Horseshoe Metals Limited (ASX: HOR) (the 'Company') is pleased to provide an update on its operations following the successful reinstatement to trading on the ASX on 18th February 2022.
The Board and Management of the Company would like to take this opportunity to thank all shareholders for their support during the relisting process.
The Company is now well capitalised to unlock the significant underlying potential of its flagship Horseshoe Lights Copper-Gold Project. 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 316,000 oz Au & 55 kt Cu metal and the deposit contains a current in situ resource 128 kt Cu metal @ 1.0% (0.5% cut-off). Considerable exploration upside has been identified, with the Company targeting high-grade extensions beneath the existing open pit, which has only been drilled to a depth of 250m.
Proximal major deposits in Bryah Basin have been drilled to a depth of at least 800-1000m. The Company expects to embark upon planned Phase 2 activities shortly (refer ASX Announcement 26th November 2021) which will include further RC drilling, auger sampling and stockpile resource estimations at Horseshoe Lights.
Further, the Company is in the process of updating a Scoping Study previously released to the market on the 19th December 2014, in light of vastly improved copper pricing inputs. This information was previously released under an earlier edition of the VALMIN code, which was updated in 2015.
The Company intends updating inputs for the 2014 Scoping Study, primarily to assess the effects on and mineral values associated with the different resource types, grade cut-offs, and resource classifications, and their respective development streams. It is also anticipated that updated economics will highlight additional drilling requirements in certain areas, driven by new, deeper pit shells. The Company notes that while the deposit contains additional drilling post the 31 July 2013 announcement of the Horseshoe Lights in situ Resource, the existing resource estimate will be utilised for the update
Contact:
Craig Hall
Tel: 8 6241 1844
Email: info@horseshoemetals.com.au
About Horseshoe Metals Limited
Horseshoe Metals Limited (ASX:HOR) is a copper and gold-focused Company with a package of tenements covering approximately 500km2 in the highly prospective Peak Hill Mineral Field, located north of Meekatharra in Western Australian and mineral interests in South Australia. The Company manages the Horseshoe Lights Project and the Kumarina Project in Western Australia, and the Glenloth Gold Project in South Australia. The tenements immediately surrounding the Horseshoe Lights Copper-Gold Project are currently part of a Farm In/Joint Venture with Kopore Metals Limited (ASX:KMT) where KMT has recently completed minimum expenditure requirements for the first year of Farm In.
About the Horseshoe Lights
Project The Horseshoe Lights Project includes the historic open pit of the Horseshoe Lights copper-gold mine which operated up until 1994, producing over 300,000 ounces of gold and 54,000 tonnes of contained copper including over 110,000 tonnes of Direct Shipping Ore (DSO) which graded between 20-30% copper. The Horseshoe Lights ore body is interpreted as a deformed Volcanogenic Hosted Massive Sulphide (VMS) deposit that has undergone supergene alteration to generate the gold-enriched and copper-depleted cap that was the target of initial mining. The deposit is hosted by quartz-sericite and quartz-chlorite schists of the Lower Proterozoic Narracoota Formation. Past mining was focused on the Main Zone, a series of lensoid ore zones, which passed with depth from a gold-rich oxide zone through zones of high-grade chalcocite mineralisation into massive pyrite-chalcopyrite. To the west and east of the Main Zone, copper mineralisation in the Northwest Stringer Zone and Motters Zone consists of veins and disseminations of chalcopyrite and pyrite and their upper oxide copper extensions.
About the Kumarina Project
The copper deposits at the Kumarina Project were discovered in 1913 and worked intermittently until 1973. The workings extend over nearly 5km as a series of pits, shafts and shallow open cuts. At the main Kumarina Copper Mine, the workings are entirely underground with drives from the main shaft extending for some 200m in the upper levels and for about 100m in the lower levels at a depth of 49m below surface. Incomplete records post-1960s make it difficult to estimate the total copper production from the workings. However, indications are 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 481t of copper ore at a high-grade of 37.0% Cu and 2,340t at a grade of 17.51% Cu. An initial Mineral Resource Estimate for the Rinaldi deposit was completed by the Company in 2013.
Forward Looking Statements
Horseshoe Metals Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Horseshoe Metals Limited, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement may contain forward-looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.
HORSESHOE METALS LIMITED 
