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Horseshoe Metals Fast-Tracks Copper-Gold Project

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Key mining approval paves the way for early cash flow generation.

Horseshoe Metals (ASX: HOR) is set to expedite the development of its Horseshoe Lights copper-gold project (HSL) in Western Australia. This move follows the receipt of a crucial direct shipping ore (DSO) mining approval from the state government. Horseshoe Metals is an Australian company focused on exploring and developing resource projects. Their primary project is the Horseshoe Lights copper and gold mine located in Western Australia.

The company intends to mobilise its operational personnel to the site in early July. They aim to commence DSO operations as quickly as possible. The goal is to generate significant early cash flow this year through sales of existing high-grade copper stockpiles. Simultaneously with the DSO start-up, Horseshoe Metals plans to intensify its exploration and drilling campaigns later in the current quarter.

Executive director Kate Stoney noted that Horseshoe Metals is in advanced discussions with potential domestic and international copper concentrate offtake partners. These discussions occur amidst rising copper prices and strong demand for high-grade copper concentrates. Ms. Stoney added that securing the approval is a critical value catalyst for Horseshoe. It enables the company to capitalise on favourable copper prices by generating early revenue in the near term.

Ms. Stoney said Horseshoe Metals considers the historic HSL to be vastly underdeveloped and underexplored. The project is estimated to contain an in-situ resource of 128,000 tonnes of copper metal at 1.0% and 36,000 ounces of gold. Located approximately 60 kilometres west of Sandfire Resources’ DeGrussa copper mine, HSL has seen past production of around 316,000 ounces of gold and 55,000 tonnes of copper metal from two phases of mining.

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