Golden Horse Minerals' (ASX:GHM) latest drilling results support growth for the maiden mineral resource estimate at its Hopes Hill project in Western Australia, Euroz Hartleys said in a Thursday note.

The company reported high-grade gold mineralization, with results of up to 16 meters at 6.8 grams per tonne (g/t) grade of gold from 115 meters, including 1 meter at 98.4 g/t grade of gold.

Results indicate a mineralized strike exceeding 2.5 kilometers, with a 125-kilometer drilling program and further targeting in progress.

The project demonstrates promise for a "solid grading" open pit operation, with potential for underground development dependent on drilling results at depth, the financial services firm said.

The company is considered as the sole gold explorer/developer with potential for scalable and economically viable gold ounces in the Southern Cross region, and with control over an entire greenstone belt, according to Euroz Hartleys.

Euroz Hartleys reaffirmed its speculative buy recommendation and AU$1.17 price target on Golden Horse Minerals.

Golden Horse Minerals shares rose 1% in midday trade Friday.