PERTH (miningweekly.com) – The share price of junior Horseshoe Metals fell by more than 11% on Wednesday after the company announced a strategic review into its Horseshoe Lights copper/gold project, in Western Australia.
The ASX-listed company told shareholders that the review was prompted by several unsolicited approaches from third parties expressing an interest in the project, which is some 75 km from fellow-listed Sandfire Resources’ DeGrussa copper/gold mine.
Horseshoe has now appointed advisory firm PCF Capital Group to carry out a sale process to identify options to deliver value to shareholders, with the company pointing out that any potential sale would be subject to shareholder and regulatory approvals.
The Horseshoe Lights mine historically produced 300 000 oz of gold and 54 000 t of copper, and was operational until 1994. The project currently has a Joint Ore Reserves Committee-compliant resource of 12.85-million tonnes, grading 1% copper.
Horseshoe shares were trading at a low of 0.7c a share on Wednesday, down from a high of 0.8c a share.