Horseshoe raises $2m to accelerate copper-gold exploration
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Horseshoe Metals has received firm commitments for a placement to raise $2 million at an issue price of 2.5 cents to advance exploration at its Horseshoe Lights copper-gold project in WA.
The company says there’s considerable exploration upside at Horseshoe Lights, where past production includes ~316,000 oz gold and 55 kt copper metal.
“We are delighted to have secured $2M via this extremely well supported placement to new and existing investors,” Horseshoe Metals (ASX:HOR) director Kate Stoney said.
“Horseshoe enters 2023 with considerable exploration momentum and a strong pipeline of activity, with first assay results from our most recent drilling program expected to be delivered later this month.”
HOR has defined a current in situ resource of 128kt copper metal at 1.0% and is confident there are near-term cash flow opportunities from high-grade copper stockpiles.
Assays results from November drilling expected mid-February, follow-up drilling to commence in current quarter.
Planned activities at Horseshoe Lights in the coming months include; processing high-grade copper stockpiles for direct shipping ore (DSO) sales, further RC drill testing of the Main Zone northern extensions and Motters southern extension down plunge, and RC/auger infill drilling of surface materials in stockpiles and northern waste dump.
The company is also planning additional metallurgical test work including gravity recovery test work on copper flotation and CIP tailings – and a review of scoping study results to incorporate potential oxide heap leach SXEW 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.