Announcement • Jun 11
Golden Horse Minerals Reports Regional Exploration Results at Southern Cross
Golden Horse Minerals Limited has received the final batch of gold and multi-element assays from RC drilling at the Hakes Find prospect. Hakes Find is located ~10km south-west of Southern Cross, and ~15kms south of the Company’s flagship Hopes Hill Project, with historical mining represented by several shafts (Devlin's Reward and Hakes Find) along with a shallow, ~5m deep trench. During the First Quarter of Calendar Year 2026, Golden Horse undertook a 49-hole RC hole program for a total of 3,346 metres to confirm the style and type of mineralisation at Hakes Find, with gold and multi-element assaying processes completed. Additional aims of the program were to extend the mineralisation along strike of the Hakes Find prospect, which included scout drilling to the north and south of known mineralisation. Gold mineralisation appears to be controlled by subtle geological structures, with higher grade mineralisation concentrated within discrete zones, parallel lodes, and fault-offset zones rather than continuous stratigraphic horizons. The strongest results returned from the central Hakes Find tenement are presented below, confirming this area as a significant mineralised system. Significant intercepts include: 26HFRC033: 11m @ 3.37 g/t Au from 33m including 6m @ 5.94 g/t Au from 34m; 26HFRC021: 3m @ 3.87 g/t Au from 57m, along with 4m @ 211 g/t Ag from 55m within 16m @ 62 g/t Ag from 54m including 1m @ 665 g/t Ag from 57m; 26HFRC028: 3m @ 2.42 g/t Au from 79m (EOH); 26HFRC025: 16m @ 0.91 g/t Au from 24m; including 7m @ 1.48g/t Au from 30m; 26HFRC007: 18m @ 0.97 g/t Au from 35m, including 5m @ 1.53 g/t Au from 43m; 26HFRC023: 15m @ 0.59 g/t Au from 46m, including 4m @ 1.28 g/t Au from 53m; and 26HFRC036: 4m @ 1.38 g/t Au from 29m, including 1m @ 4.25 g/t Au from 29m. As part of this recent drilling and first pass geochemical characterisation program, selected holes were submitted for a 47 multi-element analytical suite to evaluate potential pathfinder elements which are associated with gold mineralisation to aid in further gold exploration around Hakes Find. The resulting multi-element assays demonstrate a potential geochemical affinity between Silver (Ag) and Gold (Au) which appears to show an approximately 17:1 ratio when 0.5 g/t Au and above results were returned. Analysis suggests that there also appears to be a positive correlation between Gold-Arsenic and Gold-Sulphur, however, there does not appear to be a Lead (Pb) and Silver (Ag) correlation. Preliminary analysis suggests a coherent metal association, likely reflecting potential multiple phases of mineralising fluids with differing chemical compositions, resulting in different sulphide species which may include arsenopyrite (where higher amounts of arsenic and sulphur are present), galena (where higher amounts of lead and sulphur are present) and potentially silver-bearing zones elevated in sulphur suggestive of undetermined silver sulphide minerals or electrum (gold-silver). The initial analysis is based on multi-element data only and thus does not take into account weathering profiles, which may affect the results given certain elements are mobile in oxidised (weathered) zones. Of particular interest is a high silver result, namely 16m @ 62 g/t Ag from 54m, which was returned in hole 26HFRC021 which was drilled near the historic Devlins Reward shaft located south of the Hakes Find trench. This high silver result, which forms a broader mineralised intersection that includes 3m @ 3.87 g/t Au from 57m in hole 26HFRC021, appears to be part of a larger mineralised system identified within Golden Horse’s inaugural RC drilling campaign at Hakes Find, which defined the following results that was assayed solely for gold: GHRC009: 11m @ 3.36 g/t Au from 8m; GHRC010: 12m @ 1.03 g/t Au from 15m; and GHRC011: 4m @ 8.35 g/t Au from 86m. Detailed assessment of the spatial distribution of gold with these pathfinder elements indicates potential geochemical associations with each other, providing a strong vectoring tool for mineralised zones at other prospects around the Southern Cross belt. The elevated arsenic and antimony results in some of the drill holes are particularly indicative of reduced, orogenic gold systems. This geochemical signature is consistent with established models for Archaean orogenic gold systems within the Southern Cross Goldfields, where gold is commonly associated with arsenic-rich sulphide assemblages and locally elevated base metal and silver contents. The integration of these multi-element datasets with geological and structural observations provides a refined exploration framework, whereby pathfinder element anomalies can be utilised to vector towards higher-grade mineralisation and identify prospective zones along strike, at depth and down plunge. Accordingly, these signatures will be further applied at both the Hakes Find prospect and regional scale to enhance targeting efficiency and support the identification of additional gold mineralisation within the broader project area. A small batch of assays has been returned by the lab which represent four holes drilled at Hopes Hill and Hopes Hill North. Highlights include 26HHDD015 (7.05m @ 7.04 g/t Au from 251.9m) and 26HHRC116 (7m @ 1.05g/t Au from 30m and 3m @ 2.01g/t Au from 40m). 26HHDD015 was drilled to test the extents of footwall mineralisation recently intercepted in 26HHDD001 (4.0m @ 4.6 g/t Au from 297m, including visible gold) and 26HHDD010 (16.0m @ 6.8 g/t Au from 115.0m and also containing visible gold). At Hopes Hill North, RC hole 26HHRC116 has intercepted shallow mineralisation which includes 7m @ 1.05g/t Au from 30m and 3m @ 2.01g/t Au from 40m. These intercepts are associated with a SIF (sedimentary iron formation) rock unit, which is a readily apparent ‘marker horizon’ in the Hopes Hill North region. Expansionary drilling has commenced, which includes drilling along strike and at depth below this intercept, to follow up this result with drilling and subsequent assays to be conducted over the coming weeks. Reverse circulation and diamond drilling is ongoing across the Hopes Hill region, with core logging and assaying activities in progress. Results are expected to be released progressively. RC drill programs have been completed at Marionete/Star of Ennuin, with results being delayed due to assay lab turnaround times being impacted by high workloads. Current work programs include soil sampling and drill planning for multiple areas across Golden Horse's tenure, with RC drilling recommencing at several prospects including Greenmount and Hakes Find. Golden Horse will advise the market of drilling progress, including assay results and geological interpretations, as they become available. Hakes Find is located approximately 10km southwest of Southern Cross. Drilling confined to granted tenement P77/4607 and pending tenement M77/1312. Hopes Hill is located approximately 8km north of Southern Cross.
