How Broad and Shallow is Horseshoe Metals’ Copper at Motters Zone?

Encouraging Drilling Results at Motters Zone

Horseshoe Metals Ltd (ASX, HOR) has released promising assay results from its recent Reverse Circulation (RC) drilling campaign at the Motters Zone, part of the Horseshoe Lights Copper-Gold Project in Western Australia. The drilling, which completed over 2,200 metres, has confirmed broad zones of shallow oxide copper mineralisation starting from surface, with significant intercepts such as 33 metres at 1.18% copper and 27 metres at 1.58% copper.

These results reinforce the potential of the Motters Zone as a near-surface copper resource, with mineralisation extending from surface to approximately 50 metres depth. The continuity and thickness of the oxide copper mineralisation, often extending into underlying dolerite, suggest a robust target for resource upgrading.

Advancing Resource Classification and Scoping Study

The company is focused on converting the current inferred oxide resources at Motters into indicated status, a critical step that would allow inclusion in an upcoming scoping study. This upgrade is supported by the infill drilling program designed with close 10x10 metre spacing, aimed at increasing confidence in the resource estimate.

General Manager of Oxide-Copper Operations, Steven Sickerdick, highlighted the significance of the shallow, broad mineralisation, noting it improves confidence levels and underpins the company’s strategy to accelerate development. The scoping study update will incorporate these latest drilling results alongside current and projected copper prices, providing a clearer economic outlook for the project.

DSO Operations and Offtake Negotiations

Parallel to exploration progress, Horseshoe Metals is preparing to commence Direct Shipping Ore (DSO) operations this quarter, following completion of site access and drill site preparations. This move aims to capitalise on high-grade surface material and oxide stockpiles, potentially generating early cash flow.

Negotiations are advancing with several well-known commodity traders regarding copper offtake agreements and funding arrangements. A recent site visit by potential partners underscores the commercial interest in the project, although formal agreements are yet to be finalised.

Broader Project Context and Future Work

The Horseshoe Lights Project, historically a prolific copper-gold mine, hosts a variety of mineralised zones including the Main Zone and Motters Zone. The project’s mineral resource estimate as of September 2025 totals approximately 128,600 tonnes of copper in measured, indicated, and inferred categories combined.

Looking ahead, Horseshoe Metals plans to continue drilling campaigns targeting extensions of the Motters Zone both along strike and down plunge, as well as testing other zones such as the Main Zone northern extension. Additional metallurgical test work on oxide copper stockpiles and tailings is also underway to optimise recovery processes.

These combined efforts aim to refine resource estimates, enhance project economics, and support the transition from exploration to production.