Horseshoe Metals Limited (ASX: HOR) (the 'Company') is pleased to provide the results of Phase 2 Reverse Circulation ('RC') drilling completed at the Company's Horseshoe Lights Copper-Gold Project in Western Australia.

Commenting on these latest results, Director & CFO Kate Stoney said: 'We are delighted with these latest results which continue to demonstrate the highgrade nature and potential scale of the Horseshoe Lights project. Encouragingly, several of the wide zones of copper mineralisation intersected at Motters are outside of the existing resource base, which presents a clear opportunity to quickly grow the current resource with further drilling. Drilling is expected to recommence shortly to complete the assessment of these zones and the significant surface material potential in the North Dump and South low-grade stockpiles.

Phase 2 Drilling Summary

The Horseshoe Lights Copper-Gold Project is the original Cu/Au VMS discovery in the Bryah Basin and is located approx. 60 km west of DeGrussa Copper Mine operated by Sandfire Resources (ASX: SFR). Past production from Horseshoe Lights includes around 316,000 oz Au & 55 kt Cu metal in two phases of mining, and the deposit contains a current in situ resource 128 kt Cu metal @ 1.0% (0.5% cut-off) and 36,000 oz Au (refer Table 4). Phase 2 drilling completed in May consisted of 21 holes totalling 2966m targeting Motters (RC1160 to RC1179 located Northeast of the pit) and a single hole (RC1180) into the north west extension of the Main Zone (refer Figures 1 and 2). The objective was to confirm and extend mineralisation and confidence levels in drilling previously completed by the Company. An additional 70 holes for 778m targeting selected stockpiles and dumps was also completed (refer ASX release dated 15 August 2022 for results). Results from the programme are summarised below and in Table 1 at a 0.3% Cu cut-off, which is considered appropriate given the significant rise in copper price over the last two years. Assays have confirmed the continuity of the Motters structure with typically two coherent lodes (refer Figures 2, 3 and 4) and will improve the confidence level for resource classification in future resource modelling.

Contact:

Investor

Kate Stoney

T: +61 (0) 408 909 588

Sam Burns

Director & CFO

Six Degrees

T: +61 (0) 400 164 067

E: info@horseshoemetals.com.au

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