Horseshoe Metals Limited - Broad Zones of Shallow Copper Mineralisation up to 8.3% Confirmed at Main Zone

Horseshoe Metals Limited (ASX: HOR) (the 'Company') is pleased to provide an update on further encouraging results received from a recently completed review of historic Reverse Circulation ('RC') and diamond drilling targeting the Main Zone within the Company's Horseshoe Lights Copper-Gold Project in Western Australia. Importantly, the review identified a significant increase in width to the Main Zone at a 0.3% Cu cut-off, which given the current copper price, is considered the appropriate cutoff grade and better reflects the size and scale of the Horseshoe Lights ore body

Commenting on these latest results, Director & CFO Kate Stoney said: 'We continue to redefine the potential scale and grade of the Horseshoe Lights mineralised system with more high-grade zones of broad copper mineralisation confirmed. These latest results highlight broad zones of copper mineralisation at Main Zone which are in addition to the significant widths recently confirmed at Motters (see ASX release dated 11 October 2022). Taking into account the current dynamics of the copper market, Horseshoe Lights continues to shape as tremendous copper asset. The lower cut-off grade paints a clearer representation of the potential scale and grade of the project by factoring in a significant amount of previously unaccounted for copper mineralisation. We are moving quickly to recommence drilling at the Main Zone to follow-up the potential extensions to the ore body and we look forward to providing further updates on exploration success in the near-term.' A review of historic RC and diamond drilling results at a 0.3% Cu cut off was undertaken following the successful RC drilling completed in May that returned the following significant results (see ASX release dated 31 August 2022):

Note the results in Table 1 only include all or parts of drill holes that sit outside the existing open pit at Horseshoe Lights and most holes are downhole intersects that are approximately 80% to 90% of true width. Main Zone mineralisation extends from surface in the northern extension to a depth of approximately 300 metres (Figure 2). The next phase of RC drilling will focus on the sparsely drilled mineralisation north along strike from the completed drilling immediately west of the late cross cutting dolerite dyke (Figure 1) that is interpreted to terminate just to 3 the east of Main Zone (Figure 3). In addition, targets that are down dip beneath the existing open pit and west of the dolerite will also be tested (Figure 2). Planning is underway to test the northern strike extension of the Main Zone including an interpreted northern plunge to the mineralisation. Previous geological interpretation and magnetic data suggests the dolerite that cuts the northern end of the Motters structure does not extend far enough west to intersect the Main Zone. Future drilling will test this interpretation. An RC drill rig has arrived on site and drilling is expected to commence imminently.

Contact:

Kate Stoney

Director & CFO

T: [phone]

Investor

Sam Burns

Six Degrees

Investor

T: [phone]

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