Horseshoe Metals Reveals 20 - 30Mt Copper Target at Horseshoe Lights

Substantial Copper Potential at Depth

Horseshoe Metals Ltd (ASX:HOR) has unveiled a sizeable Exploration Target for the Main Zone at its Horseshoe Lights copper-gold project in Western Australia, estimating 20 to 30 million tonnes grading between 0.7% and 1.2% copper. This target sits beneath the existing Mineral Resource Estimate (MRE) of 12.85 million tonnes at 1.00% copper, reinforcing the project's large-scale potential.

The Exploration Target modelling confirms the continuity and predictability of Main Zone mineralisation from approximately 200 to 600 metres below surface, highlighting a west-dipping, north-plunging sulphide-dominated zone extending roughly 700 metres at surface. The deposit remains open down plunge and along strike, offering a compelling opportunity for resource growth through targeted drilling.

Drilling and Resource Expansion Plans

Horseshoe Metals plans to advance Phase 2 drilling this quarter, focusing on the oxide zone near surface at the Motters Zone, infill drilling at the North Dump and Southern Stockpile, and extensions of the Main Zone both down plunge and along strike to the north. The Motters Zone, which was assigned its own Exploration Target of 2.6 to 3.6 million tonnes at 1.0% to 1.5% copper earlier this year, remains a key focus for expansion efforts.

The company is also progressing an updated pit optimisation study for the Main and Motters Zones, alongside metallurgical test work on oxide copper stockpiles and tailings. These activities aim to refine economic parameters and underpin future resource upgrades.

Direct Shipping Ore Operations Nearing Start

Alongside exploration, Horseshoe Metals is preparing to commence Direct Shipping Ore (DSO) operations at Horseshoe Lights within weeks. The project’s history includes production of over 110,000 tonnes of DSO grading 20–30% copper, and the current stockpiles are expected to generate early cash flow supported by a favourable copper price environment.

General Manager Oxide-Copper Operations Steven Sickerdick emphasised the robustness of the Exploration Target and the project's strategic positioning: “Our immediate focus is on the first phase of revenue generation with commencement of the much anticipated DSO operation. Recent operational progress and a stronger copper price position us well to kick off operations.”

Historical and Technical Foundations

The Exploration Target is underpinned by extensive drilling data, including 384 Reverse Circulation holes totaling 44,507 metres and 41 diamond drillholes for 9,967 metres, supplemented by thousands of assay results. Geological modelling incorporates wireframing and 3D interpretations of mineralisation continuity and geometry.

Horseshoe Lights is classified as a Volcanogenic Massive Sulphide (VMS) deposit, with mineralisation hosted in deformed mafic sediments and volcanics. Historic drilling has returned significant intercepts, including intervals exceeding 8% copper over substantial widths.

The project also benefits from a well-defined Mineral Resource focused within a single deposit, providing a straightforward platform for expansion rather than a fragmented portfolio of smaller deposits.

Next Steps and Market Implications

Investors should watch closely for results from the Phase 2 drilling campaign, which will test the validity of the Exploration Target and potentially feed into an updated Mineral Resource Estimate. The imminent start of DSO operations offers a near-term catalyst for cash flow and project de-risking.

Additional metallurgical testing and pit optimisation will further clarify the economics of both the Main and Motters Zones, while the company continues to explore multiple sales channels for DSO material. The combination of resource upside and operational progress positions Horseshoe Metals as a copper explorer with a developing production profile.