Horizonte Minerals Regulatory News (HZM)

10 Oct 2006 07:01

Horizonte Minerals PLC10 October 2006 Horizonte Minerals plc / Index: AIM / Epic: HMZ / Sector: Mining 10 October 2006 Horizonte Minerals plc ('Horizonte' or 'the Group') HORIZONTE INTERCEPTS 35 METRES GRADING 2.54 g/t Au AT TANGARA BRAZILIAN GOLD PROJECT Horizonte Minerals plc, the AIM listed exploration and development companyfocused on Brazil and Peru, is pleased to announce positive results from thefirst four holes of its 11 hole reconnaissance drill programme at its 100% ownedTangara gold project in the Carajas Mineral Province, Brazil. The results, withhighlights including 9.78g/t Au over 6.75 metres, indicate that the Company haslocated a large scale mineralized system that needs to be defined with furtherdrilling to quantify the extent of its potential. Highlights • DDH-4 - 36.25 metres averaging 2.54 g/t Au from 36.25 metres downhole including • 6.75 metres grading 9.8 g/t Au and a second interval of 2 metres grading 6.0 g/t Au • Au-Cu-Zn-Ag-As values indicate large scale mineralized system Drill hole DDH-4 intersected a broad zone of gold mineralization associated withan interpreted breccia body hosted by mafic volcanics. The mineralization may berelated to a quartz feldspar porphyry intersected at the end of the hole. Goldgrades ranged from 47 ppb to a high of 22.2 g/t Au over 1.85 metres. Theweighted average of the zone being 37.28 metres grading 2.41 g/t Au withassociated elevated Cu, Pb, Zn, Ag and Mo. Drillhole From To Interval Au FA Highlights (m) (g/t) DDH-04 0 0.75 0.75 0.9 36.25 71.38 35.13 2.54 Including 36.25 38.1 1.85 22.27 6.75m @ 9.78g/t 38.1 40 1.9 5.69 40 41.51 1.51 7.02 41.51 43 1.49 2.3 43 45 2 0.55 61 63 2 5.96 2m @ 5.96g/t 63 65 2 0.48 65 67 2 0.16 67 68.25 1.25 0.99 4.38m @ 1.4g/t 68.25 70 1.75 1.72 70 71.38 1.38 1.31 Drill holes 1 to 3 tested the Graca target, some 750 metres north of DDH-4 andintersected zones of elevated Cu and Zn and anomalous gold - with maximum valuesof 1.7 g/t Au in Hole 1, 0.9 g/t Au in Hole 2 and 1.16 g/t Au in Hole 3. TheCompany interpret this zone to be outboard of the main mineralization. A reviewof all geochemistry will be undertaken when all results are received. Drillhole From To Interval Au FA (m) (g/t) DDH-01 0 2 2 1.77 DDH-02 0 2 2 0.95 2 6 4 0.46 DDH-03 0 2 2 1.16 2 6 4 0.48 86 94 8 0.64 The Company drilled a total of 11 holes for a total of 1,235 metres. Drill holes10 and 11 focused on targets some 750 metres west of DDH-4 while drill holes 5to 9 lie a further 1,200 metres to the west. These results will be reported indue course once all assays have been received. Horizonte CEO Jeremy Martin said: "We are highly encouraged by these grades andlook forward to receiving results from the remaining holes, which will enable usto further quantify the mineralization. Tangara is one of our core explorationprojects located in a highly prospective and known region for discovery. We aremobilising sample crews to carry out additional detailed soil sampling over thetarget area and we are already planning follow-up drilling to the currentcampaign. The results from DDH-4 demonstrate economic grades, which issignificant in a reconnaissance drill programme. "Elsewhere we are awaiting results from our El Aguila drill programme in Peru,which we believe will underline the potential the area possesses. It is ourintention to locate large scale ore bodies in proven districts and then farm inmajors, as we have done with Australian listed Troy Resources." Sampling, assaying, and QA/QC Procedures adopted by Horizonte in the collection, preparation and storage ofsamples from the auger drilling programme, conform to industry-wide bestpractice and with chain of custody being observed for all samples. Analysis isundertaken by ALS Labs at its laboratories in Vancouver, Canada, and the Companymaintains QA/QC on all analytical work via the inclusion of certified referencematerials and field duplicates and blanks, in addition to monitoring of thelaboratory's own internal check-analyses. The above information has been reviewed and verified by Mr. Jeremy Martin, aDirector and Chief Executive of Horizonte, for the purposes of the Guidance Notefor Mining, Oil and Gas Companies issued by the London Stock Exchange in March2006. Mr. Martin, with six years of mining and management experience, graduatedwith a degree in geology from the Camborne School of Mines, and an MSc inmineral exploration from the University of Leicester and is a member in goodstanding with the Society of Economic Geologists and the Institute of MiningAnalysts. For further information visit: www.horizonteminerals.com Contacts Jeremy Martin/David Hall Horizonte Minerals plc Tel: 020 7495 5446David Paxton Hichens Harrison Tel: 020 7588 5171Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477John Frain/Fergal Meegan Davy Tel: +353 1 679 6363 * * ENDS * * Notes to Editors: Horizonte Minerals Plc is an AIM listed mineral resources exploration groupfocused on the discovery, appraisal and development of gold and base metaldeposits in Brazil and Peru. The Group has two gold exploration projects inBrazil, and one silver-zinc-lead project in Peru. The two Brazilian goldprojects, Tangara and Falcao, are located to the south of the highly prospectiveCarajas Mineral Province. Both projects cover an area of approximately 300 km(2)and are centred over greenstone belts, with known gold mineralisation fromprevious exploration. The scale of these project areas, the overall aerialextent of the mineralised system and the high density and magnitude of relatedgold anomalies (identified in river sediments, surface soils and rocks),indicate the potential for multiple deposit discoveries. The silver-zinc-leadproject is located in the historic mining district of Cerro de Pasco in CentralPeru. Sampling and drilling on this project has demonstrated the high gradepotential of this project. The Group has a joint venture with Australian goldproducer Troy Resources NL's 70% owned local subsidiary Sertao Mineracao Ltda toadvance its Goias Velho gold exploration project in Brazil. This information is provided by RNS The company news service from the London Stock Exchange