Kalgoorlie Gold Mining Limited (ASX: KAL), or KalGold, has hit the jackpot with its latest discovery at the Pinjin Gold Project in Western Australia's Eastern Goldfields. The newly named 'Lighthorse' gold discovery has delivered thick, high-grade intercepts, marking a major step forward in the company's exploration efforts.
Drill results from Lighthorse have returned impressive intercepts, with standout figures including 17 metres at 4.81 grams per tonne (g/t) gold from 48 metres, which includes a richer zone of 8 metres at 9.21 g/t from 52 metres in hole KGAC24152. This hole ended in mineralisation, suggesting there could be even more gold waiting at greater depths. Another strong result came from hole KGAC24153, which revealed 4 metres at 4.72 g/t gold from 52 metres, also ending in mineralisation. These figures build on earlier promising numbers, such as 8 metres at 2.29 g/t gold from 60 metres in hole KGAC24045.
This is no run-of-the-mill gold find. Lighthorse is a greenfields discovery, meaning KalGold has unearthed something entirely new rather than simply extending an existing deposit. The mineralisation extends over a 600-metre strike running parallel to the Laverton Tectonic Zone and features a 200-metre-wide primary gold target that remains open down dip. Additionally, crosscutting mineralised structures extend over 800 metres and are still open to the northeast.
Managing Director Matt Painter was understandably enthusiastic, stating, “This is what we’ve been chasing at Pinjin. Our systematic approach to exploration has paid off.” He highlighted the strategic importance of the discovery, which is located just one kilometre west of KalGold’s Kirgella Gift deposit in an area previously untouched by effective drilling. The scale of the find, according to Painter, suggests significant growth potential.
Matt Painter
According to Painter, the region is transforming into a genuine exploration hotspot. “The discoveries by our neighbours, together with this new Lighthorse find, are cementing this part of the Eastern Goldfields as a hotbed for exploration and development,” he said.
KalGold isn’t wasting any time. A priority reverse circulation (RC) drill program is scheduled for March 2025, pending rig availability, to further define the extent of the mineralisation. This upcoming drilling campaign will focus on tightening the drill spacing to pinpoint the orientation of the gold system while also testing deeper into the fresh rock below the current intercepts.
Beyond Lighthorse, KalGold is also preparing to follow up at Wessex, a nearby prospect next to the Anglo Saxon Gold Mine, where previous drilling has suggested further potential for gold mineralisation. If the results from these programs continue to impress, the company may have a strong case for progressing towards a resource definition phase.
Investor sentiment on HotCopper, Australia’s largest stock market forum, has been buzzing with reactions to the announcement. One user commented, “Great to see such promising results from KalGold. Looking forward to the follow-up drilling.” Another added, “Encouraging intercepts, but let’s see how the next phase pans out.” Others have taken a more cautious approach, with one investor noting, “Numbers look good, but still early days. Need to see sustained results.”
The mix of excitement and measured optimism reflects the anticipation surrounding the next drill campaign, with many retail investors watching closely to see whether Lighthorse will turn into a company-making discovery.
The discovery’s name is a nod to history. The manager of Pinjin Station, where the deposit is located, recounted to KalGold’s team that many Waler horses used by the Australian Light Horse Brigade in World War I were trained and bred at Pinjin and Edjudina Stations. These horses, sent to battle in Gallipoli and the Middle East, never returned home. In recognition of this historical link, KalGold has named the discovery ‘Lighthorse’ as a tribute to this legacy.
KalGold’s Lighthorse discovery is shaping up as a major milestone for the company. A high-grade, thick gold find in an underexplored area suggests significant upside potential, particularly given its proximity to existing deposits and infrastructure. With RC drilling just around the corner, all eyes will be on KalGold to see if Lighthorse can gallop towards a major resource.
For now, the story is one of promise—backed by some very solid gold numbers.