Horizon Gold (ASX:HRN) announced financial results for the quarter ended 30 September 2022.

Updated Gum Creek Mineral Resource Estimate (MRE) of 36.83Mt @ 1.51g/t Au for 1.79Moz represents a 433,100oz (32%) increase in Indicated and Inferred contained gold when compared with the February 2021 MRE at a discovery cost of less than A$14/oz.

Free milling portion of the MRE is 29.24Mt @ 1.26g/t Au for 1.19Moz, representing over 66% of the total resource ounces and a 46% increase to the 2021 MRE free milling gold ounces.

Numerous shallow high grade gold intercepts returned from depth extensions and infill Reverse Circulation (RC) drilling at the Hawk, Heron and Shiraz prospects.

Gold mineralisation at all three prospects remains open to the north, south and at depth.

Gum Creek Project drilling program for 2022 now completed with 30,297m drilled across 20 prospects.

Assay results for 15 prospects are still pending, however assay turnaround times have improved, and more consistent news flow is expected over the coming months.

Metallurgical sampling and density work is continuing in preparation for an updated Gum Creek MRE due to be completed in the first half of 2023.

On 30 August 2022 the Company completed the placement of shortfall shares from the renounceable entitlement issue announced on 28 April 2022, raising $516,811.

Following the announcement the company?s share price unchanged.