Golden Horse Minerals Ltd (ASX:GHM) Further Shallow High-Grade Mineralisation at Southern Cross

14 April 2025

Price Sensitive Announcement $‘

Highlights:

• Exploration drilling at the Company’s Southern Cross operations continues to deliver high-grade gold intercepts, with recent results from Hopes Hill confirming strong gold mineralisation within the Company’s dominant 1,800km² position on the well-endowed Frasers Shear Zone.
• Wide-spaced scout drilling at Hopes Hill South has identified near-surface gold mineralisation approximately 200m from the Hopes Hill pit crest and in the vicinity of small-scale historic workings. The results of the program validates the Company’s geological interpretation of the Hopes Hill Shear Zone, manifesting as a large-scale gold mineralised system:
• 26HHRC066: 7m @ 13.0 g/t Au from 13m, including:
  ▪ 2m @ 44.3 g/t Au from 13m
• Ongoing reverse circulation (RC) drilling and diamond drilling (DD) at Hopes Hill Main and Hopes Hill North continues to define a large-scale mineralised system, with wide, high-grade intercepts including:
• 26HHRC020: 11m @ 2.2 g/t Au from 144m;
• 26HHRC051: 6m @ 3.6 g/t Au from 107m;
• 26HHRC059: 4m @ 4.06 g/t Au from 64m (4m composite);
• 26HHRC054: 12m @ 1.06 g/t Au from 0m (4m composite); and
• 26HHDD006: 11.43m @ 1.48g/t Au from 234.57m, and 1.91m @ 4.99 g/t Au from 207.5m.
• Regional RC drilling has concluded at Hakes Find and Marionete, with >5,000m drilled across the prospects, a vast majority of assay results are still pending.
• Development studies for Hopes Hill Main remain ongoing with flora/fauna and hydrological study reports received.

Overview:

Golden Horse Minerals Limited (ASX: GHM) has successfully intersected high-grade gold mineralisation within a shear zone at Hopes Hill South, located approximately 200m south of the existing Hopes Hill pit as shown in Figure 1 and Figure 2.

The drilling program was specifically designed to test for mineralisation beneath historic shallow workings, which are typically small shafts mined to depths of approximately 5m. The successful intersection in hole 26HHRC066, which returned a final intercept of 7.0m @ 13.02 g/t Au from 13m downhole, confirms the presence of a mineralised shear zone below these workings and validates the Company’s geological interpretation of the Hopes Hill Shear Zone, manifesting as a large-scale gold mineralised system.

In particular, the high-grade intercept is located within the hangingwall ultramafic unit (as shown in Figure 6) above existing mineralised intercepts within the lower ultramafic unit, suggesting that there may be several splays or stacked lodes in the Hopes Hill South area which presents as further upside to the Company.

In line with common industry practices, 4m scoop composite sampling was conducted in certain areas to reduce assay costs. Composite samples are subsequently re-sampled from 1m individual calico bags as and when required, including where there are elevated gold grades resulting from the 4m composites.

The initial 4m composite gold assay result for hole 26HHRC066 of 4m @ 41.2 g/t Au from 12m was a highly encouraging result, triggering further 1m sampling from calico bags generated during the RC drilling process. As a result of this sub-sampling work undertaken, an intersection of 7m @ 13.0 g/t Au from 13m was returned, including 2m @ 44.3 g/t Au from 13m. Further drill planning is underway to test the extensive strike length and depth extensions from this newly defined zone, 200m from the historic Hopes Hill mine which historically mined 216koz Au1

Figure 2 and Figure 6 show the broader context, within a long-section and cross-sectional view respectively, with this high-grade mineralisation located within the upper ultramafic unit representing a potential new mineralisation model suggestive of shear-hosted gold. Figure 6 displays historic drilling (prefixed HHRC) with further information available with the Company’s ITAR released in 20241

Company Notes:

Golden Horse Managing Director, Nicholas Anderson said:
“Our exploration strategy for 2026, The Year of the Horse, has been to step out with intent and drill test beyond and beneath the promising orebody at Hopes Hill – and we’re actively executing that plan.

“With some small-scale workings and the Irene Betty area previously receiving historic attention, our team has always viewed the Hopes Hill South area as geologically interesting which has been proven with the shallow intercept of 7m at 13.0 g/t Au in 26HHRC066 generating excitement in The Stable.

“Only 2 kilometres away, we’re continuing to build out our knowledge of the Hopes Hill North area with several RC intercepts also indicating that the broader mineralised system continues to develop both nearsurface and at depth, rapidly building into a significant system in parallel with Hopes Hill Main underneath the historic pit. Further afield, our regional RC drilling programs for Q1 have concluded with a strong pipeline of results driving news flow in the near future allowing us to gallop into the new quarter.

“We’re well positioned to ride out the storm with our strong cash balance and a deliberate focus on project efficiencies to ensure we’re in tip-top shape throughout 2026 and beyond.”

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