This tenement is 5.5km2 and lies 4km to the south of the Horseshoe Lights Mine in Western Australia which is a VMS style high grade copper ore body. Over the past several years, Horseshoe Metals Ltd (ASX:HOR) has been delineating extensions to the south plunging ore-body with a consistent flow of encouraging results to the market. As recently as May 27, 2013, HOR reported copper results as high as 10% under the existing pit.
Due to its proximity to an existing high grade copper ore-body which was an economically viable mine in the recent past and continues to provide excellent drilling results; and is in a highly prospective region which includes the impressive De Grussa mine some 60-70km to the ESE,, the Company considers this tenement a good fit to its strategy and has been active in reviewing existing information. The Company's consultant geophysicist has re-processed results from an airborne geophysics survey flown in 2011. This has been re-interpreted with earlier geophysics and surface sampling, including drilling, carried out to the west of the tenement by Sabminco in the 1980’s and 90’s. Sabminco best drilling results, some 200-300m west of the Company’s tenement, include 9m @ 10.32 gpt Au from 19m into similar geology found in the western part of the Company’s tenement.
Previous explorers’ grid soil sampled most of the Company’s tenement without much success. The Company has reviewed the two magnetic targets in light of all the data available. Drilling over these targets has also been undertaken previously to depths of 50-75m with no encouragement from the results. The Company’s review of the magnetic data shows that the targets are 100-200m deep. A reconnaissance field visit will be used to plan a drilling program. Indications are that 3 Reverse Circulation (RC) drill-hole will be needed at a minimum to test the two targets; 1 into the north-central target and two in the larger western target.