Horseshoe Metals Limited provided the results of the Reverse Circulation drilling programme completed in December 2022 at the Company's Horseshoe Lights Copper-Gold Project in Western Australia. Drilling was completed on time and on budget and successfully achieved its primary objective by confirming and extending mineralisation and confidence levels in drilling previously completed by the Company. Drilling Summary: The Horseshoe Lights Copper-Gold Project is the original Cu/Au VMS discovery in the Bryah Basin and is located approx. 60 km 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. The latest round of drilling and sampling activities were completed in December 2022 and consisted of 11 Holes totalling 1972m targeting the North Dump (2 holes for 94m; RC1181 to RC1182), Motters (5 holes for 1148m; RC1183 to RC1187) and Main Zone (4 holes for 730m; RC1188 to RC1191) north west extension. Results from the programme are summarised below and in Table 1 at a 0.3% Cu cut-off, which is considered appropriate given the significant rise in copper price over the last two years. Assays from additional follow up sampling are awaited. Main Zone: RC1180 was designed to test a gap in the detailed information on this section nd to confirm continuity and grade of oxide mineralisation immediately north of the open pit. A significant result (0.3% Cu cut-
off) was achieved: 55m @ 0.88% Cu from 22m incl. 14m @ 1.30 % Cu from 22m and 21m @ 1.15% Cu from 44m. In addition, drilling on the northernmost accessible section intersected significant mineralisation and confirms Main Zone is open to the north: 10m @ 0.44% Cu from 145m incl. 3m @ 1.11 % Cu from 149m. Planning is underway to create drilling access on the NW waste dump to allow testing of the northern strike and down plunge extension of the mineralisation. Previous geological interpretation and magnetic data suggests the
dolerite that cuts the northern end of the Motters structure does not extend far enough west to intersect the Main Zone. Future drilling will test this interpretation. Motters Zone: Results confirm significant widths of sulphide mineralisation in two lode positions down plunge at the southern
end of the Motters structure where previous drilling has been limited including the following
significant results (0.3% Cu cut-off) of: 10m @ 1.62% Cu from 252m incl. 2m @5.19% from 252m and (RC1187) - 19m @ 1.49% Cu from 269m incl. 11m @ 2.37% Cu from 275m (RC1187). Future drill targeting will focus on the sparsely drilled mineralisation south along strike and down plunge from the completed drilling below 200 metres. It is significant to note Main Zone has been tested to approximately 400 metres below surface and remains open. North Dump: Drilling confirms significant oxide copper-gold mineralised material exists in the upper 10 to 12 metres of the dump and further drilling will be undertaken to allow resource definition. Proposed Work Programmes and Next Steps: The following activities at Horseshoe are planned over the coming months: RC drill testing Main Zone northern extension along strike and down plunge - RC drill testing of Motters southern extension down plunge - RC and or auger infill drilling of surface materials in stockpiles and northern waste dump - Additional metallurgical test work on oxide copper stockpiles and targets - Gravity recovery test work on Copper Flotation and CIP tailings - Ongoing Review of scoping study results to incorporate potential oxide heap leach SXEW treatment
- Horseshoe Lights Copper-Gold Project Existing Resource Base - Current in situ resource 128,000 t Cu metal @ 1.0% (0.5% cut-off) - Current M15 stockpile resource 2650 t Cu metal @ 1.1% - Current Flotation tailings resource 6,800 t Cu metal @ 0.48% and 15,300oz Au at 0.34 g/t.