I have done exactly that. A large maple that was along our old driveway, where our old house and barns were, had a horseshoe in a limb that I recall when I was a kid was well embedded, you could see it but it was recessed all the way in. Fast forward to 2009, that tree had died, I remembered that limb when cutting it up, avoided it with the chainsaw. I am not sure if I recall that I knew it was in one particular piece of firewood, but one afternoon, I put a dense, crotch like piece in the stove, it burned a good 8 hours, there was a huge draft horse kind of shoe, glowing, I took some photos, somewhere in this pc now, now hangs near the stove. That limb grew quite a bit, you would have no way of knowing that shoe was in there. Big shoe, with the rear lugs, had to be for some sort of draft horse.