Horseshoe Metals is continuing to unleash the power of the historic Horseshoe Lights open pit with a string of high grade near surface copper intersections.

New reverse circulation highlights include; 14 meters at 3.9% copper from 25 meters including 3 meters at 6.2% copper. Drilling continues to target copper mineralization north of the existing open pit in the North West, Main and Motters zones.

The importance of the new discoveries is that the shallow copper mineralization has been extended up to 300 meters north of the existing open pit and they are supported by results from earlier in the month.

The first five holes of the current program delivered:
1. 16 meters at 3.0% copper from 60 meters including 10 meters at 4.4% copper and 0.1 gram per tonne gold and 1 meter at 14.6% copper and 0.3 gram per tonne gold;
2. 18 meters at 1.5% copper including 3 meters at 3.4% copper and 0.1 gram per tonne gold and
3. 14 meters at 0.5% copper.

Not lost on astute investors, more assays are forecast for delivery to the market in August.

Mr Neil Marston MD of Horseshoe Metals said that results from another ten holes in the area are due within weeks. All of the new copper discoveries will support an increased Resource estimate to be delivered before the end of 2012, which will be followed by a Preliminary Feasibility Study. Horseshoe Lights currently has a resource of; 8.6 million tonnes at 1.06% copper and 0.13 gram per tonne gold at 0.5% cut off grade for 91,000 tonnes of copper and 37,400 gold ounces.

Source - Proactive Investors

(www.steelguru.com)