Horseshoe Metals completes geophysical survey, JORC upgrade underway at Horseshoe Lights

Horseshoe Metals (ASX: HOR) is progressing exploration on its 100% owned Horseshoe Lights Copper-Gold project with the completion of a geophysical survey focusing on ground to the east and south of the open pit.

Also, following the completion of three phases of drilling by the company since listing in July 2010, independent consultants CSA Global Pty Ltd have commenced a JORC estimation of the copper/gold deposit at Horseshoe Lights.

The results of the three phases of drilling have been added to the database for inclusion in the new mineral resource estimation.

The Dipole-Dipole Induced Polarisation (DDIP) geophysical survey results have been forwarded to Resource Potential Pty Ltd for geophysical interpretation and Horseshoe expects the geophysical interpretation to be completed by the end of September 2011.

The Horseshoe Lights project is located in the highly prospective Peak Hill Mineral Field, located north of Meekatharra in Western Australia, and 75 kilometres west-northwest of Sandfire Resources NL’s (ASX: SFR) Doolgunna copper-gold project.

Since the project had no exploration since the 1990’s, Horseshoe believes that systematic drilling, combined with the application of modern geophysical methods, can upgrade the known resources and may lead to new discoveries in the mine area.

Using the historical database for Horseshoe Lights the company announced a JORC Resource of 4.88 million tonnes at 1.0% copper and 0.1g/t gold in January 2010.

Horseshoe has undertaken steps to improve the reliability of the historical database since listing by completing down-hole surveys of a small number of mineralised holes drilled in the 1990s.

New holes were also drilled close to previously drilled holes to confirm the zones of mineralisation intersected in the North-West Stringer Zone.

These three phases of drilling totalled 41 reverse circulation percussion holes for a total of 8,362 metres.

A total of 21 of these holes were drilled under the North Waste Dump, successfully extending the zone of known copper mineralisation by over 150 metres north along strike.

Highlights included 12 metres at 2.3% copper from 184 metres, including 4 metres at 4.7% copper, with a peak intersection of 1 metre at 6.4% copper from 185 metres.

Impressively, twelve of the fourteen holes drilled in the North-West Stringer Zone area intersected copper mineralisation.

The company is known to be bullish on the exploration potential within the tenement area with only limited exploration undertaken in the past.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/19500/horseshoe-metals-completes-geophysical-survey-jorc-upgrade-underway-at-horseshoe-lights-19500.html