Horseshoe’s copper hits points to resource growth at Horseshoe Lights

Drilling has outlined significant mineralised potential outside the existing resource at Horseshoe’s Horseshoe Lights project after intersecting wide zones of copper.

Reverse circulation drilling at the northwest extension of the Main Zone and the Motters target returned significant copper results such as:

72m grading 1.11% copper from 32m including 29m at 1.65% copper from 32m and 12m at 1.52% copper from 182m (RC1180 – NW Main Zone);
16m at 1.1% copper from 50m (RC1161 – Motters); and
37m at 0.68% copper from 54m including 12m at 1.02% copper from 75m (RC1164 – Mothers).

The results are hugely significant for Horseshoe Metals (ASX:HOR) given that they are all located at the current Horseshoe Lights resource of 128,000t of contained copper metal at an average grade of 1% copper.

A review of historical drill results at a 0.3% copper cut-off is also underway with results expected imminently.

“We are delighted with these latest results which continue to demonstrate the high-grade nature and potential scale of the Horseshoe Lights project,” director and chief financial officer Kate Stoney said.

“Encouragingly, several of the wide zones of copper mineralisation intersected at Motters are outside of the existing resource base, which presents a clear opportunity to quickly grow the current resource with further drilling.

“Drilling is expected to recommence shortly to complete the assessment of these zones and the significant surface material potential in the North Dump and South low-grade stockpiles.”

Phase 2 drilling

The company had drilled 21 holes totalling 2,966m in May targeting Motters under the Phase 2 drill program and a single hole into the north west extension of the Main Zone.

This was aimed at confirming and extending mineralisation and confidence levels in drilling previously completed by the company.Results from drilling at Motters confirm significant widths of mineralisation in the northern half of the structure.

An additional 70 holes for 778m targeting selected stockpiles and dumps was also completed, which found that there’s still substantial mineralisation to be recovered.

Upcoming activity

In September, drilling will recommence with a focus on the Main Zone down plunge and along strike to the north, along strike to the south at Motters, infill drilling at the North dump and the oxide zone at both Main Zone and Motters.

Future drilling will test the previous geological interpretation that the northern end of the Motters structure does not extend far enough west to intersect the Main Zone.

At the Motters structure, future drilling will focus on the sparsely drilled mineralisation south along strike from the completed drilling.

A review of the historical scoping study is also progressing to include potential oxide heap leach SXEW (solvent extraction-electrowinning) treatment.

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.