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  • Horseshoe Metals Intersects Sulphides At Horseshoe Lights 0 comments
    May 12, 2013 10:30 PM

    Horseshoe Metals (ASX: HOR) has intersected disseminated sulphides at two of the three new diamond drill holes completed at its Horseshoe Lights Copper-Gold Project in Western Australia.

    One of the two holes, HDD007, also intersected 0.3 metres of massive chalcocite within the Narracoota Formation.

    HDD007 and HDD009 were drilled to test for extensions of copper-gold mineralisation down dip of the Main Zone beneath the existing Horseshoe Lights open pit.

    The third hole, HDD008, was designed to test the volcanogenic-hosted massive sulphide exploration target beneath Chert Hill, southeast of the existing open pit, though it did not intersect significant copper mineralisation.

    The main contact between the Ravelstone and the Narracoota Formations was intersected a lot higher up HDD008 than expected at 172.92 metres.

    Furthermore the Dolerite contact was not intersected at about 540 metres as expected, with the hole ending in Mafic Volcanics at 572.7 metres. This means the volcanics of the Narracoota Formation in this area are at least 400 metres thick.

    Horseshoe also successfully re-entered and extended the DDH55 hole from 1988 but did not logged significant mineralisation within the Narracoota Formation in the extension.

    Samples from all the holes have been sent for laboratory analysis. Results are expected to be available within two to three weeks' time.

    Follow-up activities

    Horseshoe has cased each of the four diamond drill holes to allow follow-up Down Hole Electromagnetic surveys to be undertaken in the near future.

    The results of the drilling and DHEM survey will be incorporated into the company's geological model to assist in follow-up exploration planning.

    The Horseshoe Lights project includes the old open pit of the Horseshoe Lights copper-gold mine which operated intermittently between 1946 and 1994, producing over 300,000 ounces of gold and 54,000 tonnes of copper.

    The Horseshoe Lights ore body is interpreted as a deformed VHMS deposit that has undergone supergene alteration to generate the gold-enriched and copper-depleted cap that was the target of initial mining.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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