HORSESHOE METALS LIMITED 15 JANUARY 2015
ASX Code: HOR Management
Mr Neil Marston
Managing Director/Company
Secretary
Mr Michael Fotios
Non-Executive Director
Mr Alan Still
Non-Executive Director
Issued Capital
Shares: 169.0 Million
Options:
5.4 Million (60c, exp 5/15) Performance Rights: 2.8 M
Share Price: $0.018
Market Capitalisation:
$3.0 Million
Cash at Bank
(31 December 2014)
$0.4 Million
DEEP DRILLING COMMENCES AT HORSESHOE LIGHTS COPPER-GOLD PROJECTSUMMARY
• Horseshoe Metals has commenced diamond drilling at the Horseshoe Lights Project.
• Drilling to test a potentially significant geophysical anomaly at depth.
• Drilling planned to extend to 600m downhole within the highly prospective volcanic Narracoota Formation.
• Target generated from Dipole-Dipole Induced
Polarisation survey conducted by the Company.• Drilling being co-funded by WA State Government as part of its Exploration Incentive Scheme.
Horseshoe Metals Limited (ASX:HOR) ("Horseshoe" or "the Company") is pleased to advise that it has commenced diamond drilling at its Horseshoe Lights Copper-Gold Project in the Gascoyne region of Western Australia (see Figure 1).
The drilling program is designed to test a potentially significant geophysical anomaly at depth, within the highly prospective volcanic Narracoota Formation (see Figure 3).
A diamond tail is being drilled at drill hole RC358 to extend the existing
RC drill hole to a downhole depth of approximately 600 metres.
RC358 is located about 800 metres south east of the Horseshoe Lights open pit (see Figure 2) and was originally drilled in 1987 to a down hole depth of 120 metres. In 2013 the Company extended the drill hole to a depth of 252 metres, to test a potentially significant chargeability anomaly identified from a ground based Dipole-Dipole Induced Polarisation ("DDIP") survey completed by the Company in 2011.
Ground Floor, 24 Mumford Place Balcatta WA 6021 PO Box 695 Balcatta WA 6021
Ph (08) 6241 1844 Fax: (08) 6241 1811 www.horseshoemetals.com.au
ASX ANNOUNCEMENT 15 JANUARY 2015
Copper anomalism was identified in the extended RC drill hole but the hole was terminated short of the interpreted main part of the DDIP anomaly (refer to ASX Announcement dated 3 December 2013).
The diamond tail on RC358 is planned to drill through the DDIP anomaly.
This drilling is one of three diamond drill holes which the company has partly funded (up to $150,000 contribution) under the Western Australian State Government's Exploration Incentive Scheme co- funded drilling programme.
The Company looks forward to providing updates on the results of this drilling as they become available.
Neil Marston James Moses
Managing Director Media and Investor Relations
Horseshoe Metals Limited Mandate Corporate
T: +61 8 9481 5866 M: +61 420 991 574
M: +61 427 188 768 T: +61 2 8211 0612
E: nam@horseshoemetals.com.auE: james@mandatecorporate.com.au
About Horseshoe Metals LimitedHorseshoe Metals Limited (ASX:HOR) is a copper and gold focused company with a package of tenements covering over 500km2 in the highly prospective Peak Hill Mineral Field, located north of Meekatharra in Western Australia. The Company's projects are the Kumarina Project and the Horseshoe Lights Project (see Figure 2).
About the Horseshoe Lights Project
The Horseshoe Lights Project includes the old open pit of the Horseshoe Lights copper-gold mine which operated up until 1994, producing over 300,000 ounces of gold and 54,000 tonnes of copper including over 110,000 tonnes of Direct Shipping Ore (DSO) which graded between 20-30% copper.
The Horseshoe Lights ore body is interpreted as a deformed Volcanogenic Hosted Massive Sulphide (VMS) deposit that has undergone supergene alteration to generate the gold-enriched and copper- depleted cap that was the target of initial mining. The deposit is hosted by quartz-sericite and quartz- chlorite schists of the Lower Proterozoic Narracoota Formation, which also host Sandfire Resources' DeGrussa copper/gold mine.
Past mining was focused on the Main Zone, a series of lensoid ore zones which passed with depth from a gold-rich oxide zone through zones of high-grade chalcocite mineralisation into massive pyrite- chalcopyrite. To the west and east of the Main Zone, copper mineralisation in the Northwest Stringer Zone and Motters Zone consists of veins and disseminations of chalcopyrite and pyrite and their upper oxide copper extensions.
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ASX ANNOUNCEMENT 15 JANUARY 2015
A Mineral Resource Estimate for the Horseshoe Lights deposit was completed by the Company in June
2013 (see 30 June 2013 Quarterly Report announced on 31 July 2013). The Mineral Resource Estimate meets the reporting requirements of the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves"
The total Measured, Indicated and Inferred Mineral Resource Estimate is 12.85 million tonnes @
Competent Persons Statement
The information in the report to which this statement is attached that relates to Exploration Results is based on information compiled by Mr Geoff Willetts, BSc. (Hons) MSc. who is a Member of the Australian Institute of Geoscientists. Geoff Willetts is employed by Horseshoe Metals Limited. Geoff Willetts has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Geoff Willetts consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to the Horseshoe Lights Project Mineral Resources is based on information compiled by Mr. Dmitry Pertel, who is a member of the Australian Institute of Geoscientists. Mr. Pertel is an employee of CSA Global Pty Ltd. The information was previously issued with the written consent of Mr Dmitry Pertel in the Company's 30 June 2013 Quarterly Report released to the ASX on 31 July 2013. The Company confirms that:
(a) the form and context in which Mr. Dmitry Pertel's findings are presented have not been materially modified.
(b) it is not aware of any new information or data that materially affects the information included in
the 31 July 2013 ASX announcement and that all the material assumptions and technical parameters underpinning the estimate in the 31 July 2013 ASX announcement continue to apply and have not materially changed.
(c) it is uncertain that following evaluation and/or further exploration work that the historical estimates will be able to be reported as mineral resources in accordance with the JORC Code.
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ASX ANNOUNCEMENT 15 JANUARY 2015Figure 1 - Horseshoe Lights Project Tenement Location Plan
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ASX ANNOUNCEMENT 15 JANUARY 2015Figure 2 - Horseshoe Lights Project Drill Hole Location Plan
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ASX ANNOUNCEMENT 15 JANUARY 2015Figure 3 - Horseshoe Lights Project Proposed Hole Extension on RC358 overlain on image of DDIP anomaly.
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