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HORSESHOE METALS RECORDS 23.5% COPPER
IN LATEST HORSESHOE LIGHTS DRILLING
HIGHLIGHTS
HORSESHOE LIGHTS PROJECT
• Latest resource drilling identifies additional shallow copper
mineralisation adjacent to and along strike of the historic
Horseshoe Lights open pit.
• Best results obtained were:
o 18m @ 4.4% Cu (38 – 56m); including 1m @ 23.5% Cu
and 4m @ 8.6% Cu
o 17m @ 0.9% Cu (72 - 89m); including 4m @ 2.4% Cu
o 15m @ 1.6% Cu (115 - 130m)
o 26m @ 1.4% Cu (83 – 109m); including 3m @ 2.5% Cu.
• Drilling programme using specialist RC rig completed.
• Additional conventional RC drilling planned for November
2012.
• Updated Mineral Resource Estimate to be completed in 2013.
KUMARINA PROJECT
• 39 RC drill holes (4,708m) completed with sample analysis
underway.
• Additional RC drilling planned for November 2012.
ASX/MEDIA
ANNOUNCEMENT
25 OCTOBER 2012
ASX Code:
HOR
Management
Mr Jeremy Shervington
Non-Executive Chairman
Mr Neil Marston
Managing Director
Mr Michael Fotios
Non-Executive Director
Mr Stuart Hall
Non-Executive Director
Mr Damian Delaney
Company Secretary
Issued Capital
Shares: 75.8 Million
Options: 21.0 Million
Share Price:
$0.25
Market Capitalisation:
$19 Million
Cash at Bank
(30 September 2012)
$2.6 MillionASX ANNOUNCEMENT 25 OCTOBER 2012
Page 3 of 10
Kumarina Project
The latest phase of RC drilling at the Kumarina Project was completed on 15 October 2012 with 39
holes for 4,708 metres drilled. All drill samples are presently with a laboratory for analysis.
Planned Activities
Horseshoe Lights Project
Drilling at the Horseshoe Lights Project is planned to recommence in November 2012 with the
focus of future drilling efforts now switching to:
1. testing for deep, high grade copper/gold zones - potentially located down dip and down
plunge of the Main Zone - of sufficient grade to potentially support underground mining;
and
2. following up exploration targets outside of the immediate pit area which have not been
adequately tested by previous exploration efforts.
A number of immediate drill targets exist including some untested targets identified during a
geophysical survey completed in 2011.
The Company plans to complete a revised mineral resource estimate once drilling has been
completed and all database QA/QC matters have been addressed.
At a cut-off grade of 0.5% Cu, the current estimate is a total Measured, Indicated and Inferred
Mineral Resource of 8.6 million tonnes @ 1.06% Cu and 0.13 g/t Au for 91,000 tonnes Cu and
37,400 oz Au (see Table 2). Indications are that recent drilling and other exploration activities will
lead to a significant increase on that figure.
Kumarina Project
Follow-up drilling at the Kumarina Project is also planned for November 2012.
ENDS
For further information please contact