Horseshoe Metals Limited Provides Results of the Reverse Circulation Drilling Programme Completed in December 2022 at the Company's Horseshoe Lights Copper-Gold Project in Western Australia
off) was achieved: 55m @ 0.88% Cu from 22m incl. 14m @ 1.30 % Cu from 22m and 21m @ 1.15% Cu from 44m. In addition, drilling on the northernmost accessible section intersected significant mineralisation and confirms Main Zone is open to the north: 10m @ 0.44% Cu from 145m incl. 3m @ 1.11 % Cu from 149m. Planning is underway to create drilling access on the NW waste dump to allow testing of the northern strike and down plunge extension of 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. Motters Zone: Results confirm significant widths of sulphide mineralisation in two lode positions down plunge at the southern
end of the Motters structure where previous drilling has been limited including the following
significant results (0.3% Cu cut-off) of: 10m @ 1.62% Cu from 252m incl. 2m @5.19% from 252m and (RC1187) - 19m @ 1.49% Cu from 269m incl. 11m @ 2.37% Cu from 275m (RC1187). Future drill targeting will focus on the sparsely drilled mineralisation south along strike and down plunge from the completed drilling below 200 metres. It is significant to note Main Zone has been tested to approximately 400 metres below surface and remains open. North Dump: Drilling confirms significant oxide copper-gold mineralised material exists in the upper 10 to 12 metres of the dump and further drilling will be undertaken to allow resource definition. Proposed Work Programmes and Next Steps: The following activities at Horseshoe are planned over the coming months: RC drill testing Main Zone northern extension along strike and down plunge - RC drill testing of Motters southern extension down plunge - RC and or auger infill drilling of surface materials in stockpiles and northern waste dump - Additional metallurgical test work on oxide copper stockpiles and targets - Gravity recovery test work on Copper Flotation and CIP tailings - Ongoing Review of scoping study results to incorporate potential oxide heap leach SXEW treatment
- Horseshoe Lights Copper-Gold Project Existing Resource Base - Current in situ resource 128,000 t Cu metal @ 1.0% (0.5% cut-off) - Current M15 stockpile resource 2650 t Cu metal @ 1.1% - Current Flotation tailings resource 6,800 t Cu metal @ 0.48% and 15,300oz Au at 0.34 g/t.