Horseshoe Metals updates M15 Stockpile estimate

THE DRILL SERGEANT: Horseshoe Metals (ASX: HOR) has released an updated estimate of Mineral Resources in the M15 surface stockpiles at the company’s 100 per cent-owned Horseshoe Lights copper-gold project, in the Gascoyne region of Western Australia.

According to the company, M15 surface stockpiles consist of unprocessed sub-grade ore from historical mining operations located within the Horseshoe Lights project area.

The updated Inferred Mineral Resource Estimate for the M15 stockpiles has come in at 243,400 tonnes at 1.1 per cent copper, 0.17 grams per tonne gold and 4.7g/t silver for 2,650 tonnes copper, 1,300 ounces of gold and 36,700 ounces of silver (using a cut-off grade of 0 per cent copper)

Horseshoe Metals said it is focussing on assessing the potential viability of a low cost tailings and surface stockpiles retreatment project using gravity separation and other techniques.

The new estimate was calculated as part of this process.

The company recently completed a similar Inferred Mineral Resource Estimate update on the flotation tailings, which was calculated at:

1.42 million tonnes at 0.48 per cent copper, 0.34g/t gold and 6.5g/t silver for 6,800 tonnes copper, 15,300 ounces gold and 294,800 ounces silver.

“A preliminary gravity testwork program is currently underway on the flotation tailings,” Horseshoe Metals said in its ASX announcement.

“Testwork results are expected to be available later in March 2015.

Should the above tests be successful the company intends to undertake additional sampling and testwork with larger sample sizes of the tailings as well as samples from the M15 stockpiles to further assess the potential viability of the tailings and stockpiles retreatment project.”

Website: www.horseshoemetals.com.au