Golden Horse Minerals (ASX:GHM) remains to be seen as "constructive" given the continuity of mineralisation at its Hopes Hill project in Western Australia and ongoing exploration efforts, according to a Friday note by Euroz Hartleys.

On Thursday, the company said ongoing drilling at Hopes Hill consistently intercepted gold mineralisation and the results point to a large-scale gold mineralised system.

Drilling yielded 3.5 meters at 9.22 grams per tonne gold from 309.5 meters, and five meters at 5.06 g/t gold from 118 meters, the company said.

Drilling at the project continues to show orebody consistency and extended mineralisation at depth, Euroz said.

Exploration at the project also offers potential for strike extensions, but will require increased quantity and depth of drilling, Euroz noted.

Euroz expects the project to turn into a deposit with one million ounces of gold in fiscal year 2026, with multiple potential corporate suitors.

It maintained Golden Horse Minerals' speculative buy rating with a AU$1.17 price target.

Shares of the company fell 3% in recent Friday trade.