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Horseshoe Metals Gallops Ahead On The ASX

Horseshoe Metals (ASX: HOR) is regaining ground on the ASX with investor interest picking up, moving the company's share price 29.4% higher in the past day.

The share price hit an intra-day high of A$0.22, compared to yesterday's closing price of $0.17, maintaining the upwards momentum of company shares over the past few weeks.

Over 2 million shares were traded by mid-afternoon today.

Horseshoe Metals' shares have increased 57% since early February when they were trading at a low of $0.14.

The company has been having success at its Horseshoe Lights and Kumarina projects in Western Australia.

Most recently, at the Kumarina Project, reverse circulation drilling has intersected shallow copper mineralisation over a strike length of more than 700 metres at the Rinaldi Prospect.

The best result recorded was 24 metres at 3.1% copper, including 3 metres at 12.3% copper and 1 metre at 9.4% copper.

Deeper copper mineralisation has also been confirmed as occurring in largely untested lower dolerite sill.

A JORC Resource for the Rinaldi Prospect is slated for completion in February 2013.

Meanwhile, at the Horseshoe Lights Project, reverse circulation drilling north of the historic Horseshoe Lights open pit returned impressive intercepts of 18 metres at 4.4% copper from 33 metres, including 1 metre at 23.5% copper and 4 metres at 8.6% copper.

A gravity survey has been successfully completed over large part of project area, and a geophysical study is underway to assist in drill targeting.

An updated Resource is on track for completion in the March quarter 2013.

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