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MENAFN - ProactiveInvestors - Australia - 18/11/2012

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(MENAFN - ProactiveInvestors - Australia) Horseshoe Metals' (ASX: HOR) recent exploration success at the Rinaldi Prospect, part of the Kumarina Project located in the Peak Hill Mineral Field of Western Australia, has spurred the company on for another round of drilling.

The company recommenced drilling today following highlights from recent drilling of 24 metres at 3.1% copper from 46 metres, including 3 metres at 12.3% copper and 1 metre at 9.4% copper.

Horseshoe is carrying out 2,000 metres of reverse circulation drilling across 15 to 20 holes, targeting shallow high grade copper mineralisation through a combination of infill and extension drilling.

Importantly, a maiden JORC resource for the Rinaldi Prospect is expected to follow the drilling program.

High grade intercepts

Earlier drilling at the Rinaldi Prospect was significant in identifying shallow extensions to the copper mineralisation previously identified.

About 200 metres to the north of the Rinaldi shaft, three holes testing the updip extensions of previous drilling recorded intervals of:

- 7 metres at 5.9% copper, including 2 metres at 13.6% copper;
- 3 metres at 4.2% copper, including 1 metre at 7.5% copper; and
- 5 metres at 2.2% copper, including 1 metre at 3.9% copper, all within 22 metres of surface.

Eight of the other nine holes recorded lower grade copper mineralisation up to at least 600 metres north of the Rinaldi shaft.

The current drilling program will focus on infill drilling of previously identified mineralisation and include some step out drilling, both north and south of the Rinaldi shaft.

Horseshoe Lights

Meanwhile, Horseshoe has also begun a gravity survey of the Horseshoe Lights Mine and surrounding area.

The survey data will help better define the proposed reverse circulation drilling of a number of exploration targets, including some untested targets identified in 2011.

Drilling at Horseshoe Lights is slated to begin in early December 2012.

Horseshoe remains well funded to continue exploration of its projects with around A2.6 million cash at bank at the end of September 2012.


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