News: Horseshoe Metals expands Bryah Basin copper-gold footprint

Horseshoe Metals (ASX:HOR) has entered into an option-to-purchase agreement to acquire an exploration licence adjacent to its Horseshoe Lights Copper-Gold Project in the Gascoyne region of Western Australia.

Horseshoe has executed the agreement with Elysium Resources (ASX:EYM) to acquire the ground which covers over 3 square adjoining Horseshoe Lights.

Horseshoe has been conducting an internal geological review of its tenements and the broader Bryah Basin, and has identified that this tenement may host repetitions of the VMS copper-gold deposit at Horseshoe Lights.

The ground has not been drilled below 75 metres and geophysical anomalies have been identified that warrant deeper drill testing.

Horseshoe is to drill test M1 and Western Anomaly drilling targets identified by Elysium in Year 1 of the option period, at which point Horseshoe may elect to withdraw;

Horseshoe may exercise option for $100,000 payable in cash or Horseshoe shares at 10 day VWAP, at the election of Horseshoe.

Last quarter the company raised $798,978 via a rights issue, including $632,000 from director Michael Fotios and his nominees - a big vote of confidence.

Earlier in the year Horseshoe doubled its ground holding at the Kumarina Copper Project in the Peak Hill Mineral Field.

Kumarina already hosts a total Measured, Indicated and Inferred Mineral Resource of 835,000 tonnes at 1.3% copper for 10,600 tonnes copper at the Rinaldi Prospect.

Kumarina is located 95 kilometres from Sandfire Resources' (ASX:SFR) DeGrussa Copper-Gold Project.