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HORSESHOE METALS LTD - ASX: HOR
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Description
Horseshoe Metals Limited is an exploration company which listed on the Australia Securities Exchange (ASX) in July 2010. Horseshoe Metals focus is on the exploration and development of copper/gold projects in the highly prospective Peak Hill Mineral Field in central Western Australia. A successful capital raising of $7.0 million in June 2010 means the company is well funded to implement its Strategic Plan.
Wholly owed subsidiary Murchison Copper Mines Pty Limited holds 100% beneficial interests in the Horseshoe Lights and Kumarina Projects, covering 297.1 square kilometres of mining tenements north of Meekatharra in central Western Australia.
The Horseshoe Lights Project includes the closed Horseshoe Lights mine which operated up until 1994, producing over 300,000 ounces of gold and 54,000 tonnes of copper. The mine has an existing in-situ JORC compliant Inferred Mineral Resource of 4.9 million tonnes @ 1.0% copper containing 48,000 tonnes of copper metal. Although the Horseshoe Lights project has a history of mining and exploration of over 50 years the potential remains to delineate additional near mine resources through systematic exploration.
Copper mineralisation was discovered at Kumarina in 1913. Although approximately 580 tonnes of copper metal is reported to have been mined from the Kumarina Project, the current tenement area has been subjected to only limited modern exploration. Consequently, the Kumarina Project is considered to be at a very early stage of assessment with good potential for the discovery of additional copper mineralisation.
The Board believes the Projects are located in a very prospective area as highlighted by the recent discovery of the nearby Doolgunna copper/gold deposit by Sandfire Resources NL. The Doolgunna deposit is located in the Narracoota Volcanics geological unit, the same unit which hosts the Company’s Horseshoe Lights Mine.
Mine For
copper, gold
Location of operation(s)
Western Australia
Address
52 Ord Street
PERTH, WA, Australia
Phone
(61 8) 9481 8760
Website
http://www.horseshoemetals.com.au
Last Updated
2/5/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
