Horseshoe Metals (ASX: HOR) has identified new drilling targets at its 100% owned Horseshoe Lights Copper/Gold project after completing geophysical interpretation of a Dipole-Dipole Induced Polarisation (DDIP) survey.
The results add momentum ahead of a JORC Mineral Resource Estimation update due shortly at the project which got off at a galloping pace earlier in the year after encouraging drilling results included 15 metres at 5.1% copper (Cu) from 161 metrtes, including 3 metres at 11.8 % Cu from 16 metres.
The Horseshoe Lights project is well located 75 kilometres west-northwest of Sandfire Minerals' (ASX: SFR) massive Doolgunna copper gold discovery in Western Australia and considered to be of Volcanogenic hosted Massive Sulphide (VMS) origin.
Horseshoe would be encouraged by the results of the DDIP survey as major chargeability anomalies have been identified in a highly prospective zone South East of mine and the anomalies are to be tested in the next drilling program. The results will be used to assist in defining drilling targets for the Phase 4 drilling program.
The highly anticipated JORC Mineral Resource Estimation update is expected in the coming days. Independent consultants CSA Global have been engaged to undertake the estimation.
Horseshoe Lights currently has an Inferred mineral resource of 4.9 million tonnes at 1.0% Copper containing 48,000 tonnes of copper.
The DDIP geophysical survey focused on ground to the east and south of the open pit at the Horseshoe Lights Project. Lines surveyed south-east of the pit were completed on 200 metre spacings between each line.
The technology used for this DDIP survey has the capacity to penetrate the ground to a depth of about 400 metres depth below the surface.
The company said the survey successfully identified a zone of medium to strong chargeability at a depth of approximately 200 metres below ground level which is generally co-incidental with a known shear zone referred to as the South-East Shear Zone.
Importantly, this major shear zone is located along strike to the south-east of the main zones of copper/gold mineralisation located within the existing Horseshoe Lights open pit.
The cause of these high chargeability anomalies is unknown as there has been limited historical drilling in this area. However, in 1989 a small number of holes were drilled to angled target depths of 200 metres in the vicinity of the anomaly located on Line 2.
Some of these holes ended prematurely in sandy quartz hematite similar to mineralised zones observed in the open pit. Recommendations by the geologist at the time were for additional deeper drilling however this drilling never occurred.
The company is known to be bullish on the exploration potential within the tenement area with only limited exploration undertaken in the past.
Horseshoe will drill test the chargeability anomalies identified on Line 2 and Line 6 as part of its next drilling program.