horseshoe discovers over 16% cu intersection..

[Source: http://www.proactiveinvestors.com.au]

Horseshoe Metals' discovers over 16% copper intersection from drilling at Kumarina
Wednesday, January 25, 2012 by John Phillips


Neil Marston, managing director, told Proactive Investors today that Horseshoe will now investigate with diamond holes the high grade copper zones as a priority. "We are observing zones of higher grade copper mineralisation at depth below shallow shafts."


Horseshoe Metals (ASXL HOR) continues to unearth high grade copper zones from the Kumarina Project, which is located in a rapidly emerging copper district in Western Australia - where several other explorers have recently discovered broad high grade zones of copper.

The defining factor as to why these results are so good, is that they are similar to those achieved in the first drilling program, indicating that Horseshoe may well be hosting a significant amount of contained metal at Kumarina.

Highlights from the second drilling program include;

13 metres at 2.7% copper from 67 metres, including 2 metres at 14.4% copper, which hosts the peak intersection of 1 metre at 16.2% copper;

28 metres at 1.8% copper from 37 metres, including 3 metres at 7.5% copper, which hosts 1 metre at 13.7% copper;

13 metres at 3.0% copper from 10 metres, including 3 metres at 9.9% copper; and

13 metres at 2.7% copper from 94 metres, including 6 metres at 5.0% copper.

The program which discovered the high grade copper comprised 25 reverse circulation percussion holes for around 2300 metres, which ranged in depth from around 50 metres to 160 metres.

Neil Marston, managing director, told Proactive Investors today that the latest drilling results at the Rinaldi Prospect continue to provide the company with significant encouragement.

"We are observing zones of higher grade copper mineralisation at depth below shallow old shafts which is probably what the original miners were chasing.

"We will continue drilling this year with a few diamond holes being a priority so we can obtain some core of these high grade zones. Amongst other things this should improve our understanding of what going on at depth."


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