Golden Horse’s Bold Expansion Raises Questions on Resource Scale and Execution Risks

Southern Cross Gold Project – Drilling Momentum Builds

Golden Horse Minerals Limited (ASX – GHM) has delivered a strong quarterly performance at its flagship Southern Cross Gold Project in Western Australia. The company intensified its drilling campaign at the Hopes Hill prospect, deploying four rigs; two diamond drill and two reverse circulation; to test depth extensions and strike continuity. Over the quarter, 93 holes totaling nearly 17,000 metres were completed, revealing multiple high-grade gold intercepts at increasing depths, including standout results such as 28.7 metres at 3.8 grams per tonne gold from 192 metres.

These results reinforce the potential scale and grade of the Hopes Hill system, which was historically mined as a shallow open pit but had limited deep exploration due to tenement restrictions now resolved by Golden Horse’s consolidated ownership. The recent diamond drilling has been pivotal in confirming thick, high-grade mineralisation zones and providing structural insights that underpin ongoing resource modelling and targeting.

Sorrel Copper Project Acquisition Expands Portfolio

In a strategic move to diversify its resource base, Golden Horse completed the acquisition of the Sorrel Copper Project in the Northern Territory in early September 2025. The project comes with a JORC 2012 Inferred Mineral Resource Estimate of 8.4 million tonnes at 1.1% copper, equating to approximately 88,600 tonnes of contained copper metal. With over 780 drill holes and 55,000 metres of drilling already completed historically, the Sorrel Project offers significant upside potential through numerous untested breccia pipes.

Golden Horse is now undertaking a comprehensive review of the project’s geology and past exploration data, preparing for heritage approvals and planning drilling activities targeted for mid-2026. This acquisition marks a notable expansion into copper, complementing the company’s gold-focused Southern Cross operations and positioning it well within the evolving resource market.

Corporate Strength and Leadership

Supporting its exploration ambitions, Golden Horse successfully raised $15 million through a two-tranche placement at $0.40 per share, attracting strong support from institutional investors including major shareholder Emerald Resources NL. The company ended the quarter with a robust cash position of $16.8 million, providing ample runway for accelerated drilling and project development.

Further bolstering its operational capacity, Golden Horse appointed Dean Vallve as Chief Operating Officer. Vallve brings two decades of experience in resource project delivery and operational management, with a track record at ASX-listed gold companies. His expertise is expected to enhance the company’s execution capabilities as it advances both gold and copper projects.

Looking Ahead

Golden Horse’s ongoing drilling programs at Southern Cross, combined with the integration and development of the Sorrel Copper Project, set the stage for significant resource growth. The company’s methodical approach to exploration, underpinned by strong financial backing and experienced leadership, positions it well to unlock value for shareholders. Market watchers will be keenly observing upcoming assay results and the progress of the Sorrel project’s exploration plans.