Golden Horse Minerals (ASX:GHM) intersected visible gold during reverse circulation drilling at the Hopes Hill deposit, within its Southern Cross project in Western Australia, according to a Monday filing with the Australian bourse.

Drilling returned four meters at 73 grams per tonne grade of gold from 88 meters, within a broader zone of 48 meters at 6.3 g/t grade of gold from 44 meters, the filing said.

Additionally, an initial four-meter composite sample was further tested to determine grade variability, with a range of nearly 47 g/t gold to 108 g/t gold returned from 30 samples, indicative of high-grade, nuggety gold.

Follow-up work is in progress, with further assays pending from nearby holes, per the filing.

Shares fell 1% in midday trade Monday.