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  • Horseshoe Metals Intersects Copper Grading Up To 5.5% In WA 0 comments
    Oct 30, 2013 1:01 AM

    Horseshoe Metals (ASX: HOR) has delivered high grades and widths from the latest reverse circulation drilling program at the Horseshoe Lights copper gold project in Western Australia.

    The highlight was (RC1101): 32 metres from 197 metres at 1.8% copper, which included 12 metres at 2.8% copper and 0.2g/t gold. The peak interval was: 2 metres at 5.5% copper and 0.3g/t gold. The results are part of an eight hole program covering over 1800 metres.

    The importance of the results is that they confirm the potential for further high grade copper/gold mineralisation in the footwall zone east of existing open pit, which is largely untested.

    Highlighting the potential of the area and existing pit at the project, it produced over 300,000 ounces of gold and 54,000 tonnes of copper, which included over 110,000 tonnes of direct shipping ore grading 20-30% copper until its closure in 1994.

    Past mining was focused on the Main Zone, a series of lensoid ore zones which passed with depth from a gold-rich oxide zone through zones of high-grade chalcocite mineralisation into massive pyrite-chalcopyrite.

    These latest discoveries on the east side identifies a highly prospective area that was missed and not exploited historically.

    Horseshoe Lights hosts a total Measured, Indicated and Inferred Resource of: 12.85 million tonnes at 1.00% copper and 0.1g/t gold for 128,600 tonnes copper and 36,000 gold ounces, (using a cut-off grade of 0.5% copper).

    Next exploration steps

    The company will follow up the results with a Down Hole Electromagnetic survey, with additional drilling also being planned.

    A priority will be to survey the hole which contained: 32 metres from 197 metres at 1.8% copper.

    Horseshoe Lights is hosted by quartz-sericite and quartz-chlorite schists of the Lower Proterozoic Narracoota Formation, which also host Sandfire Resources' (ASX: SFR) DeGrussa copper/gold mine.

    Horseshoe Lights is located 75 kilometres west-northwest of DeGrussa.

    Drilling at Kumarina to go ahead

    In other Horseshoe Metals news, the company has now received Department of Mines and Petroleum approval and heritage clearances to commence drilling at the Snell North prospect - with the maiden drilling to commence in November 2013.

    Analysis

    Today's results are very encouraging for Horseshoe Metals which will keep the exploration news flowing from Horseshoe Lights following the latest broad copper discovery, with a Down Hole Electromagnetic survey to be conducted - with more assays to follow this.

    Investors will be looking out for the priority survey over RC1101, which will test for extensions of high grade copper mineralisation identified in this hole.

    Highliting the prospectivity of Horseshoe Lights, it has similarities to DeGrussa due to both projects being hosted by quartz-sericite and quartz-chlorite schists of the Lower Proterozoic Narracoota Formation.

    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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