Golden Horse Minerals Limited (ASX: GHM) – Expanding the Central Zone at Hopes Hill Gold Mining Story.
- Noel Ong
- Jun 25
- 8 min read
From Prospectus to Progress: 🆕 IPO Review
Announcements:
Golden Horse Minerals Limited (ASX: GHM), a recently listed explorer on the ASX (IPO December 2024), is demonstrating its potential as a significant player in Western Australia's gold sector with a strong update from its Hopes Hill project (Figure 1).
With more than 10,000m of reverse circulation (RC) drilling already completed across 44 holes since January 2025, the latest round of deep drilling results strengthens the view that the Central Zone is part of a larger, high-grade gold system.
Figure 1: Location of Hope Hill Project (source: GHM)
The company continues to leverage its consolidation of over 1,900km² in the underexplored Southern Cross Greenstone Belt, building momentum through systematic, high-impact drilling.
ASX Code: GHM
Listing Date: 16 December 2024
IPO Offer Price: $0.25
Current Share Price (as at June 2025): $0.420
Market Capitalisation: $70.78 million
Industry Group: Materials
What Has Golden Horse Minerals Limited Done Since Listing?
Hopes Hill Delivers – High-Grade Continuity at Depth - A Gold Mining Story
Four new RC holes (GHHHRC0041 to GHHHRC0044) were drilled beneath the central part of the historical Hopes Hill pit. These were designed to extend mineralisation at depth, and the assays looked promising (Figure 2). It's not something you would shout a round of beers, but it's in the right direction.
Figure 2: Gold Gram-metre accumulation long section of Hope Hill C-C’ (source: GHM)
Key Intercepts (Figure 3):
GHHHRC0043:
o 10m @ 4.7 g/t Au from 279m
o 17m @ 1.5 g/t Au from 203m, including 9m @ 2.2 g/t Au from 210m
GHHHRC0041:
o 18m @ 2.8 g/t Au from 203m, including 8m @ 3.6 g/t Au
GHHHRC0042:
o 17m @ 2.4 g/t Au from 237m
GHHHRC0044:
o 19m @ 2.1 g/t Au from 206m
Figure 3: Hope Hill Drill Hole Location Plan with Section Lines (source: GHM)
The standout result—10m @ 4.7 g/t Au from 279m in hole GHHHRC0043—sits approximately 175 metres below the pit floor, potentially unveiling a new footwall mineralised zone. This is a significant development, as it not only shows depth continuity but also suggests the mineralisation system remains open and robust beyond the current drilling extent.
Momentum Building – Capital, Rigs and the EIS Grant
With strong support from both new and existing shareholders, GHM recently completed a capital raise that enables a 50% increase in drilling activity. The funds will also bring a diamond core rig to the site, which will support structural understanding and deeper targeting beneath the Central Zone.
Adding further momentum, GHM has secured Exploration Incentive Scheme (EIS) funding from the WA Government, further affirming the project’s geological promise. As they say, you are not going to be mining for gold and have the opportunity to be considered a gold miner if you don't drill holes.
Managing Director Nicholas Anderson remarked:
“The fact that hole GHHHRC0043 has delivered such an outstanding intersection of 10m at 4.69 g/t gold clearly shows we are working with a large gold system.”
Irene Betty – Parallel Reef System with High-Grade Hits
The Irene Betty prospect, located adjacent to the main Hopes Hill trend, is also showing early promise (Figure 4). The quartz reef system here—interpreted as a narrow but high-grade structure—returned:
GHIBRC0010: 2m @ 6.04 g/t Au from 46m
GHIBRC0003: 1m @ 8.32 g/t Au from 11m
These results follow earlier highlights, including a previously reported 10m @ 18.4 g/t Au. Golden Horse has flagged the presence of coarse gold and submitted intervals for screen-fire assay, which is better suited to accurately gauge such mineralisation.
Figure 4: Regional Location Plan – Hope Hill Area (source: GHM)
Hopes Hill’s structural geology
The strategic deployment of funds has resulted in:
✅Earlier-than-expected testing at depth
✅Accelerated regional exploration (e.g., Irene Betty)
✅A ramp-up in drilling capacity (RC + diamond rigs)
The outcome is a company rapidly moving toward resource definition with a broadened geological understanding and improved structural targeting capacity, on a timeline that aligns with investor expectations and the original listing intent.
Use of IPO Funds – Summary (Actual vs Budget)
Since its ASX debut in December 2024, Golden Horse Minerals has deployed IPO funds in line with the priorities outlined in its Prospectus. A significant portion was allocated to aggressive drilling programs at Hopes Hill, resulting in over 10,000m of RC drilling, exceeding the initial budgeted meterage.
The Company also fast-tracked metallurgical test work, advanced regional exploration, including at Irene Betty, and secured a second rig to increase drilling throughput by 50%.
With the support of a successful capital raise and WA Government EIS funding, GHM has not only stayed on budget but has strategically accelerated its exploration schedule beyond original forecasts, reinforcing its commitment to resource definition and discovery momentum.
Share Price Performance Since Listing
Since listing on 16 December 2024 at an IPO price of $0.25, Golden Horse Minerals (ASX: GHM) has delivered a strong market performance, reflecting investor confidence in its exploration success and project potential. The rising sentiment for the gold price is probably a big catalyst for support.
As of June 2025, the share price has risen to $0.420, representing a 68% gain since IPO (Figure 5). The stock has shown resilience and upward momentum, supported by consistent high-grade drill results from Hopes Hill and growing interest in the Company’s expanding footprint across the Southern Cross Greenstone Belt.
Daily trading activity and price support suggest growing institutional and retail engagement as Golden Horse transitions from exploration to potential resource definition.
Figure 5: GHM Share Price as of 23 June 2025 (source: ASX)
Samso’s Review
Golden Horse Minerals' latest update is appearing to be consistent with earlier work at Hopes Hill—a definite potential for an evolving mineralised system. The scale of drilling (10,000 m+ since January 2025), the strength of the recent intercepts, and the emerging depth potential appear to highlight both grade and scale. Importantly, the new footwall intercept below the pit floor is a step forward—could this be a game-changer? Time will tell.
The Irene Betty results illustrate that GHM's landholding is more than just a one-prospect story. As re-assays progress and new RC/diamond campaigns are launched, the company’s strategy of exploring along and adjacent to a known mineralised trend is beginning to bear fruit.
Samso Concluding Comments
The Golden Horse Minerals narrative is starting to gain pace to be more than exploring gold—they're uncovering a system that has been overlooked, yet quietly persistent beneath the Hopes Hill pit. These latest intercepts—especially the standout 10m @ 4.7 g/t Au from 279m—tell us that this is more than just a shallow oxide play. Time will tell if this develops into a mining proposition but as an early advanced exploration play that has a scent of mining, and in a market that is hot, Golden Horse is worth keeping an eye on it.
Having a market capitalisation of over AUD $70M is not a cheap punt but you are looking at a company that is in a very hot market. The fact that there is an affinity to hug the "We Can Mine" narrative, it may well be cheap.
Another good sign is that it feel that since listing in December 2024, Golden Horse has executed with purpose: over 10,000m of drilling completed, funding secured, a second rig mobilised, and a growing body of evidence suggesting that Hopes Hill and its surrounding prospects could support a large-scale gold development. The addition of a diamond rig, EIS funding, and ongoing high-grade returns from Irene Betty reflect a company prepared to push the envelope on multiple fronts.
For investors, the alignment of capital, geological confidence, and rapid operational progress is noteworthy. Backed by Emerald Resources and with access to established infrastructure, Golden Horse is one of the few newly listed explorers demonstrating both near-term drilling success and longer-term development credentials. This is not a speculative punt—it’s becoming a technically grounded story with layers of growth potential.
As the company progresses deeper into the Central Zone and widens its scope across the Southern Cross Belt, investors should be watching for what comes next. In a market that rewards news, ounces, and momentum, Golden Horse appears to be ticking all three boxes.
The Samso Way - Seek the Research
Since listing, GHM has methodically delivered results that reward those who dig deeper. This is not a story built on speculation—it’s one underpinned by structural geology, consistent drilling, and strategic land consolidation in one of WA’s most historically productive belts. The deeper you look, the clearer it becomes: high-grade intercepts, expanding mineralised zones, and a team that understands the value of data over hype. For those who follow the details—not just the headlines—GHM is quietly shaping into a discovery that could redefine the Hopes Hill corridor.
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