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- Horseshoe Metals (HOR) has completed the activity requirements for the ASX to consider lifting its suspension from trading after an almost two-year hiatus
- Recent drilling assessed stockpile materials from historical gold and copper mining activities at the Horseshoe Lights copper-gold project in WA
- If or when the suspension is lifted, Horseshoe Metals will conduct phase two activities including RC drilling, auger sampling and stockpile resource estimations at the project
- Company shares last traded at 1.2 cents
Horseshoe Metals (HOR) has completed the activity requirements for the ASX to consider lifting its suspension from trading.
The materials stock has been suspended from trading since December 2019 after the ASX considered the application of Chapter 11 to transactions relating to two South Australia-based projects.
Horseshoe has now completed an auger drilling program at its Horseshoe Lights copper-gold project in WA’s Murchison region.
The phase one program was designed to assess surface stockpile materials that remain from historical gold and copper mining activities. The company is following up on the historical targets for early development opportunities, which might include off-site processing of gold-bearing materials.
According to Horseshoe, the best results include four metres at 5.34 grams of gold per tonne (g/t) from surface, four metres at 2.4g/t gold from surface and four metres at 2.19g/t gold from surface.
Prior to that, the company completed reverse circulation (RC) drilling of the C20 stockpile. RC results confirmed there’s significant gold and copper material within the stockpile in minable volumes.
Best results from RC drilling included nine metres at 1.69g/t gold and 0.4 per cent copper from one metre and three metres at 2.54g/t gold and 0.73 per cent copper from the surface.
Horseshoe Metals is assessing early development or potential cashflow opportunities from the processing of the historical gold and copper stockpiles ahead of phase two activities.
If or when the suspension is lifted, the company will proceed with phase two activities including RC drilling, auger sampling and stockpile resource estimations at the project.
Company shares last traded at 1.2 cents.
