Horseshoe Metals Limited (ASX: HOR) (the 'Company') is pleased to provide an update on activities related to its Horseshoe Lights Copper-Gold project following the successful reinstatement to trading on the ASX on 18th February 2022.

The Horseshoe Lights Copper-Gold Project is the original Cu/Au VMS discovery in the Bryah Basin and is located approx. 60 km west of DeGrussa Copper Mine operated by Sandfire Resources (ASX: SFR). Past production from Horseshoe Lights includes around 316,000 oz Au & 55 kt Cu metal in two phases of mining, and the deposit contains a current in situ resource 128 kt Cu metal @ 1.0% (0.5% cut-off) and 36,000 oz Au.

2013 Resource Model

The current JORC 2012 resource estimate was reported and classified at a cut-off grade of 0.5% Cu in June 2013 (refer ASX release dated 5 June 2013 and Quarterly Report released on 31 July 2013), although the model was developed using wireframe models using a cut-off grade of 0.18%. The prevailing AUD copper price at the time was about $7500/t, compared with a current price of $14,000/t.

Given the significant increase in Cu pricing an assessment of the model with respect to grade vs tonnage sensitivity is being undertaken and expected to be completed next week.

2014 Scoping Study

Entech have been engaged to update their Scoping Study that was previously released to the market on the 19th December 2014, in light of vastly improved copper pricing outlined above. This information was previously released under an earlier edition of the VALMIN code, which was updated in 2015. The update is expected to be completed late March. The Company intends updating inputs for the 2014 Scoping Study, primarily to assess the effects on and mineral values associated with the different resource types, grade cut-offs, and resource classifications, and their respective development streams. It is also anticipated that updated economics will highlight additional drilling requirements in certain areas, driven by new, deeper pit shells. The Company notes that while the deposit contains additional drilling post the 31 July 2013 announcement of the Horseshoe Lights in situ Resource, the existing resource estimate will be utilised for the update

Contact:

Craig Hall

Tel: +61 8 6241 1844

Email: info@horseshoemetals.com.au

About Horseshoe Metals Limited

Horseshoe Metals Limited (ASX:HOR) is a copper and gold-focused Company with a package of tenements covering approximately 500km2 in the highly prospective Peak Hill Mineral Field, located north of Meekatharra in Western Australian and mineral interests in South Australia. The Company manages the Horseshoe Lights Project and the Kumarina Project in Western Australia, and the Glenloth Gold Project in South Australia. The tenements immediately surrounding the Horseshoe Lights Copper-Gold Project are currently part of a Farm In/Joint Venture with Kopore Metals Limited (ASX: KMT) where KMT has recently completed minimum expenditure requirements for the first year of Farm In

About the Horseshoe Lights Project

The Horseshoe Lights Project includes the historic open pit of the Horseshoe Lights copper-gold mine which operated up until 1994, producing over 300,000 ounces of gold and 54,000 tonnes of contained copper, including over 110,000 tonnes of Direct Shipping Ore (DSO) which graded between 20-30% copper. The Horseshoe Lights ore body is interpreted as a deformed Volcanogenic Hosted Massive Sulphide (VMS) deposit that has undergone supergene alteration to generate the gold-enriched and copper-depleted cap that was the target of initial mining. The deposit is hosted by quartz-sericite and quartz-chlorite schists of the Lower Proterozoic Narracoota Formation. Past mining was focused on the Main Zone, a series of lensoid ore zones, which passed with depth from a gold-rich oxide zone through zones of high-grade chalcocite mineralisation into massive pyrite-chalcopyrite. To the west and east of the Main Zone, copper mineralisation in the Northwest Stringer Zone and Motters Zone consists of veins and disseminations of chalcopyrite and pyrite and their upper oxide copper extensions.

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