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  • Horseshoe Metals In 10% Copper Hit At Horseshoe Lights Copper-Gold Project 0 comments
    May 27, 2013 12:55 AM

    Horseshoe Metals' (ASX: HOR) diamond drilling program has intersected multiple intervals of copper mineralisation at its Horseshoe Lights project in Western Australia with a peak intercept of 10% copper.

    The copper mineralisation encountered in both HDD007 and HDD009 are consistent with geological modelling and confirms the potential for further down dip/plunge extensions to the West and South of the existing open pit.

    These results will be incorporated into the Mineral Resource update that is currently underway.

    HDD007 intersected a top result of 4.3 metres at 2.6% copper from 264.7 metre including the peak 1 metre at 10% copper and 0.1 gram per tonne gold intersection with numerous other intervals of chalcopyrite mineralisation intersected between 264 metres and 331 metres down hole confirming that a broad mineralised zone exists down dip of previous drilling and remains open at depth.

    HDD008 intersected 4.1 metres at 1.5% copper from 308.9 metres including 0.3 metres at 3.6% copper and 0.2g/t gold about 80m south of the high grade intersection in HDD007, confirming the continuity of the mineralised zone intersected in HDD007.

    A second zone of copper mineralisation was identified from 457 metres depth down to the contact with the underlying Dolerite.

    Horseshoe it also planning a Down Hole Electromagnetic survey using up to seven holes - including HDD007 and HDD008 - to test for off-hole conductors which may represent massive sulphide copper/gold mineralisation ahead of further drilling.

    Horseshoe Lights

    The Horseshoe Lights copper-gold project an area of about 80 square kilometres includes the closed 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.

    It currently has a resource of 8.6 million tonnes at 1.06% copper and 0.13g/t gold containing 91,000 tonnes copper metal and 37,400 gold ounces (0.5% cutoff).

    Prior to the commencement of drilling by Horseshoe in 2010, the project had no exploration since the 1990's and Horseshoe believes that systematic drilling, combined with the application of modern geophysical methods, can upgrade the known resources and may lead to new discoveries in the mine area.

    Horseshoe Lights is located within the Peak Hill Mineral Field along with the company's Kumarina Copper Project.

    Analysis

    The peak result of 10% copper and potential for further down dip/plunge extensions to the West and South of the existing open pit from diamond drilling at Horseshoe Metals' Horseshoe Lights project points the way for future exploration to further extend mineralisation at the project.

    The results also validate the company's deep drilling program and has the potential to significantly upgrade the current resource.

    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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