Last checked at 18 Oct 2010 07:00
Horizonte Minerals plc / Index: AIM / Epic: HZM / Sector: Mining
18 October 2010
Horizonte Minerals plc ('Horizonte' or 'the Company')
Commences Drilling at the Araguaia Nickel Project
Horizonte, the AIM quoted exploration and development company focused in Brazil, is pleased to announce that drilling has commenced on its 100% owned Araguaia Nickel Project ('the Araguaia Project') located south of the Carajas Mineral District, northern Brazil.
Overview
·; 8,000m drill contract signed with Geosonda Sondagens Geologicas LTDA
·; Three new Sonda Drill SD-4 diamond drill rigs on site with an additional drill rig due to arrive by the end of October 2010
·; Drill programme designed to deliver a maiden Inferred Resource in H1 2011
·; Evaluation underway to define further high grade nickel targets
Horizonte CEO Jeremy Martin said, "This is a very exciting time for the Company, as we commence the resource drilling programme on the Araguaia Project. We have an excellent team on the ground to handle the four drill rig programme and this initial 8,000m will allow us to deliver a maiden Inferred Resource in H1 2011. In tandem with the drilling, we will have other teams exploring the untested targets in the extensive land holding that makes up the Araguaia Project, with the aim of adding additional higher grade tonnes to the project.
"We look forward to keeping shareholders updated with regular drill results over the coming months as the exploration programme develops."
Detailed Information
The Araguaia Project comprises 11 licences in the Araguaia mobile belt approximately 200km southeast of the Carajas mineral province and 80km to the south of Xstrata's Serra do Tapa nickel laterite deposit (60 Mt grading 1.63% nickel).
The current drill programme assumes that to achieve the requirements for an Inferred Resource, a reduction in the drill spacing from the current 200m spacing will be required. The evaluation programme will use four rigs drilling HQ core utilising triple tube core barrels. The Phase 1 programme, comprising an estimated 8,000m, will reduce the drill spacing over the key targets to include Pequizerio and Baião from the current 200m grids to 141m grids. The programme is designed to meet the requirements of a NI 43-101 compliant resource.
The Pequizero target is located in the southern part of the Araguaia Project licence area hosted within an Ophiolite thrust slice composed of ultramafic protores. The ultramafic body has a series of east-west trending linemants defined by low magnetic intensity that appear to correlate to the mineralised zones. The central area of the anomaly was tested by the previous operator and returned a number of high nickel grades >1.5% nickel. The structures remain untested to the north and high grade zones around the edges of the anomaly require further follow up drilling.
Located 4km to the south of Pequizero, the Baião target covers an approximate 1.8km by 2.5km area. Drilling by the previous operator on 200m by 200m grids has defined a coherent zone of mineralisation with a number of high grade zones >1.5% nickel. The target remains open to the north.
**ENDS**
For further information visit www.horizonteminerals.com or contact:
| Jeremy Martin | Horizonte Minerals plc | Tel: 020 7016 9132 |
| David Hall | Horizonte Minerals plc | Tel: 020 7016 9132 |
| Richard Baty | Westhouse Securities Limited | Tel: 020 7601 6100 |
| Martin Davison | Westhouse Securities Limited | Tel: 020 7601 6100 |
| Hugo de Salis | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Felicity Edwards | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Definition:
HQ Core: A letter name specifying the dimensions of core barrels and drill rods in the H-size and Q-group wireline diamond drilling system having a core diameter of 63.5 mm and a hole diameter of 96 mm.
Notes:
Horizonte Minerals plc is an AIM quoted exploration and development company with a portfolio of nickel and gold projects in the Carajas Mining District of northern Brazil. The Company is focused on creating value by generating and rapidly advancing exploration projects in tandem with joint ventures with major mining companies, providing mid-term cash flow which is then used to develop the business and pipeline projects.
Horizonte now has two committed major mining partners: Teck Resources Limited ('Teck'), a strategic 50 per cent shareholder in the Company and AngloGold Ashanti Limited, a JV partner on the gold portfolio.
Horizonte owns 100 per cent. of the advanced Araguaia nickel project located to the south of the Carajas mineral district of northern Brazil, the project has the potential to deliver a resource with size and grades comparable to other world-class projects in northern Brazil. It is Horizonte's intention to fast-track development and deliver a JORC /43-101 compliant nickel resource in H1 2011.
Additionally, Horizonte signed a US$2.8 million option agreement to advance the Tangara gold project, situated in the Araguaia mobile belt in the Carajas Mineral Province of northern Brazil, with Troy Resources in December 2007. The project is currently being advanced towards a resource definition