Horseshoe drilling brings more good luck
THE DRILL SERGEANT: Horseshoe Metals has received results from an ongoing drilling campaign at the company’s 100 per cent-owned Horseshoe Lights copper-gold project, located in the Peak Hill Mineral Field of Western Australia.
According to the company the drilling has continued to intersect shallow high-grade copper mineralisation immediately north of the historic Horseshoe Lights open pit.
Results include:
North West Stringer Zone
– 23 metres at 4.2 per cent copper from 43 metres to 66 metres, including 8 metres at 8.6 per cent copper;
– 24m at 3.1 per cent copper from 39m to 63m, including 7m at 6.7 per cent copper; and
– 11m at 2.0 per cent copper from 52m to 63m, including 1m at 11.7 per cent copper.
Motters Zone
– 39m at 1.6 per cent copper from surface to 39m, including 4m at 3.7 per cent copper and 2m at 3.9 per cent copper; and
– 19m at 1.1 per cent copper from 1m to 20m.
“The North West Stringer Zone is located immediately north – west of the Main Zone of high-grade mineralisation, which was the focus of mining in the historic Horseshoe Lights open pit,” Horseshoe Metals said in its ASX announcement.
“The latest drilling in this area has continued to intersect multiple zones of copper mineralisation.
Drill hole location plan. Source: Company announcement
“The Motters Zone is located approximately 100 metres north-east of the existing open pit and is considered to be a parallel zone of copper mineralisation to the Main Zone.
“A total of eight RC holes have now been completed to test for extensions of this shallow copper resource.”
Horseshoe Metals said it plans to continue drilling at the Horseshoe Lights project throughout the remainder of 2012.
The company is focusing its efforts on proving up additional mineral resources to the north of the existing open pit.
It intends drilling deeper holes in in the North West Stringer Zone and the Main Zone areas where copper and gold mineralisation has previously been intersected as well as testing for deep, high-grade copper/gold zones, potentially located down dip and down plunge of the Main Zone.
Shallow exploration targets outside of the immediate pit area, which have not been adequately tested by previous exploration efforts will also be looked at.
The project’s current estimate stands at a total Measured, Indicated and Inferred Mineral Resource of 8.6 million tonnes at 1.06 per cent copper and 0.13 grams per tonne gold for 91,000 tonnes of copper and 37,400 ounces of gold, at a cut-off grade of 0.5 per cent copper.
The company said it plans to complete a revised mineral resource estimate once drilling has been completed and the results analysed.
Indications are that recent drilling and other exploration activities will lead to a significant increase on that figure.
Commencement of a Preliminary Feasibility Study, potentially based upon a staged redevelopment of the mine, is expected to follow shortly thereafter.
