(MENAFN - ProactiveInvestors - Australia) Horseshoe Metals (ASX: HOR) is starting to unlock the potential of the wholly owned Horseshoe Lights Project with some plus 1% copper discoveries at the the Motters Zone.
Worth noting is that the discoveries include broad and near surface mineralisation such as; 34 metres at 1.4% copper from the surface, which includes 5 metres at 2.2% copper and 1 metre at 6.9% copper. Highly weathered felsic pyroclastic rocks above dolerite was intersected.
The intersections are from a nine hole diamond drilling program which recently wrapped up, with assays from five of the holes still pending.
The impact from the copper discoveries is that the Motters Zone now warrants further drilling.
Horseshoe Lights is strategically located in the in the Bryah Basin, and just 75 kilometres west of Sandfire Resources' (ASX: SFR) DeGrussa copper gold mine.
Horseshoe Lights includes the closed VMS Horseshoe Lights copper gold mine which lies within the Narracoota Formation, with the project hosting a JORC Measured, Indicated and Inferred Resource of; 8.6 million tonnes at 1.06% copper and 0.13g/t gold for 91,000 tonnes of copper and 37,400 gold ounces.
Well funded after Investmet Limited placement
The progress made by Horseshoe across the company's projects is not going unnoticed, with small cap. specialists Investmet Limited recently increasing their stake to 14.6%.
The increase was from a placement agreed earlier in the year, and importantly provides Horseshoe with a 2.75 million cash injection.