Wild Horse gets called turquoise, gets called jasper, and technically is neither. It's magnesite mixed with hematite, and the name has stuck purely because the cream white base broken up by brown, cocoa colored matrix looks like the coat pattern on a wild appaloosa pony, which is exactly where the name comes from.
If you've searched wild horse stone, you've probably run into the turquoise and jasper labels floating around, and it's worth knowing neither is technically accurate.
This material comes from one specific location, discovered in the mid 1990s near the Globe copper mine in the Gila wilderness of southern Arizona.
There's no road access, material has to be hiked out over rough terrain, and the deposit is limited enough that it's stayed a genuinely single source stone since it was found.
That scarcity is a big part of why wild horse magnesite jewelry carries real weight in Native American and Southwest design traditions, where it's a familiar staple alongside turquoise rather than a substitute for it.
In crystal work, it's tied to the third eye chakra, associated with calm focus and clearer visualization.
Given that it runs on the softer side, around 4 on the Mohs scale, it rewards a bit more care in setting and handling than harder cabochon material, but that hasn't slowed its popularity one bit.