visible copper in first of seven diamond holes

[Source: www.proactiveinvestors.com.au]

Horseshoe Metals: visible copper in first of seven diamond holes at Rinaldi
Monday, April 16, 2012 by John Phillips

Horseshoe Metals (ASX: HOR) has once again discovered some very high grade copper mineralisation at the strategically located and wholly owned Kumarina Copper Project.


Kumarina is emerging as a potentially high grade copper project, with the area yielding very high grade and broad mineralisation. With plus 10% copper grades in just the first hole of seven - the outstanding assays due within weeks are highly anticipated.

The third drilling program at the Rinaldi Prospect has now wrapped up which comprised seven diamond holes for just over 1100 metres - with a depth range from 142 metres to 172 metres.

In just the first hole of this program visible copper mineralisation has been observed - with assays from the remaining six holes to be delivered to the market in coming weeks.

Highlights from the first holes are as follows; 7 metres at 3.6% copper from 58 metres, including 1 metres at 10.1% copper; and 4 metres at 1.4% copper from 96 metres, including 1 metres at 4.1% copper.

The diamond drill holes were drilled to HQ size core with selected parts of each core split and half the core submitted for laboratory analysis.

Highlighting the potential of Rinaldi, earlier in the year broad intersections from the second drilling program included;

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; and

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


Initial observations

Where the story gets even more promising for Horseshoe is that the company said initial observations of this first hole confirm that the copper mineralisation is quartz vein hosted mainly within an interpreted altered dolerite host.

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 dolerite dyke.

The dyke has intruded through thinly bedded siltstone and shale sediments which dip gently to the north. The mineralised quartz veins continue throughout the dyke to a lesser degree with an interpreted sub-vertical orientation.


The next step for Horseshoe Metals

The diamond rig will now be moved to the Horseshoe Lights project where plans are in place to commence a drilling program later this month.

The diamond drilling will initially test the DDIP (Dipole-Dipole Induced Polarisation) anomaly identified south east of the existing open pit.


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 the massive Sandfire Resources NL’s (ASX: SFR) 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 3.10% copper.

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


Ends.