Golden Horse Minerals (ASX:GHM) intersected high-grade gold mineralization at its Southern Cross project in Western Australia, with ongoing reverse circulation and diamond drilling activities near the Hopes Hill deposit, according to a Wednesday filing with the Australian bourse.

Drilling returned nearly 17 meters at 3.4 grams per tonne grade of gold from 392 meters, including five meters at 9.9 g/t grade of gold from 399 meters, 21 meters at 1.5 g/t grade of gold from 215 meters, including 13 meters at 2.1 g/t grade of gold from 221 meters, the filing said.

Two diamond drill rigs and one reverse circulation rig are currently operational on site, with plans to demobilize the second diamond rig after completing a drill program aimed at a high-grade zone below the northern end of the Hopes Hill pit, per the filing.

Shares rose 2% in morning trade Wednesday.