HZM.L Regulatory News (HZM)

6 Nov 2006 08:19

Horizonte Minerals PLC06 November 2006 Horizonte Minerals plc / Index: AIM / Epic: HMZ / Sector: Mining 6th November 2006 Horizonte Minerals plc ('Horizonte' or 'the Company') HORIZONTE EXPANDS CONTINUITY AND WIDTH OF SILVER-LEAD-ZINC MINERALISATION AT EL AGUILA, PERU Horizonte Minerals plc, the AIM listed exploration and development companyfocused on Brazil and Peru, has extended the zone of silver-lead-zincmineralisation on its 100% owned El Aguila project, located in the Cerro dePasco mining district, central Peru, having received the final results from thefirst phase of the exploration drilling programme. The remaining 6 holes of the11 hole programme all returned economic intersections within zones of pervasivemineralisation and alteration. Highlights • DDH-6 14.1 meters grading 133.1 g/t Ag with 3.26% Pb and 3.07% Zn • DDH-7 1.57 metres grading 107.9 g/t Ag with 2.39% Pb and 1.87% Zn • DDH-8 2.46 metres grading 48.8g/t Ag with 1.32% Pb and 1.70% Zn • DDH-9 4.23 metres grading 231.3 g/t Ag with 4.82% Pb and 7.02% Zn • DDH-10 3.99 metres grading 111.21 g/t Ag with 1.74% Pb and 2.64% Zn • DDH-11 3.70 metres grading 174.3 g/t Ag with 5.31% Pb and 1.35% Zn The aim of the programme was to test the lateral and vertical continuity of theVeta Norte and Veta Sur polymetallic replacement structures, these resultssupport those released on 18th October 2006 for the first 5 holes.Mineralisation has now been defined for approximately 200 meters along strikeand to a vertical depth of 130 meters. Both the Veta Norte and Veta Sur remainopen to depth and along strike. Horizonte CEO Jeremy Martin said: "The results give us further confidence in ourbelief that El Aguila is a major silver-lead-zinc system. The excellentgeological continuity of the zones on surface, at depth in workings and in theselatest drill holes will allow us to start looking at the resource potential onthe Pacos Hill area. A follow-up work programme is now underway on the PacosHill area, together with programmes on the South Zone and outboard targets tobring them up to the drill stage. Several of the outboard targets display highsilver grades and are as yet untested by drilling." Summary DDH-6 was drilled at -70degrees in the same orientation as DDH-5 and confirmedthe continuity of the mineralised zone at depth with 35.82 metres grading 59.6g/t Ag, 1.44% Pb and 1.44% Zn from 24.1 meters down hole. This included a highgrade zone of 14.15 metres grading 133.12 g/t Ag, 3.26% Pb and 3.07% Zn. DDH-7was drilled at -55degrees to test the upper part of the hydrothermal brecciapipe. The hole was dominated by the silicified Pucara limestone cap. Howeverit did hit a mineralised structure with 1.57 metres from 33.49 metres down holegrading 107.9 g/t Ag and 2.39% Pb and 1.87% Zn. DDH-8 was also collared in theoverlying limestone and intersected a wide zone of oxide mineralization from11.3 metres down hole with 56.7 metres grading 17.1 g/t Ag, 0.43% Pb and 0.42%Zn. DDH-9 was drilled to test the western extension of the Veta Nortereplacement zone at the lowest elevation. The hole intersected a wide zone ofmineralization from 83.26 meters to 100 meters (16.74 meters). However, due toextensive core loss in what are assumed to be old workings combined with faultgauge, only 4.23 metres of the zone was assayed and it returned some of thehighest values to date on the project grading 231.3 g/t Ag, 4.82% Pb and 7.02%Zn. It is the Company's view that this zone correlates with the zone drilled bythe previous operators that intersected 11 metres grading 312 g/t Ag, 6.5 % Pband 8.11% Zn. DDH-10 was drilled to test the Veta Norte. The hole intersected 3.99 metres from83.18meters down hole grading 111.21 g/t Ag, 1.74% Pb and 2.64% Zn. DDH-11 wasdrilled to the south of the main workings to test an intrusive body present atsurface. The hole is mineralised with 42.8 metres grading 39.6 g/t Ag, 1.11% Pband 0.55%Zn. The highest grade is 3.7 metres from 30.3 metres down hole grading174.3 g/t Ag, 5.31% Pb and 1.35% Zn. Drill hole From To Interval Ag (g/t) Pb (%) Zn (%) (m) HM-DDH6 24.1 59.9 35.8 59.6 1.44 1.44 Interval 27.8 42 14.1 133.1 3.26 3.07 HM-DDH7 18 101.9 80.3 12.5 0.29 0.45 Interval 34.9 36.53 1.57 107.9 2.39 1.87 HM-DDH8 11.3 68 56.7 17.1 0.43 0.42 Interval 64.6 67.1 2.46 48.8 1.32 1.70 HM-DDH9 18 105.2 74.2 27.7 0.59 0.86 Interval 88.1 89.9 4.23 231.3 4.82 7.02 HM-DDH10 29.7 108 78.2 16.8 0.39 0.67 Interval 83.1 87.1 3.99 111.2 1.74 2.64 HM-DDH11 13.5 56.4 42.8 39.6 1.11 0.55 Interval 30.3 34 3.70 174.3 5.31 1.35 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. * * ENDS * * For further information visit www.horizonteminerals.com or contact: Jeremy Martin/David Hall Horizonte Minerals plc Tel: 020 7495 5446 David Paxton Hichens Harrison Tel: 020 7382 7785 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 John Frain/Fergal Meegan Davy Tel: +353 1 679 6363 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 sq kmand are centred over greenstone belts, with known gold mineralisation. The scaleof these project areas, the overall aerial extent of the mineralised system andthe high density and magnitude of related gold anomalies (identified in riversediments, surface soils and rocks), indicate the potential for multiple depositdiscoveries. The silver-zinc-lead project is located in the historic miningdistrict of Cerro de Pasco in Central Peru. Sampling and limited historicdrilling on this project has demonstrated the high grade potential of thisproject. The Group has a joint venture with Australian gold producer TroyResources NL's 70% owned local subsidiary Sertao Mineracao Ltda to advance itsGoias Velho gold exploration project in Brazil. This information is provided by RNS The company news service from the London Stock Exchange