Horseshoe Metals Is Galloping Ahead
Horseshoe Metals (ASX: HOR) has been a stock on the move in July, closing at $0.073 on Monday, which is a 78% gain on the price from just three weeks ago.
Interest continues to build in Horseshoe Metals ahead of the results in August at Horseshoe Lights in Western Australia, where the company recently kicked off a downhole electromagnetic survey (DHEM) targeting massive sulphide copper-gold mineralisation.
Increasing the prospectivity of the project area, it is located within the Narracoota Formation - which also hosts Sandfire Resources' (ASX: SFR) DeGrussa copper gold mine. The Horseshoe Lights Project is located 75 kilometres west-northwest of DeGrussa.
Five holes are planned to be used for the DHEM survey to test for off-hole conductors that may represent massive sulphide copper/gold mineralisation, with depths of up to 706 metres to be tested
Horseshoe Metals picks up $1m
Adding to Horseshoe Metals cash position, last week the company was approved for early participation in the Mining Rehabilitation Fund, releasing its existing environmental bond and providing an additional $1,024,000 in available cash for the company.
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