Golden Horse Minerals (ASX: GHM) has wasted no time putting its IPO funds to work, with the company’s maiden drilling campaign at Hakes Find delivering an impressive batch of shallow, high-grade gold intercepts. The results bolster confidence in the under-explored Southern Cross Greenstone Belt, a region rich in historical gold production but often overlooked due to fragmented ownership.
Inspecting sample bags from drilling at Hakes Find
A Glimpse into the Southern Cross region
The Southern Cross Greenstone Belt, nestled within Western Australia's Yilgarn Craton, is a storied region in Australia's gold mining history. Gold was first discovered here in the late 19th century, leading to the establishment of numerous mining operations. The area has since produced over 12 million ounces of gold, with significant contributions from mines like Copperhead and Frasers, which have yielded approximately 1.5 million and 1.2 million ounces respectively.
Despite its rich history, the Southern Cross region remains underexplored by modern standards. Many areas have seen limited contemporary exploration, presenting opportunities for companies like Golden Horse to apply advanced techniques and potentially uncover new deposits.
Golden Horse's expansive landholding
Golden Horse has strategically positioned itself as a major player in the Southern Cross region. The company has consolidated over 1,500 square kilometres of tenure within the Fraser Shear Zone, a prolific gold-producing area near the town of Southern Cross.
This extensive landholding includes both historical mines and new high-priority prospects that are yet to be tested with modern drilling methods. Notably, Golden Horse recently expanded its footprint by acquiring the Bullfinch Gold Project, adding an additional 422 square kilometres of tenure adjacent to its existing holdings.
The company's strategy of regional consolidation and modern exploration aims to unlock the untapped potential of this historically rich yet underexplored region.
Shallow and high-grade: a winning combination
The highlight reel from the 1,219-metre reverse circulation (RC) drilling program includes:
- GHRC0009: 11m @ 3.36 g/t Au from 8m, including 1m @ 20.10 g/t Au
- GHRC0004: 8m @ 4.84 g/t Au from 26m, including 1m @ 25.89 g/t Au
- GHRC0003: 10m @ 2.14 g/t Au from 52m
- GHRC0011: 4m @ 8.35 g/t Au from 86m, including 1m @ 25.84 g/t Au
Notably, these intercepts compare favourably with historical drilling results at Hakes Find, which yielded hits such as 12m @ 3.49 g/t Au from 24m and 7m @ 4.10 g/t Au from 46m.
For a maiden campaign, these numbers are eye-catching, not only confirming historical data but also hinting at the potential for further extensions at depth and along strike.
Infrastructure advantage and next steps
Golden Horse Managing Director Nick Anderson is understandably upbeat about the findings, describing them as "a strong validation of our exploration thesis."
“The assays from Hakes Find are encouraging as they not only validate historically reported high-grade results, but they also provide further evidence of continuity between drilled areas and potential mineralisation at depth,” Anderson said.
The company is already gearing up for further activity. Next on the agenda is metallurgical testing to assess gold recoveries and additional infill drilling aimed at defining a JORC-compliant resource. Hakes Find is well-located, with road access and proximity to existing toll-treating facilities—factors that could fast-track any future mining plans.
Bigger Fish to Fry at Hopes Hill?
While Hakes Find has delivered the goods, Golden Horse has its sights set on a larger-scale drill program at Hopes Hill, another prospect within its extensive tenement holding in the Southern Cross Greenstone Belt. The region has a long history of gold production, and Golden Horse’s strategy of consolidating tenure and applying modern exploration techniques appears to be paying off.
Drilling at Hakes Find has confirmed the presence of multiple parallel lodes over a 200m strike length, with mineralisation still open along strike and at depth. The upcoming Stage 2 drilling program will focus on resource definition, bringing the company closer to delivering a maiden resource estimate.
High Gold Prices Add to the Appeal
Golden Horse’s timing couldn’t be better. With the spot price of gold currently sitting at AUD 4,646 per ounce, the economic potential of these high-grade discoveries is looking increasingly attractive. Elevated gold prices can significantly enhance project economics, making even smaller, high-grade deposits more viable.
For investors, the company presents an intriguing mix of near-term development potential at Hakes Find and the blue-sky upside of its broader Southern Cross tenements. With multiple drill campaigns scheduled through the first half of 2025, Golden Horse is shaping up as one to watch in the junior gold sector.
As always in exploration, more drilling is needed to turn promising intercepts into mineable resources—but for Golden Horse, the first steps have been nothing short of golden.
