards and Strong Intercepts at Gum Creek

Howards Prospect Extends Gold Mineralisation by 800 Metres

Horizon Gold (ASX:HRN) has confirmed a substantial southern extension of gold mineralisation at its Howards prospect within the Gum Creek Gold Project, with recent RC drilling intercepting gold in every hole over an 800-metre strike extension. Noteworthy results include 6 metres at 5.57 grams per tonne (g/t) gold from 70 metres, featuring 3 metres at 9.91 g/t, and a standout 1 metre at 17.30 g/t from 70 metres. This extension adds significant scale to the existing 6.85 million tonne resource averaging 1.11 g/t Au for 245,300 ounces, currently defined over a 1.3-kilometre strike.

The mineralisation at Howards is hosted within a steeply dipping shear zone with quartz veining and alteration, and the new drilling confirms continuity along strike to the south. Managing Director Scott Williamson emphasised that these intercepts form part of a broader RC program spotlighting resource expansion potential across Gum Creek, with infill drilling planned ahead of a resource update later this year.

Heron South Drilling Highlights High-Grade Down-Dip Extensions

At Heron South, located 15 kilometres south-southeast of the historic Gidgee mill, fifteen RC holes totalling nearly 2,900 metres targeted infill and down-dip extensions of the current 1.48 million tonne resource at 1.66 g/t Au. The drilling returned impressive intercepts such as 6 metres at 12.67 g/t from 114 metres, including a 1-metre high-grade shoot at 58.70 g/t, and 25 metres at 1.79 g/t from 84 metres.

These results confirm mineralisation continuity and suggest potential for further resource growth beyond the existing open pit resource block model. Diamond drilling is ongoing to refine structural controls on high-grade shoots, which will inform further resource expansion drilling and an updated Mineral Resource Estimate (MRE).

Melbourne Bitter Shows Promise for Southern Resource Expansion

Shallow infill and extensional RC drilling at Melbourne Bitter has delivered encouraging intercepts, including 21 metres at 2.14 g/t from 24 metres and 7 metres at 2.31 g/t from 49 metres, which includes a 1-metre interval grading 13.10 g/t. The current resource stands at 0.48 million tonnes at 1.39 g/t Au for 21,300 ounces.

The drilling confirmed existing grades and widths and extended mineralisation along strike to the south, highlighting the prospect’s potential for resource expansion. Further shallow RC drilling is planned to test the highly prospective southern half of the licence area, which remains untested.

Ongoing Drilling and Project Development Context

Beyond these three prospects, Horizon Gold continues diamond drilling at the Swan, Kingfisher, and Wilsons deposits, with RC drilling ongoing across the wider Gum Creek Project. The project hosts a total Mineral Resource Estimate of 37.97 million tonnes at 1.89 g/t Au for 2.3 million ounces, underpinning a Definitive Feasibility Study (DFS) announced in July 2026.

The DFS outlines a 2.4 million tonnes per annum open pit operation with a 10-year mine life, targeting average annual production of 88,000 ounces, peaking at 114,000 ounces in year two, and an all-in sustaining cost of A$2,995 per ounce. The recent drilling results at Howards, Heron South, and Melbourne Bitter reinforce the project’s growth potential beyond the DFS resource base, particularly as the company plans to update resource estimates later this year.

While the DFS assumes initial capital expenditure of approximately A$350 million and incorporates 76% probable ore reserves, the company notes that further funding will be required to develop the project, with no certainty on the timing or terms of such capital raises. The drilling results, however, strengthen the case for resource expansion and improved project economics.