Horseshoe Metals Limited announced that Phase 2 RC drilling has been completed at the Company's 100% owned Horseshoe Lights Copper-Gold Project located in the Bryah Basin of Western Australia. During April and May, the Company completed approx. 2,966m of RC drilling in a programme of 21 holes (completed to a maximum depth of 206m) within its Phase 2 campaign targeting the northern portion of the Motters strike.

An additional 70 holes for 778m were completed at various stockpiles created during previous mining events. Phase 2 RC drilling was designed to primarily test the northern portion of the Motters strike, to a depth of up to 200 metres below surface (MBS), and around 100m south of the Phase 1 drilling, on 20m sections. All samples have been despatched to Perth for analysis.

Results will be reported to market when available. Additional RC drilling is planned to test a 300m southern extension of the Motters zone, where wide-spaced historic RC and diamond drilling has intersected significant copper mineralisation in the eastern wall of the open pit. The extension is historically poorly drill-tested in this area due to access issues.

Phase 1 and 2 drilling has confirmed the interpretation of mineralisation at the north end of Motters ahead of testing the southern extension of the Motters strike, where historically drilled grades within the zone are encouraging. The Motters mineralised zone is currently interpreted to be the sheared eastern limb of a folded Volcanogenic Massive Sulphide (VMS) horizon which, to the west of Motters, contributed all of the production history. Phase 1 RC drilling completed last year focussed on the north end of Motters and included results of: 45m @ 1.22 % Cu from 2m; 22m @ 1.87 % Cu from 12m; 26m @ 1.31 % Cu from 6m; 16m @ 1.15 % Cu from surface.

The Horseshoe Lights Copper-Gold Project is the original Cu/Au VMS discovery in the Bryah Basin and is located around 60km west of DeGrussa Copper Mine operated by Sandfire Resources. Past production from Horseshoe Lights includes around 316,000 oz Au & 55 kt Cu metal in two phases of mining, and the deposit contains a current in situ resource 128 kt Cu metal @ 1.0% (0.5% cut-off) and 36,000 oz Au.