How Horizon Gold’s 2.3Moz Gum Creek Project Could Spark a Rapid Mine Restart

A Large-Scale Gold Asset Ready for Revival

Horizon Gold Limited’s Gum Creek Gold Project stands out as a substantial and high-grade gold resource in Western Australia’s prolific Sandstone district. With a total mineral resource estimate of 2.30 million ounces of gold, of which 71% is classified as indicated, the project offers a compelling opportunity for a rapid mining restart. The resource spans 37.97 million tonnes at an average grade of 1.89 grams per tonne, predominantly free-milling gold with recoveries exceeding 90%.

Located on granted mining leases, the project benefits from existing infrastructure including haul roads, a central mill site at Gidgee, a ROM pad, tailings facilities, and accommodation camps. This infrastructure significantly reduces capital expenditure and development timelines, positioning Gum Creek as a low-risk recommencement candidate.

Exploration Upside and High-Grade Targets

Exploration remains a key focus, with ongoing drilling programs targeting high-grade extensions at deposits such as Kingfisher and Omega. Recent drilling at Kingfisher has returned impressive intercepts, including 15 meters at 28.5 grams per tonne and 10 meters at 8.9 grams per tonne, highlighting the potential for deeper, richer zones. Similarly, Omega’s historical high-grade intercepts are being tested for down-plunge extensions, with assays like 30 meters at 21.1 grams per tonne underscoring the deposit’s promise.

Additional targets such as the Wilsons deposit offer optionality with a high-grade sulphide resource of 400,000 ounces at 4.31 grams per tonne, not yet included in the current mine plan but potentially extending mine life or providing toll treatment opportunities.

Robust Economics and Feasibility Progress

The project’s economics were validated in a March 2024 scoping study, which assumed a gold price of A$2,900 per ounce and forecasted a 10-year mine life producing approximately 84,000 ounces annually. The study projected a payback period of just over two years and an all-in sustaining cost of A$1,931 per ounce, underpinning a strong financial profile.

All key workstreams for the feasibility study are advancing on schedule, with resource drilling, metallurgical testing, mine design, environmental surveys, and permitting activities nearing completion. The feasibility study, expected in the first half of 2026, focuses on open-pit mining of free-milling resources primarily from the Gidgee Shear Zone and Howards deposits, which together represent 81% of the free-milling resource ounces.

Experienced Leadership and Strategic Location

Horizon Gold’s management team, led by Executive Chairman Peter Sullivan and Managing Director Leigh Ryan, brings decades of experience in exploration, development, and corporate leadership. Their stewardship is critical as the company navigates the final stages of feasibility and prepares for potential project development.

Strategically, Gum Creek is situated within a well-endowed gold district with six operational mills within 150 kilometers, offering potential consolidation opportunities and operational synergies. The project’s location between Meekatharra, Wiluna, and Sandstone further enhances its logistical advantages.