Horseshoe Metals Advances DSO Sampling at Horseshoe Lights Project
Key Takeaways
- Horseshoe Metals has completed DSO sampling at the northern and north-eastern base of the C20 stockpile, with initial XRF grade control results "due imminently".
- Multiple non-binding indicative offtake offers from well-known but unnamed partners are expected to be finalised near-term.
- The company is targeting a first 500 tonne copper DSO stockpile ready for sale in the very near term, though no grades, pricing or sale dates have been disclosed.
- Camp electrical upgrades for the existing 14-person accommodation are complete, with an additional eight beds assessed for recommissioning.
- The in-situ resource totals 12.85 Mt at 1.00% Cu for 128,600 tonnes of contained copper, and the project total including tailings and stockpiles is 138,050 tonnes.
Horseshoe Metals advances DSO sampling and site upgrades at Horseshoe Lights
Horseshoe Metals Limited (ASX: HOR) has reported that Direct Shipping Ore (DSO) sampling has been undertaken at the C20 stockpile and camp electrical upgrades have been completed at its 100%-owned Horseshoe Lights Copper-Gold Project in Western Australia. The company describes these as key workstreams within its plan to have the first 500 tonne copper DSO stockpile ready for sale in the very near term.
Two near-term items are worth watching. Initial XRF grade control results are “due imminently”, and multiple non-binding indicative offers from well-known potential offtake partners are expected to be finalised near-term.
The announcement dated 8 October 2026 lists these headline items:
- DSO sampling undertaken around the northern and north-eastern base of the C20 stockpile
- Initial XRF grade control results due imminently
- Camp electrical upgrades completed for the existing 14-person accommodation
- Preparation of one-tonne composite samples from Motters RC drilling progressing ahead of future column leach test work
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DSO sampling and stockpile assessment
C20 stockpile sampling
Sampling was taken around the northern and north-eastern base of the C20 stockpile, which contains mixed chalcocite and lower-grade mixed ore material. Chalcocite is a copper sulphide mineral.
The samples are intended for handheld X-ray fluorescence (XRF) analysis, pending verification of grade control practices. No grades have been disclosed yet.
This work forms part of the assessment of existing surface stockpiles to guide the identification and segregation of material for inclusion in DSO stockpiles. For you, that makes grade control verification the gatekeeper step between raw stockpile material and anything that could be sold.
Former flotation crushed ore stockpile
The technical team also inspected the former flotation crushed ore stockpile. The aim was to assess opportunities to collect copper oxide and sulphate precipitate material for further evaluation, during rehabilitation.
Offtake interest
The company has received multiple non-binding indicative offers for DSO material from well-known potential offtake partners, which are expected to be finalised near-term. The partners are not named, and non-binding means none of the offers commits either side to a transaction.
Company plan
“the Company’s plan to have the first 500 tonne copper DSO stockpile ready for sale in the very near term.”
Camp upgrades and Motters metallurgical work
Camp infrastructure completed
Electrical upgrades have been completed across the camp. The completed works include:
- Camp power supply upgrades
- Installation of new distribution boards and generator connections
- Residual current device (RCD) protection
- Lighting for the existing 14-person accommodation
These works support accommodation of the workforce required for the increased DSO activities over the coming weeks. The company has also assessed further non-critical electrical upgrades, including requirements to recommission accommodation for an additional eight personnel. That assessment is not completed work.
Motters one-tonne composite samples
Oxide copper samples from RC drilling at the Motters Zone are being aggregated into one-tonne composite samples for future column leach test work. A column leach test passes a leaching solution through a column of ore to measure how well copper dissolves.
The planned test work will contribute to the assessment of the leaching characteristics of Motters oxide copper material. It will also inform further evaluation of potential processing options including heap leaching and cementation, along with surface oxide material.
Understanding DSO: why it matters for investors
Direct Shipping Ore is material that can be sold with minimal processing. That generally means a company can avoid building a full processing plant, which is why DSO is often viewed as a lower-capital route to early revenue.
The current sampling and stockpile work builds on earlier DSO start-up activities at the historic mine, where the company first set out how surface material could be segregated and prepared for sale.
The project has history here. The Horseshoe Lights mine operated up until 1994, producing over 300,000 ounces of gold and 54,000 tonnes of contained copper, including over 110,000 tonnes of DSO grading between 20-30% copper.
Sampling, grade control and offtake interest are the steps between a stockpile and a sale. None of them is yet a sale, and the announcement gives no revenue, pricing or sale-date information.
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Resource base and what comes next
The announcement restates the Horseshoe Lights in-situ Mineral Resources, reported at a 0.5% Cu cut-off grade as at 30 June 2026.
| Category | Tonnes (Mt) | Cu (%) | Cu metal (t) |
|---|---|---|---|
| Measured | 1.73 | 1.04 | 18,000 |
| Indicated | 2.43 | 0.95 | 23,200 |
| Inferred | 8.69 | 1.01 | 87,400 |
| Total | 12.85 | 1.00 | 128,600 |
The overall project total, which also includes Inferred flotation tailings and M15 stockpiles, is 138,050 tonnes of contained copper.
The announcement points to these next steps:
- Initial XRF grade control results, described as due imminently
- Finalising the non-binding indicative offtake offers, expected near-term
- Continued stockpile assessment and segregation of material for DSO stockpiles
- Preparation of Motters one-tonne composites ahead of future column leach test work
The company said it will continue to progress updates at regular intervals over the coming weeks as these activities advance.
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