Golden Horse Drills 34m at 2.5g/t Au, Expands Strike to 2.5km

Strong Regional Exploration Momentum

Golden Horse Minerals Limited (ASX, GHM) has delivered a robust quarterly update for December 2025, highlighting promising exploration results across its Southern Cross portfolio. The maiden regional drilling program at Golden Valley, located about 25 kilometres north of Bullfinch, yielded multiple shallow, high-grade gold intersections. Notable results include 10 metres at 6.8 grams per tonne gold from just 5 metres depth at Marionete-Star of Ennuin, alongside encouraging hits at Baby Queen and Lake View prospects. These early-stage discoveries suggest fertile ground for further exploration in 2026.

Southern Cross Project, Deepening the Prize

The flagship Southern Cross Project continues to impress, particularly at the Hopes Hill area where over 11,800 metres of combined reverse circulation and diamond drilling was completed during the quarter. The drilling campaign extended the known mineralised strike to more than 2.5 kilometres and pushed mineralisation over 100 metres deeper than previously recorded. Key intercepts include a broad 34 metres at 2.5 grams per tonne gold from 193 metres and a high-grade 3.5 metres at 9.22 grams per tonne from 309.5 metres, underscoring the potential scale of the gold system. The mineralisation remains open along strike and at depth, setting the stage for an aggressive resource development program in 2026.

Financial Strength Fuels Ambitious Growth

Golden Horse’s financial position is notably strong, closing the quarter with approximately $43.7 million in cash. This follows a successful two-tranche placement raising about $35 million at $0.66 per share, supported by major shareholder Emerald Resources NL and company directors. The capital injection is earmarked to accelerate drilling at Hopes Hill and regional targets, advance mining and metallurgical studies, and support resource modelling efforts aimed at delivering a maiden JORC resource estimate. The company’s leadership, including newly appointed COO Dean Vallve, brings extensive operational and technical expertise to drive these initiatives forward.

Looking Ahead, Exploration and Development

Golden Horse plans to build on its momentum with expanded drilling campaigns targeting both shallow and deep mineralisation zones. Geophysical surveys, including aeromagnetic and drone-based magnetic studies, are scheduled to refine targeting across the Southern Cross tenure. Additionally, re-assaying of historical soil samples using advanced ultrafine techniques aims to unlock further exploration potential. The company’s methodical approach to exploration, combined with a robust balance sheet, positions it well to advance the Southern Cross Project toward development readiness.

Strategic Outlook

With a growing inventory of high-grade intercepts and a comprehensive work program underway, Golden Horse is steadily transforming its Southern Cross assets into a significant gold resource. The recent capital raise not only validates market confidence but also provides the financial firepower to pursue multiple growth avenues simultaneously. Investors will be watching closely as the company progresses its drilling campaigns and moves toward formal resource definition and mining studies in the coming months.