Golden Horse’s Regional Drilling Confirms Gold Potential but True Widths Remain Uncertain

• Initial assays reveal high-grade gold intercepts at Baby Queen
• Multiple shallow gold zones identified at Lake View prospect
• Seven of ten holes at Lake View and four of six at Baby Queen intercepted gold
• Further aggressive drilling planned for 2026 across Southern Cross tenure
• Ongoing diamond drilling at flagship Hopes Hill project continues

Regional Drilling Success at Baby Queen and Lake View

Golden Horse Minerals Limited (ASX, GHM) has announced encouraging assay results from its maiden regional drill program targeting the Baby Queen and Lake View prospects, located approximately 15km and 50km north-northwest of Bullfinch, Western Australia. The reverse circulation (RC) drilling campaign, completed in November 2025, has confirmed the presence of shallow, high-grade gold mineralisation in multiple zones, reinforcing the company’s exploration strategy within the prolific Southern Cross Greenstone Belt.

At Baby Queen, six RC holes totaling 450 meters delivered notable intercepts including 2 meters at 8.1 grams per tonne (g/t) gold from 64 meters depth, featuring a standout 1 meter at 15.7 g/t Au, and 3 meters at 4.7 g/t Au from 25 meters, which included 1 meter at 14.0 g/t Au. These results suggest the extension of a high-grade mineralised zone approximately 50 meters below historical surface workings, with mineralisation associated with steeply dipping quartz-carbonate veins within meta-ultramafic rocks.

Lake View Shows Consistent Gold Mineralisation

The Lake View prospect, where ten holes were drilled for 716 meters, also confirmed multiple zones of shallow gold mineralisation, albeit at lower grades. Highlights include 2 meters at 2.5 g/t Au from 25 meters and 2 meters at 1.1 g/t Au from 45 meters. Remarkably, seven out of ten holes at Lake View intercepted gold mineralisation, underscoring the prospect’s potential for further discovery and resource growth.

Golden Horse’s Managing Director, Nicholas Anderson, expressed optimism about the results, noting the strong strike rate and the promising grades encountered across the regional program. He emphasized the significance of the 130-kilometer strike within the Southern Cross Greenstone Belt, which hosts multiple prospects with compelling exploration upside.

Strategic Implications and Next Steps

These initial results validate Golden Horse’s targeted approach using RC drilling to test structural controls and mineralisation continuity. The company plans to build on this momentum with aggressive follow-up drilling campaigns in early 2026, focusing on expanding known zones and testing new targets identified through ongoing mapping and sampling.

Meanwhile, at the flagship Hopes Hill Project, diamond drilling continues with two rigs focused on resource definition and growth, targeting depth and strike extensions of known high-grade mineralisation. Core logging and assay processing are underway, with updates expected in due course.

Golden Horse’s exploration activities are supported by a robust geological framework, including the identification of major shear zones such as the Highclere Shear Zone, which is associated with significant gold deposits in the region. The company’s extensive tenure of over 1,800 square kilometers in the Southern Cross region positions it well to leverage these structural trends.

Bottom Line?

Golden Horse Minerals’ latest drilling results reinforce its growing footprint in the Southern Cross gold belt, setting the stage for an active and potentially transformative 2026 exploration season.

Questions in the middle?

• How will ongoing diamond drilling at Hopes Hill impact the company’s resource estimates?
• What are the potential scale and grade continuity of the Baby Queen high-grade zone at depth?
• Which new targets within the Southern Cross tenure will be prioritised for the 2026 drilling campaigns?