Owner Lizzie Cann found Ginger, a former racehorse, with an open bullet wound at her Springhurst home on Thursday afternoon.

She believes someone may have mistaken the thoroughbred chestnut mare for a deer on Wednesday afternoon and opened fire.

Ms Cann has been shaken by the ordeal, which left a large wound that is hard to treat.

"We're feeling uneasy," she said.

"There are a lot of poachers in the area.

"I think it's a case of one of them not identifying their target.

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"They would have looked through the scope, seen the horse and maybe thought it was a deer.

"It's very obvious it's on private property."

A vet was unable to suture it and it is being treated as an open wound.

"She's not doing very well," Ms Cann said.

"We're flushing it six times a day at the moment, trying to keep the flies off it.

"It's a very difficult area.

"I'm absolutely devastated.

"I hope the police find the person before I do."

Leading Senior Constable Mary-Jayne Kane said it was a concerning incident.

"We don't know where the shot was fired from," she said.

"We're hoping people will come forward with information."

Ms Cann planned to use Ginger in eventing competitions, which has now been put on hold.

It's expected to take at least three months for the injury to heal.

It's the second recent case of animal cruelty in the North East.

A family's pet dog was stabbed four times at Glen Creek last Monday and sprayed with a possible poison.

The Kelpie Border Cross died on an operating table the following day.

Rhiannon Symons said she was struggling to understand why the gentle and placid dog had been targeted, and police are investigating whether it was a case of mistaken identity.

Wangaratta police are investigating the horse shooting and Dederang looking into the dog stabbing.

Call (03) 5723 0888 or (02) 6028 9310 with information.