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Horseshoe Metals initial drilling hits copper at Kumarina, north of DeGrussa

Horseshoe Metals (ASX: HOR) has completed the first drilling program at its 100% owned Kumarina Copper project with copper mineralisation observed along a fault zone at the Rinaldi Prospect.

The project is located 95 kilometres north of Sandfire Resources NL’s (ASX: SFR) DeGrussa Copper-Gold mine and about 35 kilometres southwest of Montezuma Mining Company Limited’s (ASX: MZM) Butcherbird Copper project in Western Australia.

The results from drilling at the Rinaldi Prospect provide encouragement to Horseshoe as copper mineralisation was observed in 12 holes along a north-south orientated fault zone for a distance of about 300 metres.

Similar copper mineralisation was also observed in two drill holes  located 350 metres further north along the same fault zone.

A total of 51 reverse circulation percussion drill holes for a total of 3,429 metres were completed with the holes ranging in depth from 26 to 149 metres.

Drill holes were sampled at one-metre intervals and tested for copper on site using a field portable X-Ray Fluorescence (fpXRF) analyser. A minimum of two fpXRF readings per one-metre sample were recorded.

Further highlighting the prospectivity of the deposit, the Kumarina Project is adjacent to Horseshoe Metals' Horseshoe Light Project, where earlier in the year the company hit 15 metres at 5.1% copper.

Next door neighbour Sipa Resources (ASX: SRI) has also delivered some high-grade copper intersections recently.

The drilling targets were generated from the March 2011 airborne magnetic and radiometric survey, from ground-based sub-audio magnetic and gradient array induced polarisation surveys and a reconnaissance soil and rock chip sampling program.

Many of the drill targets identified are associated with north-east trending shear zones and some coincide with old copper workings. The copper deposits at the Kumarina Project were discovered in 1913 and worked intermittently until 1973.

Records indicate that the Kumarina Copper mine was the second largest producer in the Bangemall Basin group of copper mines. Recorded production to the late 1960s is 481 tonnes of copper ore at a high-grade of 37.0% copper and 2,340 tonnes at a grade of 17.51% copper.

The company expects initial laboratory analysis results by the end of November 2011.