Resource Expansion at Gum Creek Raises Questions on Next Development Steps

Strong Shallow Gold Intercepts Highlight Resource Expansion

Horizon Gold Limited (ASX – HRN) has announced encouraging results from its recent reverse circulation (RC) drilling campaign at the Gum Creek Gold Project in Western Australia's Mid-West region. The program, comprising 55 holes totaling 4,352 metres, targeted resource expansion across four key prospects – Goldfinch, Robin, Thornbill West, and Toucan. Notably, the Goldfinch Prospect delivered multiple significant shallow gold intercepts, including 11 metres at 3.18 grams per tonne (g/t) gold from 84 metres depth, and a standout 7 metres at 3.63 g/t Au from just 35 metres, featuring a high-grade 1 metre interval at 22.4 g/t Au.

Ongoing Deep Drilling Targets High-Grade Extensions

Complementing the RC drilling, Horizon Gold is progressing a deep diamond drilling program at the Kingfisher and Omega prospects. This work aims to extend known high-grade mineralisation down plunge, following impressive historic intercepts such as 15 metres at 28.5 g/t Au from 346 metres at Kingfisher. Four holes have been completed at Kingfisher to date, with core logging and sampling underway and initial assay results expected soon. These efforts could unlock further ounces and enhance the project's resource base.

Feasibility Study on Track for Mid-2026 Completion

Parallel to exploration, the Gum Creek Feasibility Study is advancing steadily. Key technical components including metallurgical testing, geotechnical assessments, environmental and heritage surveys, and mine infrastructure designs have been completed or are nearing completion. Water management and processing infrastructure plans are also progressing well. The study remains on schedule for delivery in the first half of 2026, a critical milestone for advancing the project towards development.

Robust Mineral Resource Base Supports Development Potential

The Gum Creek Project currently holds a Mineral Resource Estimate of approximately 38 million tonnes at 1.89 g/t gold, equating to 2.3 million ounces, with 71% classified as indicated resources. The recent drilling results will be incorporated into updated resource models, potentially enhancing the project's valuation and attractiveness. Horizon Gold’s Managing Director Leigh Ryan highlighted the potential for additional shallow free-milling gold resources near existing and proposed processing sites, underscoring the strategic value of the drilling outcomes.

Next Steps and Outlook

Looking ahead, Horizon Gold plans further drilling to test extensions at the Goldfinch, Robin, and Thornbill West prospects, alongside ongoing metallurgical test work to refine processing parameters. The company’s integrated approach combining resource expansion, deep drilling, and feasibility advancement positions Gum Creek as a compelling development opportunity in Western Australia’s gold sector.