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Horseshoe Metals Chairman Increases Holding Following Rights Issue

Horseshoe Metals (ASX: HOR) chairman Jeremy Shervington has increased his holdings in the company following the issue of shares from the June rights issue.

Shervington acquired 440,000 shares at $0.07 in the rights, and now holds 2,640,000 ordinary shares and three lots of incentive rights.

Since the rights issue Horseshoe has traded as high as $0.08, as the company moves closer to releasing results this month off a downhole electromagnetic survey (DHEM) targeting massive sulphide copper-gold mineralisation at Horseshoe Lights in Western Australia.

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.

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