Horseshoe Metals encounters more Horseshoe Lights copper

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THE DRILL SERGEANT: Horseshoe Metals (ASX: HOR) has received more assay results from ongoing resource and exploration drilling being undertaken at the company’s 100 per cent-owned Horseshoe Lights copper/gold project in the Gascoyne region of Western Australia.

The latest assay results come from resource holes drilled at the Motters Zone, where oxide copper mineralisation exists at surface, and also the East Lode Mineralisation.

The latest batch of results provides greater certainty to the robustness of the existing mineral resource block model,” Horseshoe Metals said in its ASX announcement.

“Importantly, copper mineralisation outside the existing resource model at the Motters Zone has again been intersected, highlighting further resource expansion potential when the mineral resource is re-estimated later this year to include results from this drilling program.”

Horseshoe has received assay results for nine holes (RC1115 – RC1123), which included:

RC1123
26 metres at 1 per cent copper, including 2m at 6.1 per cent copper;

RC1122
13m at 1.4 per cent copper, including 4m at 2.8 per cent copper and 27m at 0.5 per cent copper, including 1m at 2.1 per cent copper;

RC1116
19m at 0.9 per cent copper, including 2m at 3.4 per cent copper;

RC1120
26m at 0.8 per cent copper, including 2m at 1.4 per cent copper and 9m at 1.2 per cent copper;

18m at 0.8 per cent copper, including 2m at 3.1 per cent copper

RC1121
17m (0-17m) at 0.7 per cent copper, including 1m (5-6m) at 2.3 per cent copper and 2m (12-14m) at 1.3 per cent copper in RC1115;

RC1118
4m at 1.4 per cent copper, including 1m at 3.4 per cent copper and 13m at 0.6 per cent copper;

RC1117
3m at 1.7 per cent copper, including 1m at 4.4 per cent copper; and

RC1119
23m at 0.5 per cent copper.

Horseshoe Metals said it considers these latest results at the Motters Zone to be a positive as they appear to confirm and expand the extent of copper mineralisation when compared with earlier drilling results.

“The current drilling program at Horseshoe Lights aims to add copper tonnes and grade to the existing mineral resource block model with a particular focus on those areas within and adjacent to the optimised pit shell from the 2014 Scoping Study, where drill hole density is low or largely based upon historical drill holes,” the company explained.

Horseshoe Metals indicated it is waiting to receive assay results for holes drilled at the Motters Zone (RC1127 – RC1131) and the North West Stringer Zone (RC1132 – RC1136).

The company also advise it has entered into an unsecured Loan and Convertible Note Agreement for $1 million with its major shareholder and company director, Michael Fotios.

The funds will be applied to on-going exploration and development activities at the company’s Horseshoe Lights and Kumarina projects and for working capital purposes.

Website: www.horseshoemetals.com.au