Planned Activities Horseshoe Lights Project Drilling at the Horseshoe Lights Project is ongoing and the focus of drilling efforts there throughout the remainder of 2012 will be to: 1. prove up additional mineral resources to the north of the existing open pit, with such drilling likely to be completed in October; 2. drill deeper holes in areas where copper/gold mineralisation has previously been intersected in the North West Stringer Zone and the Main Zone; 3. test 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 4. follow up exploration targets outside of the immediate pit area which have not been adequately tested by previous exploration efforts. The Company plans to complete a revised mineral resource estimate once drilling has been completed and the results analysed. 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.
HOR Price at posting:
26.5¢ Sentiment: Hold Disclosure: Held
