Dear HotCopper members,after the really successful relisting of this sleeping princess i thought about to renew my posting from 2019.
First i want to thank the current management for their patience and stamina to get it through such a rough process.
Well done. And well done for operating business in the not listed time.Horseshoe came across firstly on my radar 2011 I think.Mr. Fotios who should have made millions with NST and later with GMM (my best bagger i ever did - 40) is still holding 37 mln HOR shares, if my informations are correct..Unfortunately he came in trouble.Maybe he has been involved into to many companies or has had bad advisors.So HORs progressions stopped suddenly and the stock felt asleep for a long time.2019 some momentum gained because the companies Horseshoe Lights project should be sold.HOR, sitting on a billion worth near surface Cu/Au prospect, after relisting success on 18th of February 2022, still valued with a silly cheap market cap.
HOR once invitated the so-called SMART process to get the Cu and Gold produced with a real small capex of a few mlns. (i heard maybe 5 mln AUD in 2019)Think about, neighbored SFR Sandfire, located only 75km away with its historical DeGrussa mine is running out of material soon and could friendly use every gram of ore to keep their mills running.A good management with good skills could step by step build a massive value out of this historical motherload Copper project with its just there laying Copper and Gold deposits and this giant underexplored potential.If you are a little bit interested I will take you on a small time journey about HORs interesting announcements of the past...Enjoy and think what great projects, especially Horseshoe Lights, we do have for a silly mcap...
Copper and AU, what do you want more in a world of crazy debt FIAT paper world!
Suddenly, October 2019, HOR came up with two new projects in the south of Australia. Very surprising.
After that, some strange business guys wanted to take over the board of HOR but fortunately they didn't succeed because votings from existing shareholders could stop it.
Luckily Horseshoe Lights wasn't sold.
Since 16th of December 2019 HOR was suspended until relisting on 18th of February 2022 with a 2.1mln AUD working capital.
What a painful process for HORs shareholders in the past two years.
A big congratulation to all shareholders, that this company is trading again.
And what a first nice trading day - very successful.
HOR 3.0 - The way to a success story the name of the company is promising?
So, let's watch the current situation.
The Company holds a 100% stake in the Horseshoe Lights and Kumarina Projects in theMurchison region of Western Australia, subject to the terms of the Kopore Farm-inAgreement in respect of the Horseshoe Lights Project (summarised in Section 12.2). It alsoholds a 100% stake in the main tenement at the Glenloth Project in South Australia and hassigned mineral rights agreements relating to a series of smaller adjacent tenements. TheCompany has additionally entered into a joint venture agreement with CMM, which haspreviously held surface treatment rights at the Mount Gunson Project in South Australia andis currently in negotiations with respect to a renewal of its Licence to Operate.
Horseshoe Lights
Historical mined 56,000t Cu metal (at an average grade of1.7% Cu) and 307,000oz Au metal (at an average grade of 2.9g/t).
Horseshoe West / Farm-In and Joint VentureIn January 2021
This agreement29relates to “Horseshoe West”, an area of 32.4km2 of largely unexplored land surrounding theHorseshoe Lights Mine, covering one exploration licence, nine prospecting licences and partof the main project tenement M 52/743 (excluding the area around the mine site itself,including the historical open pit, existing copper resource, and historical waste dumps,stockpiles and tailings).
The Company retains all current known Mineral Resources within M 52/743 (which arecontained within the excluded area), plus the exploration upside to the known mineralisationand depth potential below the dolerite.
Kumarina Project
Copper deposits at Kumarina were discovered in 1913 and worked intermittently until 1973.The workings extended over nearly 5km as a series of pits, shafts and shallow open cuts.The working at the main Kumarina Copper Mine are entirely underground with drives fromthe main shaft extending for 200m in the upper levels and about 100m in the lower levels ata depth of 49m. The current project area was subject to only limited exploration following thecessation of mining activities.
Glenoth Project
The Glenloth Project is located within the Central Gawler Craton of South Australia,approximately 170km west of Woomera and about 50km east of the Tunkillia Deposit underdevelopment by Barton Gold Holdings Ltd (ASX:BGD).
End of project overview.
What will HOR management do now.
They are drilling Horseshoe Lights and they will drill it out now.
Remember:
The Horseshoe Lights Project includes the historic open pit of the HorseshoeLights copper-gold mine which operated up until May 1994, producing over300,000 oz Au and 54,000 t Cu, including over 110,000 t of Direct Shipping Ore(“DSO”) which graded between 20-30 % Cu.
What could we find in the unexplored regions? Supergene enriched Cu-Au mineralization? Historic drills haven't been really deep.
Drillhole History:
From last Presentation:
Link last presentation:
https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvTDYL4wi5wBj%2Fv%2F927bFiGug%3D
From surface ;-)
I hope you enjoyed the journey from the past until today.
20 mln mcap currently seems very cheap.
2.1 mln exploring budget for the next 18-24 months, like the last report said.
I am very curious about the "Below The Dolerite" drilling campaign.
What are your thoughts?Which way HOR will take?
Hold your shares tight. And good luck, especially for the hard pained long term holders.
Mikrokosmos
(20min delay)
