horseshoe delivers up to 15% visible copper...

[Source: www.proactiveinvestors.com.au]

Horseshoe Metals delivers up to 15% visible copper mineralisation at Kumarina
Wednesday, May 16, 2012 by Angela Kean

Horseshoe Metals (ASX: HOR) is delivering the goods at its Kumarina Copper Project, which is located in a region known for its major copper finds.

The Peak Hill district of central Western Australia is prime exploration ground, as Horseshoe Metals is proving with the discovery of up to 15.2% visible copper mineralisation at its Rinaldi Prospect.


Horseshoe Metals’ Kumarina Copper Project is certainly exhibiting all the hallmarks of a Tier 1 asset with visible copper mineralisation grades of as high as 15% being delivered from the Rinaldi Prospect.

Notable intersections from a recent 1,134 metres, seven diamond drill hole program include:

14 metres at 4.4% copper from 33 metres, including 4 metres at 9% and 1 metre at 15.2%

32 metres at 0.9% copper from 48 metres, including 1 metre at 7%;

11 metres at 1.9% copper from 76 metres, including 2 metres at 5.1%;

7 metres at 4.8% copper from 94 metres, including 2 metres at 9.4%; and

8 metres at 3.1% copper from 17.5 metres, including 2 metres at 9.2%.

Indicating the prospectivity of the area, all but one of the holes intersected high grade mineralisation, with holes ranging in depth from 142 metres to 172 metres.

Copper mineralisation has been shown to be quartz vein hosted. The copper mineralisation appears to be structurally controlled with the main concentration of quartz veins occurring as a stockwork in the hanging wall zone of a westerly dipping dyke.

Kumarina history

Copper was discovered at Kumarina in 1913. Historical workings extend over nearly 3 kilometres, including a 50 metres deep shaft and drives at the old Kumarina Copper Mine.

Smaller shaft and underground workings at the Rinaldi Prospect are reported to contain copper in sulphide mineralisation.

High grades of up to 14.4% copper were intersected in a 2011 drilling program.

Highlight intersections included 13 metres at 3% copper from 10 metres, including 3 metres at 9.9% copper; 17 metres at 2.8% copper from 35 metres, including 5 metres at 5% copper; and 13 metres at 2.7% copper from 67 metres, including 2 metres at 14.4% copper.

Next steps

Horseshoe Metals will undertake geological interpretation in the coming weeks to assist in the planning of future drilling at the Rinaldi Prospect.

Major discoveries in the area

The region in which Horseshoe is currently operating continues to emerge as a major copper district in Australia, highlighted by the fact that Sandfire Resources’ (ASX: SFR) massive DeGrussa Copper-Gold mine is less than 100 kilometres away.

Add to the mix the location 90 kilometres north of Ventnor Resources' (ASX: VRX) Thaduna Copper Project, which recently announced some stellar results including: 37 metres at 2.61% copper from 111 metres, including 10 metres at 7.53% copper; and 62 metres at 2.19% copper from 125 metres, including 32 metres at 3.1% copper.

Kumarina is also 35 kilometres southwest of Montezuma Mining Company’s (ASX: MZM) Butcherbird Copper project.

Analysis

Recently, private investor, Investmet Limited elected to invest up to A$4.1 million Horseshoe Metals. For sleuths out there, Investmet was an early stage investor in Northern Star Resources (ASX: NST) at a few cents and it hit over $1.00.

Today's news from Kumarina would have gladdened Investmet's as well as investor's hearts.


Ends.