Having identified sufficient signs of gold mineralisation at surface, an ASX-listed junior is now drilling deeper for new brownfields targets along one of Western Australia’s best-known greenstone terrains.
Earlier this quarter, WA-based Golden Horse Minerals Ltd (ASX: GHM) said a down-hole electromagnetic survey conducted at its flagship Hopes Hill project, located just six kilometres north of the historic mining town of Southern Cross, had identified a number of highly prospective anomalies below surface.
This included a 200 by 200 metre conductor, which was supported by a recent diamond drill gold intersection of 4.4m at 9.3 grams/tonne.
Meanwhile, two other significant electric magnetic conductors (360 by 130m and 400 by 400m) provided further exploration potential in the northern half of the historic 1.3km long Hopes Hill open.
According to the company, the encouraging size and southerly plunge direction of the anomalies aligned with the project’s geological model and outlined an excellent drill target for deeper, high-grade mineralisation.
Assay results have been received from recent regional soil geochemical surveys comprising 1295 samples, with encouraging results supporting the drill testing of three separate gold targets.
Of these, GMH said, Anstey is a high priority, where drilling to test a 750m long zone is expected to be completed during the remainder of 2025.
Here, 54 samples were taken on 200 by 400m spaced lines to confirm and better locate previously identified anomalies. Encouragingly, historical soil sampling on 400m spaced lines had also identified anomalies in the area.
The maximum gold value returned was 309 parts per billion at the south end of the area tested – a result considered “highly anomalous” by the junior.
The gold values, GHM said, defined a 750m long corridor with historical workings confined to the southern end.
Anstey is located near a distinct flexure in the western boundary of the greenstone and granite contact.
A significant fault is interpreted to trend north west to south east through the tenure, creating a setting typically conducive to gold mineralisation.
The only previous drilling here comprised RAB holes towards the northern end of the defined target area.
GMH managing director Nicholas Anderson said the ongoing soil sampling program continued to deliver highly encouraging results, allowing the definition of further drill targets along the Southern Cross holdings.
“Regional drilling is planned in coming months to test a number of high-priority targets along the belt,” he told the market.
Hopes Hill sits within a tenement package that covers a significant portion of the highly prospective Fraser Shear Zone in WA’s Yilgarn Craton.
Its geology is a typical orogenic gold deposit, primarily hosted within a series of metamorphosed mafic and ultramafic volcanic rocks as well as banded iron formations.
The mineralisation is not a single, continuous body, but rather a series of stacked, parallel lodes extending over a significant strike length.
These lodes typically dip steeply to the west and plunge towards the south, following the dominant structural trends of the greenstone belt.
According to brokerage Shaw and Partners (SP), which has initiated coverage of GHM, this stacked nature is a key target for modern exploration as it suggests the potential for significant resources at depth.
“The project is characterised by a moderately thin oxide profile in the near-surface environment, which transitions into fresh rock at an approximate depth of 50m,” SP’s Dorab Postmaster, Andrew Hines and Peter Kormendy explained.
“This has implications for metallurgy and mining, as the oxide ore is easier to process.
“The presence of multiple mineralised zones within a well-defined structural corridor makes Hopes Hill a highly prospective and geologically compelling target for exploration.”
Earlier this year, GHM’s drilling highlighted considerable potential for resource growth at existing brownfields targets, with significant gold intercepts including 83m at 2.5g/t (from 103m), 51m at 2.5g/t (91m), 24m at 2.8g/t (95m), 24m at 2.5g/t (144m) and 30m at 2.2g/t (57m).
The broad gold intercepts of over 2g/t across 1.3km of strike indicated an orebody amenable to open-pit mining with underground potential at depth.
Hopes Hill mineralisation is free milling, with initial metallurgical testwork supporting a conventional flowsheet with gold recoveries ranging from 93.8 per cent to 99.3 per cent, averaging 96.7 per cent.
SP noted that the Southern Cross region was supported by existing infrastructure, which was crucial for mining operations – including access to major sealed roads, grid power as well as a reliable water supply.
It is expected that a maiden resource for Hopes Hill will be established during the first half of 2026.
