Horseshoe Metals commences DHEM survey

THE DRILL SERGEANT: Horseshoe Metals (ASX: HOR) has begun a Down Hole Electromagnetic Survey (DHEM) at the company’s Horseshoe Lights copper-gold project, located 75 kilometres from Sandfire Resources’ (ASX: SFR) DeGrussa copper-gold mine, in Western Australia.
 
The company explained the aim of the DHEM survey is to test for off-hole conductors that may represent massive sulphide copper-gold mineralisation within the Narracoota Formation, where it lies largely untested beneath the overlying Ravelstone Formation.

The Narracoota Formation is the host of both the Horseshoe Lights and the DeGrussa deposits.

Five holes (RC1023, DDH55 and HDD007-009) have been earmarked for the DHEM survey the deepest of which being hole DDH55 at 706.6m deep.

 

Drill hole location plan. Source: Company announcement

 

In June this year Horseshoe Metals announced a 40 per cent increase in the in-situ Mineral Resource Estimation for the Horseshoe Lights project to 12.85 million tonnes at 1 per cent copper and 0.1 grams per tonne gold for 128,600 tonnes copper and 36,000 ounces of gold (using a cut-off grade of 0.5 per cent copper).

The company has also established a Mineral Resource Estimation for surface stockpiles and tailings at the Horseshoe Lights project, which stands at 1.7 million tonnes at  0.52 per cent copper for a further 8,800 tonnes copper.

“Combining the Mineral Resources detailed above with the earlier announced Mineral Resource Estimate for the company’s Kumarina project gives the company an overall copper metal inventory of 148,000 tonnes copper,” Horshoe Metals said in its ASX announcement.

“An interpretation of the DHEM survey results is expected to be available in August.”