Horseshoe Metals hits high copper at Horseshoe lights project

/in /by

THE DRILL SERGEANT: Horseshoe Metals (ASX:HOR) has told the ASX how busy it has been drilling at its 100 per cent-owned Horseshoe Lights copper – gold project and Kumarina copper project, located in the Peak Hill Mineral Field of Western Australia.

Drilling has been underway at Horseshoe Lights since May 2012 testing for shallow copper mineralisation north along strike of the open pit.

Much of the drilling has been in shallow areas outside the limits of the previous mineral resource estimate at the North West Stringer Zone, which the company said has shown good continuity of the mineralisation.

 

Drill hole location plan showing significant copper results. Source: Company announcement

 

Laboratory analyses of the latest 8 holes drilled have been received with the results including:

–    18 metres at 4.4 per cent copper (38m to 56m); including 1 metre at 23.5 per cent copper and 4 metres at 8.6 per cent copper;

–    17m at 0.9 per cent copper (72m to 89m); including 4m at 2.4 per cent copper;

–    15m at 1.6 per cent copper (115m to 130m); and

–    26m at 1.4 per cent copper (83m to 109m); including 3m at 2.5 per cent copper.

Horseshoe Metals completed its latest phase of RC drilling at the Kumarina project on 15 October and all drill samples are presently with a laboratory for analysis.

The company plans to recommence drilling at the Horseshoe Lights project in November.

Its focus for the upcoming drilling will be to test for deep, high grade copper/gold zones – potentially located down dip and down plunge of the Main Zone – of sufficient grade to potentially support underground mining.

The drilling will also follow up exploration targets outside of the immediate pit area which have not been adequately tested by previous exploration efforts.

A number of immediate drill targets exist including some untested targets identified during a geophysical survey completed in 2011.

The company plans to complete a revised mineral resource estimate once drilling has been completed and all database QA/QC matters have been addressed.

At a cut-off grade of 0.5 per cent copper, the current estimate is 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 copper and 37,400 ounces of gold.

The company is confident recent drilling and other exploration activities will lead to a significant increase on that figure.

Follow-up drilling at the Kumarina project is also planned for November 2012.