Horseshoe Metals Limited (ASX: HOR) (the 'Company') is pleased to provide the encouraging results from a recently completed review of historic Reverse Circulation ('RC') and diamond drilling targeting the Motters Zone within the Company's Horseshoe Lights Copper-Gold Project in Western Australia. Importantly, the review identified a significant number of broad copper intercepts in the Motters Zone at a 0.3%Cu cut-off, which given the current copper price, is considered the appropriate cut-off grade and more accurately reflects the size and scale of the mineralised system at Horseshoe Lights.
Commenting on these latest results, Director & CFO Kate Stoney said: 'We are very encouraged by the outcomes from our review of historic drill data at Horseshoe Lights which clearly highlights multiple broad zones of copper mineralisation at the cut-off grade of 0.3% Cu. Given the current copper environment, the lower cut-off 2 grade provides a better representation of the entire ore body at Horseshoe Lights and brings into play a significant amount of previously unaccounted for copper mineralisation. Importantly, these wide zones of copper mineralisation build on the positive drilling completed in May which also confirmed several wide zones of copper mineralisation at Motters outside of the existing resource base. With mineralisation remaining open along strike and down plunge to the south there is clear potential to grow this resource base with further drilling in the near-term.' A review of historic RC and diamond drilling results at a 0.3% Cu cut off was undertaken following the successful RC drilling completed in May that returned the following significant results (see ASX release dated 31 August 2022):
The next phase of RC drilling will focus on the sparsely drilled mineralisation south along strike from the completed drilling and north of the late cross cutting dolerite dyke (refer Figure 1). In addition, targets that are down plunge to the south of the existing intercepts and above the south dipping dolerite will be tested (Figure 2). Planning is underway to test the northern strike extension of the Main Zone including an interpreted northern plunge to the mineralisation. Previous geological interpretation and magnetic data suggests the dolerite that cuts the northern end of the Motters structure does not extend far enough west to intersect the Main Zone. Future drilling will test this interpretation. There remains potential for extensions of mineralisation north of the dolerite (which intruded post mineralisation) and at depth. An RC drill rig is expected on site mid to late October
Proposed Work Programmes and Next Steps
The following activities at Horseshoe are planned over the coming months:
RC drill testing Main Zone northern extensions and down plunge
RC drill testing of Motters southern extension and down plunge
RC and or auger infill drilling of surface materials in stockpiles and northern waste dump
Additional metallurgical test work on oxide copper stockpiles and targets
Gravity recovery test work on Copper Flotation and CIP tailings
Ongoing Review of scoping study results to incorporate potential oxide heap leach SXEW treatment
Horseshoe Lights Copper-Gold Project Existing Resource Base
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.
The deposit contains the following existing resource base:
Current in situ resource 128,000 t Cu metal @ 1.0% (0.5% cut-off)
Current M15 stockpile resource 2650 t Cu metal @ 1.1%
Current Flotation tailings resource 6,800 t Cu metal @ 0.48% and 15,300oz Au at 0.34 g/t
Contact:
Kate Stoney
T: +61 (0) 408 909 588
Sam Burns
Director & CFO
Six Degrees
Investor Relations
T: +61 (0) 400 164 067
E: info@horseshoemetals.com.au
HORSESHOE METALS LIMITED 
