Horizon Gold (ASX: HRN) sharpens Gum Creek pathway after Omega and Kingfisher drilling

Scott Williamson, Managing Director of Horizon Gold, spoke with MarketOpen to further discuss the latest diamond drilling results from the 100% owned Gum Creek Gold Project in Western Australia. The discussion focused on what the Omega and Kingfisher results change in terms of resource growth, confidence and development sequencing. Final assays from 4 diamond holes at Omega and 3 diamond holes at Kingfisher returned high grade intercepts, extended mineralisation at Omega by more than 120 metres down plunge beneath existing workings, and expanded the margins of the existing Kingfisher resource model. With deep drilling underway and the Feasibility Study on schedule for completion in H1 CY 2026, the results sharpen Gum Creek’s development pathway.

At Omega, how does extending mineralisation more than 120 metres down plunge change scale and development potential?

At Omega, extending high grade mineralisation more than 120 metres down plunge beneath the existing workings changes our understanding of the depth potential at the prospect. The drilling shows that mineralisation continues below the historical underground mine, which is important because Omega is not currently included in our Mineral Resource Estimate.

The commercial point is that Omega now has a clearer pathway toward resource definition. We have completed 4 diamond holes for 1,725.2 metres, with intercepts including 14 metres at 2.87g/t Au from 337 metres, including 8 metres at 4.60g/t Au from 342 metres. These results provide a stronger basis for future drilling and modelling.

They also give us critical information about the controls on mineralisation. That matters because better geological control supports more disciplined targeting, rather than simply drilling for extension without a clear model.

At Kingfisher, what does model confirmation alongside resource expansion say about confidence in continuity and growth?

At Kingfisher, the drilling gives us greater confidence that the existing geological interpretation is holding up while also showing that the resource margins can be expanded. That combination is important because it supports both resource confidence and resource growth, rather than relying on 1 outcome alone.

The final 3 holes from the initial 7 hole diamond program returned intercepts including 5 metres at 2.42g/t Au from 338 metres, 4 metres at 2.37g/t Au from 407 metres, and 2 metres at 4.61g/t Au from 538 metres. These results sit within a prospect that already hosts an open cut MRE of 1.22Mt at 2.01g/t Au for 78,900oz and an underground MRE of 1.04Mt at 3.38g/t Au for 113,500oz.

For us, the key point is that the drilling has confirmed the current geological model, expanded the margins of the existing resource model and supported continued deep infill and extensional resource drilling.

How does the current drilling program sequence into a resource update and align with the Feasibility Study timeline?

Our current drilling is sequenced around resource growth, confidence and study timing. At Kingfisher, deep infill and extensional resource drilling is underway, with 2 diamond rigs now on site. That work is designed to test the extent of the newly discovered mineralised shoot to the north and increase confidence within the upper and central high grade shoots.

At Omega, the drilling has extended high grade mineralisation down plunge and supported a revised 3D model ahead of completing a maiden Mineral Resource Estimate. The release also states that a Kingfisher resource update and maiden Omega MRE are planned for 2026.

That sits alongside the broader Gum Creek Feasibility Study, which is progressing with surface and groundwater modelling and cost estimates completed, risk assessments well advanced and report writing underway. The study remains on schedule for completion in H1 CY 2026, so drilling and study work are moving forward in parallel.

What risks have these results reduced, and what uncertainties remain ahead of development?

These results reduce risk in several practical areas. At Omega, they reduce uncertainty around whether high grade mineralisation continues beneath the historical workings, with drilling extending it more than 120 metres down plunge and providing critical information on mineralisation controls. That improves the basis for future modelling and planned resource work.

At Kingfisher, the drilling has reduced interpretation risk by confirming the existing geological model and expanding the margins of the existing resource model. It also supports the current focus on deep infill and extensional resource drilling, which is the next step in improving resource confidence.

Resource definition now drives the next stage

The  immediate focus for Horizon Gold is now on converting drilling results into resource definition and study progress. The company has a 2.30 million ounce Gum Creek Mineral Resource Estimate, with 71% of total resource ounces classified as Indicated, and it is advancing a Kingfisher resource update and maiden Omega MRE planned for 2026. In parallel, the Feasibility Study remains on schedule for completion in H1 CY 2026. For investors, the next stage is about whether drilling, modelling and study work continue to align around a coherent development case at Gum Creek.

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