Horseshoe Metals Limited (ASX: HOR) (“Horseshoe” or “the Company”), through its wholly owned subsidiary, Murchison Copper Mines Pty Ltd, holds a 100% interest in the Horseshoe Lights and Kumarina gold and copper discovery Projects located in the Peak Hill Mineral Field, north of Meekatharra in Western Australia.
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Horseshoe Metals is in the process of raising up to $2.05m to progress its Horseshoe Lights and Kumarina projects in the highly prospective Bryah and Bangemall Basins of Western Australia.
The Company has already identified significant copper resources on its projects, and the work has also identified a number of additional encouraging targets that require further work, particularly drilling. As such the Company has planned a drill programme that will commence once funds are raised.
We see significant potential for exploration success, and for the Company to build a critical mass of +200,000 tonnes of contained copper at Horseshoe Lights and to significantly add to the Kumarina copper resources.
Horseshoe Metals has made considerable progress on the Horseshoe Lights and Kumarina Projects since listing on the ASX in 2010.
Copper resources have been delineated on both projects, and work has delineated a number of targets worthy of follow up. The Horseshoe Lights Project is centred over the historic Horseshoe Lights Mine, which produced 300,000oz of gold and 54,000t of copper up until closure in 1994.
Horseshoe Lights is located in a similar stratigraphic position in the Bryah Basin to the recently discovered DeGrussa Deposit of Sandfire Resources, and we consider there to be excellent potential for the discovery of additional zones of mineralisation on the Company’s leases, in addition to the current resource of 12.8Mt @ 1% copper.
At Kumarina a number of additional drilling targets have been identified, that have the potential to significantly augment the current shallow Rinaldi resource of 835,000t @ 1.3% copper.
Horseshoe Metals (“Horseshoe” or “the Company”) has defined significant copper resources at its Horseshoe and Kumarina prospects in the productive Peak Hill Mineral Field of WA, which also hosts the high grade DeGrussa Cu/Au mine (13.0Mt @ 4.5% Cu and 1.8g/t Au) and other significant copper and gold deposits and prospects. DeGrussa is located 75km east of Horseshoe Lights and 100km south of Kumarina.
Work on both projects has identified prospective targets that now require additional work...
Official website: https://horseshoemetals.com.au/
ASX on Hotcooper: http://hotcopper.com.au/asx/HOR