Golden Horse Minerals Ltd (ASX:GHM) Hits High-Grade Gold Results at Hopes Hill

11 September 2025

Price Sensitive Announcement $

Highlights:

Highlights:

• Hopes Hill project continues to deliver high-grade reverse circulation (RC) drill results at depth,
  including:
• GHHHRC0088: 3m @ 23.8 g/t Au from 193m
  o within a broader zone of 8m @ 9.1 g/t Au from 193m
• GHHHRC0070: 7m @ 3.1 g/t Au from 120m
  o within a broader zone of 34m @ 1.4 g/t Au from 120
• GHHHRC0070: 6m @ 5.3 g/t Au from 212m
  o within a broader zone of 13m @ 2.7 g/t Au from 212m
• GHHHRC0102: 5m @ 3.5 g/t Au from 265m
  o within a broader zone of 15m @ 1.5 g/t Au from 265m
• Diamond Drill (DD) results are starting to flow with several holes queued for cutting and laboratory
  assaying with results expected over coming weeks.
• A second DD rig will be on site later this month, bringing total rigs on site to four, to accelerate the diamond tail program following the extensive pre-collar RC drilling completed. The second DD rig will free up the opportunity to pursue regional targets with an allocated RC rig.
  ▪ A comprehensive geophysical overview study was completed by geophysical specialist, Newexco, over several areas within the +130km of Golden Horse controlled tenure. Key findings highlighted multiple targets identified with several recommended for immediate drill testing including Hopes Hill North, Aries, and south of Hopes Hill.

Hopes Hill RC and DD Drilling Update

RC drilling has focused predominately on RC pre-collars for diamond tails to target the down plunge mineralisation trends and to collect valuable structural data. A total of 26 RC pre-collars have been drilled across the 1.3km strike length of Hopes Hill (see Figure 1), enabling the mobilisation of a second diamond rig which is expected to commence in the coming weeks.

Mineralisation is not expected in the pre-collars as they sit predominately in the mostly unmineralized hanging wall Ultramafic (Uac) unit.

RC Drilling
Hole GHHHRC0088 which was part of the RC pre-collar program in the Southern Zone intersected a highgrade zone of 3m @ 23.8 g/t Au from 193m including 2m @ 34.9 g/t Au (see Cross section 1 and Figure 1). Deeper DD drilling is now planned to extend this hole and test the deeper mineralisation along strike and down plunge.

Deeper RC results in the Central, Southern and Northern zones continue to support consistent high-grade mineralisation at depth including holes:

• GHHHRC0070: 7m @ 3.1 g/t Au from 120m
  o within a broader zone of 34m @ 1.4 g/t Au from 120m,
• GHHHRC0070: 6m @ 5.3g/t Au from 212m
  o within a broader zone of 13m @ 2.7 g/t Au from 212m, and;
• GHHHRC0102: 5m @ 3.5 g/t Au from 265m
  o within a broad zone of 15m @ 1.5 g/t Au from 265m.

Hole GHHHRC0070 was drilled to further test possible mineralisation in the footwall muscovite schist1 (see Cross section 3 and Figure 1). Historically, this targeted zone has been poorly tested, however with newly drilled diamond core, this high sulphide zone – consisting of pyrrhotite – lends itself towards further down hole electromagnetic (DHEM) testing.

A number of RC pre collars located in the central zone, approx. 200 metres west of the Hopes Hill pit, and drilled beneath small, shallow historical workings, returned anomalous mineralisation. Composite assays in hole GHHHRC0076 include 8m @ 1.0 g/t Au from 12m and 8m @ 1.6 g/t Au from 80m (see Cross section 2).

The 1m splits are being sent for further assaying, whilst modelling of these potentially “new” lodes continues. The Company interprets this anomalous mineralisation to reflect potential repetition of the Hopes Hill mineralised structure and further drilling within this historically poorly tested hanging wall zone is required.

Full ASX Announcement: https://discoveryalert.com.au/documents/6A1283288.pdf?utm_source=Discovery+Alert&utm_campaign=2e4cc52edd-EMAIL_CAMPAIGN_2025_09_10_10_57&utm_medium=email&utm_term=0_11b9ba38b9-2e4cc52edd-634171145