Golden Horse Confirms Free-Milling Gold at Hopes Hill Amid Drilling Surge

Free-Milling Gold Confirmed at Hopes Hill

Golden Horse Minerals Limited (ASX:GHM) has released results from an independent petrographic study of diamond core samples taken from its Hopes Hill gold deposit in Western Australia's Southern Cross region. The study confirms that the gold mineralisation is free-milling, with discrete gold grains hosted within fractured quartz veins. This is a significant technical milestone, as free-milling gold typically allows for more straightforward and cost-effective processing compared to refractory ores.

The expert analysis revealed that gold occurs as finely disseminated grains, rarely exceeding 20 microns in size, often associated with sulphide minerals such as pyrrhotite and chalcopyrite. The presence of electrum, an alloy of gold and silver, was also noted, suggesting potential additional revenue streams from silver recovery. These mineralogical characteristics bode well for metallurgical recoveries using conventional processing methods like Carbon-in-Leach, and the company is considering incorporating a gravity gold circuit to capture free gold efficiently.

Drilling Progress and Assay Pipeline

Golden Horse has made excellent progress with its 2026 exploration program, completing approximately 20 kilometres of combined reverse circulation and diamond drilling by the end of February. Currently, five rigs are active across the Hopes Hill and Marionete projects, with over 3,000 assay results pending. Notably, recent diamond drilling returned high-grade gold intercepts, including individual grades up to 62 grams per tonne over 4 metres, underscoring the deposit's potential.

The company is also advancing regional exploration, with drilling campaigns underway at Marionete and plans to move rigs to the Golden Valley area shortly. These efforts aim to expand the known mineralisation footprint and enhance geological understanding across the Southern Cross Greenstone Belt.

Metallurgical Studies and Next Steps

Following the petrographic confirmation of free gold, Golden Horse has engaged independent metallurgists to commence feasibility studies in the second quarter of 2026. These studies will focus on optimising processing parameters using existing diamond core and reverse circulation chip samples, processed with site water to simulate plant conditions. The goal is to develop an efficient flowsheet that maximises gold and silver recoveries.

Meanwhile, drilling continues to test the depth and strike extensions of the Hopes Hill mineralisation, with infill and step-out holes planned to refine resource estimates. The company also intends to undertake geophysical surveys, including downhole electromagnetic methods, to further delineate mineralised zones.

Golden Horse’s Managing Director, Nicholas Anderson, highlighted the deposit’s quality and the promising outlook for metallurgical processing, emphasizing the company’s aggressive exploration approach and the substantial assay data pipeline that will inform ongoing development.