Horseshoe Metals Limited provided the encouraging results from a recently completed review of historic Reverse Circulation (`RC') and diamond drilling targeting the Motters Zone within the Company's Horseshoe Lights Copper-Gold Project in Western Australia. Importantly, the review identified a significant number of broad copper intercepts in the Motters Zone at a 0.3%Cu cut-off, which given the current copper price, is considered the appropriate cut-off grade and more accurately reflects the size and scale of the mineralised system at Horseshoe Lights. A review of historic RC and diamond drilling results at a 0.3% Cu cut off was undertaken following the successful RC drilling completed in May that returned the following significant results: Main Zone: 72m @ 1.11% Cu from 32m incl.

29m @ 1.65 % Cu from 32m and 12m @ 1.52% Cu from 182m. Motters Zone: 16m @ 1.10% Cu from 50m, (RC1161). 37m @ 0.68% Cu from 54m incl.

12m @ 1.02% Cu from 75m, (RC1164). 21m @ 0.61% Cu from 63m incl. 5m @1.45% Cu from 63m, (RC1165).

36m @ 0.62% Cu from 50m incl. 13m @ 0.91% Cu from 73m, (RC1166). The next phase of RC drilling will focus on the sparsely drilled mineralisation south along strike from the completed drilling and north of the late cross cutting dolerite dyke.

In addition, targets that are down plunge to the south of the existing intercepts and above the south dipping dolerite will be tested. Planning is underway to test the northern strike extension of the Main Zone including an interpreted northern plunge to 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. There remains potential for extensions of mineralisation north of the dolerite (which intruded post mineralisation) and at depth. An RC drill rig is expected on site mid to late October.

The following activities at Horseshoe are planned over the coming months: RC drill testing Main Zone northern extensions and down plunge. RC drill testing of Motters southern extension and 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.

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.