[Source: www.proactiveinvestors.com.au]
Horseshoe Metals builds excitement with 14.6% copper discovery from Horseshoe Lights
Thursday, July 05, 2012 by John Phillips
Horseshoe Metals (ASX: HOR) has yet again delivered some stunning results from the Horseshoe Lights Project in the Peak Hill Mineral Field - and whetting investor appetite - more assays are pending.
Neil Marston, managing director of Horseshoe, told Proactive Investors today that there are multi-layers of mineralisation at Horseshoe Lights, with the company continuing to hit bands. "There appears to be quite a few. We are seeing a lot of opportunities to continue testing."
Highlights from just the first five holes of low angle reverse circulation percussion drilling program delivered:- 16 metres at 3.0% copper from 60 metres, including 10 metres at 4.4% copper and 0.1g/t gold and 1 metre at 14.6% copper and 0.3g/t gold;
- 18 metres at 1.5% copper, including 3 metres at 3.4% copper and 0.1g/t gold; and
- 14 metres at 0.5% copper.
The best zone of copper mineralisation intersected is located around 20 metres to 30 metres vertical depth, below the original ground level and occurs predominantly as Malachite within fresh felsic tuffs.
Deeper zones of copper mineralisation occur as Chalcopyrite although native copper has also been observed.
Neil Marston, managing director, told Proactive Investors today that there is multi-layers of mineralisation at Horseshoe Lights, with the company continuing to hit bands.
"There appears to be quite a few. We are seeing a lot of opportunities to continue testing, and we have two rigs active which will continues testing for some time."
Drilling has confirmed the existence of multiple zones of shallow copper mineralisation in the North West Stringer Zone, and these results highlight the overall potential for further discoveries of shallow copper mineralisation under the North Waste Dump.
The dump lies immediately along strike to the north of the open pit and sits over a very broad alteration zone which extends approximately 400 metres in width between the North West Stringer Zone to the West and the Motters Zone to the East
Not lost on astute investors, the drilling results from Horseshoe Lights have been coming through thick and fast.
Highlights from last month include; 24 metres at 0.9% copper from 29 metres, including 1 metre at 3.9% copper and 2 metres at 2.6% copper; and 34 metres at 1.4% copper from the surface, which includes 5 metres at 2.2% copper and 1 metre at 6.9% copper.
The Horseshoe Lights ore body is interpreted as a deformed volcanic-hosted massive sulphide deposit that has undergone supergene alteration to generate the gold-enriched and copper-depleted cap that was the target of initial mining.
Historical production includes over 300,000 ounces of gold and 54,000 tonnes of copper.
Horseshoe is well funded with small cap. specialists Investmet Limited recently increasing their stake to 14.6%, with Horseshoe receiving a $2.75 million cash injection.
Horseshoe Lights - next steps
Horseshoe Metals has a clear plan for drilling at Horseshoe Lights for the second half of 2012, which will more than likely end with a resource upgrade by the end of the year.
The focus will be to drill in gaps in the existing resource model to prove up additional near surface resources to the north of the existing open pit and at the Motters Zone.
Drill deeper and step-out holes in areas where copper/gold mineralisation has previously been intersected in the North West Stringer Zone and the Main Zone, which also test for deep, high grade copper/gold zones, potentially located down dip and down plunge of the Main Zone, which will be of sufficient grade to support underground mining.
The company will also test shallow exploration targets outside of the immediate pit area which have not been adequately tested by previous exploration efforts.
Kumarina Project update
Over at the Kumarina Project, drilling will commence next month with results expected to flow through to the market in September.
Ends.
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