Progress of Projects Including the Hope Downs Gold Mine in Western Australia

Golden Horse Minerals encountered significant mineralization in deep drilling at the Hopes Hill project near South Cross in Western Australia.

The drilling intersected a 10-meter ore zone at a depth of 279 meters with a gold grade of 4.7 g/t, and a 17-meter ore zone at a depth of 203 meters with a grade of 1.5 g/t, including a 9-meter thick zone with a grade of 2.2 g/t.

This drilling indicates that the middle ore section, located 175 meters below the bottom of the open-pit mine, extends continuously. The surrounding rock is composed of sheared ultramafic rocks, suggesting potential for discovering ore bodies at the bottom.

Analysis of drilling samples from the Irene Betty vein on the western side of Hopes Hill revealed a 2-meter thick ore zone at a depth of 46 meters with a grade of 6.04 g/t. A previous hole intersected a 4-meter thick ore zone with a grade of 3.17 g/t. The inconsistency suggests the presence of coarse gold. The core has been resampled and sent to the laboratory for detailed analysis.

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The main ore intersections from the Phase 2 drilling at the Mt Palmer gold project near South Cross, conducted by Kula Gold and Aurumin, are as follows:

◎ A 9-meter thick ore zone was intersected at a depth of 33 meters with a gold grade of 13.6 g/t, including a 3-meter thick zone with a grade of 38.4 g/t.

◎ A 20-meter thick ore zone was intersected at a depth of 22 meters with a gold grade of 7.5 g/t, including a 6-meter thick zone with a grade of 23.8 g/t.

The two companies stated that there are multiple ore-bearing structures and new target areas along a 10-kilometer-long mineralized belt.

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Final sample analysis from the Liontown deposit in Queensland, conducted by Sunshine Metals, revealed multiple mineralized intersections in several holes. The main ore intersections are as follows:

◎ A 3-meter thick ore zone was intersected at the surface with a gold grade of 3.05 g/t;

◎ A 5-meter thick ore zone was intersected at a depth of 6 meters with a gold grade of 4.67 g/t and a silver grade of 481 g/t;

◎ A 3-meter thick ore zone was intersected at a depth of 13 meters with a gold grade of 22.82 g/t and a silver grade of 351 g/t;

◎ A 3-meter thick ore zone was intersected at a depth of 38 meters with a gold grade of 10.51 g/t and a silver grade of 442 g/t.

Liontown is part of the Ravenswood project.