Black Horse Mining Confirms 10.79g/t Gold Zone With Drill Rig Due in September

High-grade gold confirmed at Mt Egerton as BHL readies drill rig

Black Horse Mining (ASX: BHL) has confirmed a new high-grade gold zone at its Mt Egerton Gold Project in central Victoria, with face sampling of the newly named Sister Rose No1 Splay returning 0.60 m @ 10.92 g/t Au (MEUG-0024) and 0.70 m @ 10.67 g/t Au (MEUG-0025), for a weighted average of 1.3 m @ 10.79 g/t Au. The results come after rehabilitation of the Sister Rose Adit opened access to a historical crosscut that had been sealed for over a century. A track-mounted diamond drill rig is expected to mobilise in late September 2026, making this one of the more concrete near-term catalysts on the ASX junior explorer calendar.

What the Sister Rose Adit revealed underground

Two gold styles confirmed, broadening the target inventory

The crosscut exposed a west-dipping fault system dipping at -60° towards an azimuth of 160°, which hosts the Sister Rose No1 Splay. The structural signature is consistent with what geologists expect in central Victoria: quartz veining running parallel to the fault in both the footwall and hanging wall, shallow stacked narrow spur (tensional) veining predominantly in the hanging wall, and a mineralised envelope extending at least 4 metres into the hanging wall at the exposure.

Critically, BHL has now confirmed two distinct mineralisation styles at Mt Egerton: west-dipping fault lodes alongside the bedding-parallel lodes typical of classic central Victorian gold deposits. That broadens the target inventory across the whole project, not just at the Sister Rose structure.

Key structural characteristics of the Sister Rose No1 Splay:

• West-dipping fault system, dip -60°, azimuth 160°
• Quartz veining parallel to the fault in footwall and hanging wall
• Shallow stacked narrow spur (tensional) veining, predominantly in the hanging wall
• Mineralised envelope extending at least 4 metres into the hanging wall
• Historical miners intersected this fault but never developed it, as grades sat near the historical cut-off

At today’s gold price and with modern targeting techniques, the source notes this structure “presents a genuine opportunity.”

Historical record corrected — mine geometry updated

Physical underground access resolved a question that inherited plans had left unanswered for decades. Previous interpretations produced by modern exploration companies showed the Sister Rose Adit connecting directly to the Sister Rose shaft, with ore removed at the first level. Underground inspection established that no such connection exists.

The actual ore haulage route was different: ore was brought to surface and moved above ground to an ore chute, which then delivered it to horse-drawn carts waiting in the Adit 15 metres below, before being hauled to the stamp battery. Removing this inherited geometry error sharpens the foundation for 3D modelling and means every structure now being mapped is tied to direct physical observation rather than assumed historical configuration.

Why down-dip continuity matters for investors

Down-dip continuity refers to evidence that mineralisation persists at depth below a known near-surface exposure, rather than being an isolated showing confined to one level. For a junior explorer, confirming continuity between two independent data points is a material de-risking step: it tells you the structure has vertical extent, which is what you need before drilling becomes a well-constrained test rather than a conceptual punt.

At Mt Egerton, BHL now has two independent data points consistent with a single structure. The face samples at the crosscut sit at a known elevation. Historical RC hole RSE003, which returned 2 m @ 5.13 g/t Au from 24 m, sits approximately 14 metres below the crosscut when the structure is projected along its measured -60° dip. Together, they indicate fault-hosted mineralisation continuing at depth rather than pinching out at surface.

This is the kind of link that had been difficult to establish at Egerton before underground access was available. The forthcoming drill programme is now testing a structure with mineralisation confirmed at two separate levels, rather than an open conceptual target. That distinction materially reduces exploration risk heading into the drill campaign.

Managing Director David Frances

“This latest work has allowed us to unveil some of the secrets Mt Egerton has been hiding for over a century. It has delivered high-grade gold from a structure that was intersected and ignored during historical mining, and it confirms our interpretation that Mt Egerton hosts west-dipping fault lodes alongside the bedding-parallel style — effectively broadening our target inventory across the whole project. Getting underground has given us the kind of direct structural measurement, and the ability to sample it, that simply cannot be obtained from inherited plans, and with the rig mobilising shortly we intend to put it to use quickly.”

Upcoming drilling and next steps

~10-hole, ~4,000-metre programme targeting the Sister Rose No1 Splay

The drill programme is expected to comprise approximately 10 holes for a total of approximately 4,000 metres, using a track-mounted diamond drill rig mobilising late September 2026. The programme is designed to test down-dip and along-strike extensions of the Sister Rose No1 Splay, alongside other priority targets across the project and several deep stratigraphic holes. Hole spacing, orientation and depths will be finalised once target definition is complete.

Immediate work programme steps ahead of and alongside drilling:

• LiDAR survey of all accessible historical workings, scheduled in the coming weeks, to capture geological structures and integrate with the corrected mine geometry
• Duplicate sampling across the mineralised quartz zones on both the northern and southern walls of the crosscut
• Portable XRF systematic wall-rock testing throughout the Adit and crosscut to identify alteration haloes and guide multi-element assaying
• Geological mapping of the narrow southern drive for additional fault exposure
• Drill target definition using the corrected workings geometry and LiDAR-derived 3D model

Key metrics at a glance

Investment thesis — a new gold zone with a drill catalyst on the doorstep

Before underground access, Mt Egerton’s geological interpretation was constrained by inherited historical plans that contained at least one material geometry error. That has now changed. The Sister Rose Adit has delivered a confirmed high-grade gold zone, corrected the site model, and established early evidence of down-dip continuity through two independent data points.

The target inventory has broadened too. Two distinct mineralisation styles are now confirmed across the project, placing Mt Egerton in geological company with the Ballarat, Bendigo and Fosterville systems that define the central Victorian gold corridor.

The imminent catalyst is the drill programme expected from late September 2026, which will test whether the face sample results and historical hole RSE003 are connected along the Sister Rose No1 Splay. BHL currently holds a 51% interest in the tenements and is earning up to 80% by spending $4 million over five years on exploration and development. That earn-in structure means investors are getting exposure to a potentially expanding target at relatively low cost while the geological story is still being written.

Ready to Explore the High-Grade Gold Discovery at Mt Egerton?

Black Horse Mining’s confirmation of 1.3 m @ 10.79 g/t Au at the Sister Rose No1 Splay — supported by evidence of down-dip continuity and a drill rig mobilising in late September 2026 — positions Mt Egerton as one of the more concrete near-term catalysts among ASX junior gold explorers. The broadening of the target inventory to include both west-dipping fault lodes and bedding-parallel lodes adds further geological weight to the project’s investment case.

Dig deeper into BHL’s project pipeline, earn-in structure, and upcoming drill programme by visiting the Black Horse Mining profile on Discovery Alert before the rig turns.