hor - re-affirms high grade copper hits.

Horseshoe Metals re-affirms high grade copper hits at Horseshoe Lights

Tuesday, March 29, 2011 by Proactive Investors
Horseshoe Metals (ASX: HOR) has completed analysis of one metre samples from earlier drilling at the old Horseshoe Lights Project in Western Australia, which shows conformity with previous results of high grade copper intersections.

Better results include:

- 16 metres (161-177 metres) at 4.8% copper (compared to 15 metres (161-176 metres) at 5.1% copper);
- 14 metres (10-24 metres) at 3.7% copper including 9 metres (14-23 metres) at 5.5% copper with a peak intersection of 1 metre (21-22 metres) at 16% copper; and
- 3 metres (51-54 metres) at 0.9% copper, 11 metres (55-66 metres) at 1.6% copper including 3 metres (57-60 metres) at 3.7% copper.

The company has completed analysis from its Phase 2 drilling program at the Horseshoe Lights Project.

The project is located in the Bryah Basin in Western Australia, 800 kilometres north-northeast of Perth and 75 kilometres west-northwest of Sandfire Resources (ASX: SFR) NL's Doolgunna copper gold project.

The project comprises 16 tenements that cover an area of around 80 square kilometres.

Horseshoe used reverse circulation percussion drilling for the one metre sample assay results which show conformity compared to previous three metre composite results.

In January of last year, the company undertook a JORC Resource estimate commissioned by Coffey Mining using the historical drilling database.

The study identified an Inferred Mineral resource of; 4.9 million tonnes at 1.0% copper with a cut-off grade of 0.25% copper, for 48,000 tonnes of copper.

To follow-up on these strong results, the company has begun follow-up drilling.

Horseshoe owns 100% of the project which was discovered in 1946 and was in production until 1994