Horseshoe Metals continues copper run at Horseshoe Lights

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THE DRILL SERGEANT: Horseshoe Metals (ASX: HOR) has continued its encouraging run of high-grade assay results from ongoing resource and exploration drilling being carried out at the company’s 100 per cent-owned Horseshoe Lights copper/gold project in the Gascoyne region of Western Australia.

“Drilling has intersected significant zones of copper mineralisation, which will add greater certainty of the existing mineral resource block model and has also intersected broad zones of copper outside the existing resource model, highlighting further resource expansion potential,” the company said in its ASX announcement.

The latest results follow up others the company released in May from the program, which is designed to add copper tonnes and grade to the existing mineral resource block model with a particular focus within the optimised pit shell from a 2014 Scoping Study.

Two holes (RC1107 & RC1108) were drilled on the east side of the pit.

The best zone of copper mineralisation recorded in RC1108 was:

10 metres (126 – 136m) at 2.1 per cent copper, including 3m (126 – 129m) at 4.5 per cent copper.

The best zone of copper mineralisation recorded in RC1107 was:

6m (95 – 101m) at 1.5 per cent copper, including 3m (96 – 99m) at 2.4 per cent copper.

Horseshoe explained the high-grade interval recorded in RC1108 (10m at 2.1% copper) is situated approximately 80m above an earlier drill hole (RC1101), which recorded 32m at 1.8 per cent copper, including 2m at 5.5 per cent copper.

The company considers these two intersections to be within the same structure which remains open at depth.

Additional drill holes are planned to further test this structure including its southerly extension later in the program.

 

Drill hole location plan. Source: Company announcement

 

Two holes (RC1105 & RC1106) were drilled at the northern end of the pit.

RC1105 recorded several zones of copper mineralisation including:

11m (36 – 47m) at 0.9 per cent copper, including 1m (41 – 42m) at 2.2 per cent copper;

6m (48 – 54m) at 1.2 per cent copper, including 1m (49 – 50m) at 4.2 per cent copper;

15m (56 – 71m) at 0.8 per cent copper; and

33m (86 – 119m) at 0.8 per cent copper, including 3m (91 – 94m) at 2.3 per cent copper.

RC1106 also recorded several zones of copper mineralisation including:

13m (50 – 63m) at 0.9 per cent copper;

27m (68 – 95m) at 0.7 per cent copper, including 1m (80 – 81m) at 2.0 per cent copper and 1m (83 – 84m) at 2.4 per cent copper;

10m (116 – 126m) at 0.7 per cent copper, including 1m (124 – 125m) at 2.0 per cent copper; and

5m (154 – 159m) at 1.0 per cent copper, including 1m (157 – 158m) at 2.6 per cent copper.

The resource drilling program at the Horseshoe Lights mine is ongoing and is expected to run to at least 30 June 2015.

Horseshoe Metals has a heritage survey to clear drill sites at the new exploration target areas of Saturn, Titan and Tethys planned to be undertaken in early July.

Once the survey is completed the company expects to commence initial drill testing of these largely untested copper/gold target areas as soon as possible.

Website: www.horseshoemetals.com.au