Golden Horse Minerals has successfully listed on the ASX, raising A$18 million to fund exploration across a consolidated 130km strike in Western Australia's Southern Cross Greenstone Belt. The company is gearing up for a major drilling campaign at the historic Hopes Hill gold mine.
- Raised maximum A$18 million via ASX listing offering
- Acquired strategic tenement package including Hopes Hill mine from Emerald Resources
- Completed initial 1,200m RC drilling at Hakes Find gold project
- Over 1,000 soil samples collected for multi-element analysis across five project areas
- Planned 4,500m drilling campaign at Hopes Hill to commence February 2025
Golden Horse Minerals' ASX Debut and Capital Raise
In December 2024, Golden Horse Minerals (ASX: GHM) marked a significant milestone by listing on the Australian Securities Exchange, successfully raising the maximum A$18 million before costs. This capital injection follows the company's voluntary delisting from the TSX Venture Exchange, reflecting a strategic focus on Australian markets where the majority of its assets and investors are located.
Managed by Euroz Hartleys and Canaccord Genuity, the oversubscribed offer comprised 72 million CDIs priced at A$0.25 each, with priority allocation reserved for shareholders of Emerald Resources NL (ASX: EMR). The funds raised position Golden Horse to aggressively pursue exploration in one of Australia's most prolific gold regions.
Strategic Acquisition and Consolidation of Southern Cross Tenements
Golden Horse has consolidated a contiguous landholding spanning over 130km of strike within the Southern Cross Greenstone Belt (SCGB), a historically rich gold province in Western Australia. The acquisition of a large tenement package from Emerald Resources, including the highly prospective historic Hopes Hill mine, forms the centerpiece of the company's exploration strategy.
This consolidation is unprecedented in the SCGB's history, where fractured ownership has previously limited systematic exploration. Golden Horse now controls approximately 1,900 km² of tenure, enabling a coordinated approach to unlocking the belt's potential.
Exploration Progress and Upcoming Drilling Campaigns
Golden Horse has completed an initial 1,200m reverse circulation (RC) drilling program at the Hakes Find gold project, aimed at validating historical data and refining exploration techniques. Concurrently, over 1,000 soil samples have been collected across five project areas, with assays pending that will inform future targeting.
Looking ahead, the company is preparing to commence a substantial 4,500m RC drilling campaign at Hopes Hill in February 2025. This program aims to test extensions of mineralisation beneath and along strike from the historic open pit, which produced approximately 216,000 ounces of gold at 2.25 g/t before mining ceased in the 1990s.
Management and Market Positioning
Managing Director Nicholas Anderson expressed enthusiasm about the company's ASX debut and the potential to reignite exploration in a region that has seen limited modern testing below 50m depth. The company plans to allocate approximately 75% of funds towards resource definition, with the remainder dedicated to project generation and greenfields exploration.
Golden Horse's strategic focus on the SCGB, combined with its consolidated tenure and fresh capital, positions it well to advance towards establishing a significant gold resource inventory. The company’s recent board changes and corporate governance updates further align with its growth ambitions.
Outlook and Market Implications
With assay results from the initial drilling and soil sampling expected imminently, investors will be closely watching for signs of new mineralisation that could underpin resource upgrades. The upcoming Hopes Hill drilling campaign represents a critical test of the company's consolidated holdings and its ability to unlock value in a historically productive gold belt.
Bottom Line?
Golden Horse Minerals is set to transform the Southern Cross Greenstone Belt with its upcoming drilling campaigns and fresh capital, but assay results will be the true test of its exploration promise.
Questions in the middle?
- Will the upcoming assay results confirm significant new gold mineralisation at Hakes Find and other prospects?
- How will Golden Horse's consolidation strategy impact exploration efficiency and resource growth in the Southern Cross Greenstone Belt?
- What are the potential timelines and capital requirements for advancing from exploration to resource definition and mining operations?