Horseshoe Metals back in the saddle at flagship copper-gold project

Horseshoe Metals’ farm-in and joint venture partner ENRG Elements (ASX:EEL) has announced its intention to withdraw from its Joint Venture interest in Horseshoe West tenements surrounding the historical high-grade copper-gold Horseshoe Lights mine in Western Australia.

ENRG will instead focus on its African copper and uranium projects as of 30 November.

But it’s not all bad news because ENRG has completed a tonne of exploration work on the Horseshoe West Project since the agreement kicked off in early 2021.

Horseshoe West hosts a number of excising copper and gold targets, with ENRG completed a Dipole Induced Polarisation (DDIP) survey recently which generated chargeability targets in areas of geochemical anomalism.

Plus, just last week Horseshoe Metals (ASX:HOR) announced a review of historical reverse circulation and diamond drilling at the Main Zone of its 100% owned Horseshoe Lights deposit using a 0.3% cut-off uncovered additional shallow, wide zones of copper mineralisation.

Retaining 100% in the project

Director and CFO Kate Stoney says the company is looking forward to receiving and reviewing the data on exploration completed to date prior to advancing this prospective area surrounding the deposit.

“We would like to thank ENRG for their exploration efforts to date at Horseshoe West and we look forward to receiving the exploration data for full review and analysis,” she said.

“We are very pleased to be retaining a 100% interest in this asset and our technical team is very confident that the Horseshoe West area contains multiple high‐quality gold and copper targets located only 1,500m west of the existing Horseshoe Lights copper deposit.

“We look forward to providing a comprehensive update on our exploration plans for Horseshoe West following the completion of our data review over the coming weeks.”

Upcoming exploration plans

Planning is underway for RC drilling to test the northern strike extension of the Main Zone which includes an interpreted northern plunge to the mineralisation.

Other work on the cards includes RC and/or auger drilling of surface materials in stockpiles and the northern waste dump, additional metallurgical test work on oxide copper stockpiles and targets.

Horseshoe also plans to carry out gravity recovery test work on copper flotation and CIP tailings as well as continue its ongoing review of scoping study results to incorporate potential oxide heap leach SX-EW treatment.

This article was developed in collaboration with Horseshoe Metals Limited, 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.