Horseshoe drilling proves there’s still copper to be found at Horseshoe Lights
A resource upgrade could be on the cards for Horseshoe Metals after drilling thick, shallow copper mineralisation outside the existing resource envelope at the Horseshoe Lights project.
Reverse circulation drilling returned results such as 55m grading 0.88% copper from a down-hole depth of 22m including 14m at 1.3% copper from 22m and 21m at 1.15% copper from 44m (RC1191 – NW Zone) and 10m at 1.62% copper from 252m including 2m at 5.19% copper from 252m (RC1187 – Motters).
Importantly, it highlights the significant mineralised potential outside the existing in situ resource of 128,000t of contained copper as well as clear expansion potential at depth within both the Motters Zone and Main Zone.
Horseshoe Metals (ASX:HOR) notes that the Motters sulphide zone is open down dip and plunges below 200m while the Main Zone remains open down plunge to the north and at depth below 400m.
“These results are highly encouraging and continue to clearly highlight the significant potential to expand the oxide and sulphide zones of mineralisation at our flagship Horseshoe Lights Copper Project,” chief financial officer Kate Stoney said.
“It is important to note that multiple wide zones of sulphide copper mineralisation were intersected at Motters around 200 metres below surface and outside of the existing resource base.
“This is significant as this zone of mineralisation was historically overlooked and regionally these copper deposits can exist down to 1000m, so we have effectively only tested around a third of the potential depth extent at Motters.
“These results are extremely pleasing, and follow-up drilling is expected to recommence shortly to complete the assessment of both the oxide and down plunge zones and the significant surface material potential in the North Dump and South low-grade stockpiles.”
Drilling at the Main Zone confirmed the continuity and grade of oxide mineralisation immediately north of the open pit.
It also confirmed that the Main Zone is open to the north.
Over at the Motter Zone, the drill results confirm significant widths of sulphide mineralisation in two lode positions down plunge at the southern end of the Motters structure.
Adding further interest, drilling at the North Dump confirms that significant oxide copper-gold mineralised material exists in the upper 10m to 12m of the dump.
Planning is currently underway to create drilling access on the Northwest waste dump to allow testing of the northern strike and down plunge extension of the mineralisation.
Previous geological interpretation and magnetic data suggests the dolerite that cuts the northern end of the Motters structure does not extend far enough west to intersect the Main Zone. Future drilling will test this interpretation.
At Motters, future drilling will focus on the sparsely drilled mineralisation south along strike and down plunge from the completed drilling below 200m.
It is significant to note that Main Zone has been tested to approximately 400m below surface and remains open.
Horseshoe’s ongoing review of historical Scoping Study results is also progressing on track with the use of oxide heap leach followed by SXEW or copper-cementation being assessed as part of review.
This article was developed in collaboration with Horseshoe Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.