Azure exercised the options at A$0.20 each, for a consideration of $128,333.
In doing so, the company now holds about 4.6 million shares in Horseshoe Metals.
Horseshoe Metals has begun a major drilling campaign at its Horseshoe Lights Copper-Gold Project, with holes up to 450 metres depth planned in the first phase.
The diamond drilling program comprises 1,500 metres across four deep drill holes, with additional holes planned subject to the results of the initial holes.
Horseshoe Metals is drill testing a major anomaly identified southeast of the existing open pit in a dipole-dipole induced polarisation survey.
To give an indication of the types of copper grades being returned from Horseshoe Lights, in a 2011 reverse circulation drilling program Horseshoe Metals intersected 16 metres at 4.8% copper from 161 metres, including 3 metres at 11.8% copper, and 14 metres at 3.7% copper from 10 metres, including 3 metres at 9.8% copper.
The company has outlined a JORC Measured, Indicated and Inferred Resource of 8.6 million tonnes at 1.06% copper and 0.13 grams per tonne (g/t) gold for 91,000 tonnes of contained copper and 37,400 ounces of contained gold.