Horseshoe Metals (ASX: HOR) has refined future drilling targets at the company's highly prospective projects in the Peak Hill Mineral Field of Western Australia - near Sandfire Minerals' (ASX: SFR) massive Doolgunna copper gold discovery.
At the Horseshoe Lights Project - the interpretation of a FLTEM survey has been completed, with a zone of conductivity identified east of the existing open pit.
The company said a computer based 3D geological model of new mineralised zones is being used to plan the Phase 4 drilling program, which will include up to 5000 metres following an IP survey.
The IP survey will target an area east and south of the open pit, to be completed in the September 2011 quarter.
The zones of conductivity to the north/north-west of the existing open pit are interpreted to be southerly dipping zones of carbonaceous shale underlying the mineralised sequence which have been observed in earlier drilling.
Horseshoe Lights can be considered highly prospective due to the past production highlighting known gold and copper in the area, with the project first discovered in 1946.
The mine closed in 1994 due to the low copper prices which prevented a cutback of the pit to access remaining ore.
In the six years before the shutdown a copper flotation plant was in operation with direct shipping ore of 110,691 tonnes produced, and was known to exceed 20% copper with gold credits.
Horseshoe Lights currently has an Inferred JORC Resource of 4.9 million tonnes at 1.0% copper for 48,000 tonnes of copper - with mineralisation located in three zones.
At the Kumarina Project - interpretation of the aeromagnetic survey has almost been completed, with ground geophysical survey planned for September quarter over high priority target areas ahead of first drilling program.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17935/horseshoe-metals-refines-copper-gold-targets-near-existing-open-pit-at-horseshoe-lights-17935.html
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