- Horseshoe Metals (HOR) kicks off a maiden reverse circulation drilling program at its Glenloth Goldfield project in South Australia’s Gawler Craton
- The 19-hole program will assess a number of untested historic targets considered prospective for gold at multiple prospects across the tenement
- Drilling will also target the southern part of the Glenloth granite for near-surface rare earth elements
- The company plans to submit samples to a lab in Adelaide, with assay turnaround time anticipated to be six weeks
- Horseshoe shares are up 4 per cent to 2.6 cents at 3:38 pm AEST
Horseshoe Metals (HOR) has kicked off a maiden reverse circulation drilling program at its Glenloth Goldfield project in South Australia’s Gawler Craton.
The tenement is made up of two parts covering the Gleloth Goldfields in the east and Old Well to the west.
The area was established in 1901 and, up until 1955, 9800 ounces of gold were produced from 14,620 tonnes of ore.
Now, Horseshoe has designed a 19-hole program to assess untested historic targets at the Darleys, Blue Peter, Pork, Pioneer Extension, Royal Tiger-Searchlight, Golden Stairs, Ivanhoe and Specimen Flat prospects.
The company said it believed these prospects were highly prospective for gold across both areas of the goldfield.
In assessing available historical data, Horseshoe said it had identified the potential for significant northwest-trending shear structures associated with the un-drilled historic workings.
Two prospective trends have also been identified over a kilometre in length between other prospects.
At the Specimen Flat zone, Horseshoe’s drilling will also test the southern part of the Glenloth granite for near-surface rare earth element mineralisation.
The company will submit samples to a lab in Adelaide and said it expected the assay turnaround time to be approximately six weeks.
Horseshoe shares were up 4 per cent to 2.6 cents at 3:38 pm AEST.