Horseshoe Metals to drill new copper / gold zones at Horseshoe Lights project
Horseshoe Metals (ASX: HOR) is preparing to kick-off a 1200 metre reverse circulation drilling program at the Horseshoe Lights copper gold project in Western Australia, where historical copper DSO production included 110,691 tonnes at 25-30% copper.
The project is an altered volcanogenic massive sulphide deposit located in the Narracoota Formation, with the mine operations suspended in 1994 due to low copper prices.
The open pit is around 215 metres deep, with copper mineralisation extending along strike to north and down dip.
Horseshoe will test areas that are considered highly prospective for new zones of copper/gold mineralisation in the new drilling program, with the highest priority area is at the south end of the existing open pit where previous mine operators only drilled two holes.
Highlighting the potential of the area, a recent site inspection of historical drill cuttings from one of the holes, displayed evidence of copper mineralisation within volcanic rocks of the Narracoota Formation.
The Narracoota Formation lies under cover beneath the Ravelstone Formation in this area.
Horseshoe Lights currently hosts a Measured, Indicated and Inferred Resource of 12.85 million tonnes at 1.00% copper, and 0.1g/t gold for 128,600 tonnes copper and 36,000 gold ounces (using 0.5% copper cut-off grade).
The project is located 75 kilometres west-northwest of Sandfire Resources' (ASX: SFR) DeGrussa copper gold mine.
Horseshoe Lights survey completed
As a follow-up to the detailed geophysical interpretation study undertaken earlier this year, Horseshoe personnel have recently completed a high resolution (25 metre line spacing) ground-based magnetic survey over a substantial portion of Mining Lease 52/743 at the Horseshoe Lights project.
Initial images received show much greater detail than that available from the previous 100 metre line spacing airborne survey.
Horseshoe said that it is awaiting a full interpretation of the results of this survey from its geophysical consultants, Resource Potentials Pty Limited, in the coming weeks.
Kumarina heritage survey
In other Horseshoe news, the company has successfully completed a heritage survey program at the Kumarina Project with Traditional Owners of the area, clearing sites ahead of 2013/14 drilling activities.
The areas cleared include the Snell North Prospect, Rinaldi Prospect and Kumarina Deeps Prospect.
The potential is high for Horseshoe Metals to intersect more copper and gold in the upcoming drilling program, as the project is historically known to contain high grade copper and gold - evidenced by the past production of 110,691 tonnes at 25-30% copper.
Production at the project only stopped in the mid-1990's due to the low copper price which was in the US$1 a pound range.
With copper now more than three-times this price, Horseshoe has a great opportunity to take advantage and consider production again in the future.
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