Who wants to buy Horseshoe Lights?

Cash strapped explorer Horseshoe Metals (ASX:HOR) has announced the potential sale of its flagship copper gold project.

Horseshoe says it has fielded “several unsolicited approaches” from third parties interested in its Horseshoe Lights project, near Sandfire Resources (ASX: SFR) DeGrussa mine in Western Australia.

Horseshoe could use the money; at the end of December it had $3000 in the bank.

In a February response to an ASX query about its finances, the explorer said it was fine and “raising capital, potential asset sales and/or joint venture opportunities” were under discussion.

The company has now appointed Perth advisory firm PCF Capital Group to carry out a sale process, Horseshoe says.

The Horseshoe share price over the past year.
The Horseshoe share price over the past year.

Horseshoe Lights includes an old open pit copper-gold mine which operated up until 1994, producing over 300,000 ounces of gold and 54,000 tonnes of copper, the company says.

This included over 110,000 tonnes of Direct Shipping Ore (DSO) which graded between 20 and 30 per cent copper.

Horseshoe announced a scoping study into a low cost mine restart in August 2015; but by the end of 2018 the company was still looking for a “suitably qualified person” to manage this study.

Horseshoe Metals project locations.