Horseshoe Metals Unveils Shallow Copper Riches at Motters Zone
Horseshoe Metals reports encouraging RC drilling results at its Horseshoe Lights Copper-Gold Project, confirming wide zones of near-surface oxide copper mineralisation at Motters. The company is advancing towards Direct Shipping Ore operations and progressing offtake negotiations.
- 2,204m of RC drilling completed at Motters and western gold targets
- Significant shallow copper intercepts up to 1.5% Cu over 10-26m widths
- DSO operations planned to start this quarter following site preparations
- Ongoing drilling phases to extend and infill Motters oxide resource
- Negotiations underway with commodity traders for copper offtake and funding
RC Drilling Validates Motters Copper Potential
Horseshoe Metals Ltd (ASX – HOR) has released promising results from its recent Reverse Circulation (RC) drilling campaign at the Horseshoe Lights Copper-Gold Project in Western Australia. The 2,204 metres drilled focused on the Motters Zone, a near-surface copper oxide target located at the northeast corner of the existing Horseshoe Lights open pit, as well as preliminary gold targets west of the pit.
The drilling has confirmed wide, shallow zones of oxide copper mineralisation, with significant intercepts including 19 metres at 0.85% copper from surface, 20 metres at 1.14% copper, and 10 metres at 1.5% copper starting just 2 metres below surface. These results reinforce the potential for economically viable copper extraction from oxide zones that are relatively easy to mine and process.
Advancing Towards Production and Resource Definition
With Phase 1 drilling largely completed, Horseshoe Metals plans to continue with Phase 2 drilling to infill and extend the Motters oxide resource. The company is targeting a 10 by 10 metre drill spacing to upgrade resource confidence from inferred to indicated, a critical step towards inclusion in upcoming scoping studies. Additional drilling will also test the southern extensions of Motters and the Main Zone down plunge and along strike.
Importantly, the company is on track to commence Direct Shipping Ore (DSO) operations this quarter, following completion of site access maintenance and drill site preparations. DSO involves mining and shipping high-grade ore with minimal processing, allowing for a faster path to cash flow. Horseshoe Metals is also conducting metallurgical test work on oxide stockpiles and flotation tailings to optimise recovery.
Commercial Discussions and Strategic Outlook
Horseshoe Metals is actively negotiating with several well-known commodity traders regarding potential copper offtake agreements and funding arrangements. A site visit by these parties has recently been completed, signaling serious commercial interest. Securing offtake contracts is a key milestone that could underpin project financing and de-risk the development pathway.
The Horseshoe Lights Project, historically mined until 1994, has a substantial mineral resource base with over 128,000 tonnes of contained copper and 30,700 ounces of gold in measured, indicated, and inferred categories. The Motters Zone’s oxide copper mineralisation adds a valuable near-surface component that complements the deeper sulphide resources.
Looking ahead, Horseshoe Metals plans to update its 2014 scoping study to reflect current and projected copper prices, which have improved the project’s economics. The company is also exploring gold targets west of the pit, with assays pending from recent drilling fences designed to test northwest trending structures.
Bottom Line?
With strong near-surface copper grades confirmed and DSO operations imminent, Horseshoe Metals is poised for a pivotal phase of resource development and commercialisation.
Questions in the middle?
- What are the expected timelines and terms for securing copper offtake agreements?
- How will upcoming metallurgical test results impact processing strategies and recovery rates?
- What is the potential scale and grade of gold mineralisation west of the Horseshoe Lights open pit?
