Horseshoe Metals encounters encouraging copper in first drill samples

THE DRILL SERGEANT: Horseshoe Metals (ASX: HOR) appears happy with the first results it has received from resource drilling underway at the company’s 100 per cent-owned Horseshoe Lights copper/gold project in Western Australia.

To date 947 metres of Reverse Circulation (RC) drilling in six holes has been completed.

Horseshoe has taken receipt of assay results from the first two holes (RC1103-1104), both of which have returned wide zones of copper intersections.

“The drilling program aims to add copper tonnes and grade to the existing mineral resource block model with a particular focus on those areas within the optimised pit shell from the 2014 Scoping
Study where drill hole density is low or largely based upon historical drill holes, many of which have not been surveyed down hole,” Horseshoe Metals said in its ASX announcement.

RC1104 recorded several zones of copper mineralisation including:

24 metres (34 to 58m) at 1.2 per cent copper, including 1m (43 to 44m) at 3.2 per cent copper;

15m (86 to 101m) at 1.6 per cent copper, including 2m (89 to 91m) at 8.2 per cent copper; and

12m (121 to 133m) at 2.4 per cent copper, including 3m (127 to 130m) at 6.7 per cent copper and 0.3 ggrams per tonne gold.

The best zone of copper mineralisation recorded in RC1103 was:

32m (90 to 122m) at 1 per cent copper, including 6m (96 to 102m) at 2.1 per cent copper.

Horseshoe said a further 390 samples for RC1105 – RC1108 have been submitted to the laboratory for analysis and should be available for release late next week.

The drilling program is expected to run to at least 30 June 2015.

Website: www.horseshoemetals.com.au