PENNYS FIND RESOURCE SEES SIGNIFICANT UPGRADE

Horizon Minerals Bolsters Indicated Category Resources

Horizon Minerals Ltd (ASX:HRZ) has completed an important upgrade to its Pennys Find gold mine resources, which is fully permitted and nestled 50km northeast of Kalgoorlie in Western Australia’s renowned Goldfields.

Key Highlights of the Resource Update:

  • The 2022 Mineral Resource Estimate showcased 270,000 tonnes at 4.99g/t for 43,000 ounces, with a notable 81% in the Indicated Category.
  • In 2023, extensive drilling including 10 RC and diamond tail drill holes, totaling 3,298.4 meters, has expanded the resource at depth and improved classification categories.
  • The revised underground Mineral Resource Estimate reveals a substantial 429kt grading 4.57 g/t for 63,000 oz at a lowered cut-off of 1.5g/t Au, with over 80% now classified as Indicated Resources.
  • The Indicated Resource is now quantified at 305kt grading 5.19 g/t for 51,000 oz.

Forward-Looking Developments:

  • A feasibility study is set for the June Quarter of 2024, aiming to establish the maiden Ore Reserve for Pennys Find.
  • With the mine’s development already greenlit by existing approvals, Horizon Minerals is poised to make a development decision by the June 2024 quarter.

Grant Haywood, the CEO of Horizon Minerals, commented on the update: “It is pleasing to see the Resource growth at Pennys Find on the back of the 2023 drill programmes, including extensions at depth and to the north of the existing resource, which still remains open. We look forward to completing the underground mining study and economic review in the June 2024 quarter for a development decision to be made shortly thereafter.”

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