Horizonte Minerals Regulatory News (HZM)

17 Mar 2008 07:01

Horizonte Minerals PLC17 March 2008 Horizonte Minerals plc / Index: AIM / Epic: HZM / Sector: Mining 17 March 2008 Horizonte Minerals plc ('Horizonte') Drilling Report - Further High Grade Silver Intersected at El Aguila Horizonte Minerals plc ('Horizonte' or 'the Company'), the AIM listedexploration and development company focused on Brazil and Peru, is pleased toannounce further encouraging drill results from its 100% owned silver-lead-zincproject at the El Aguila project located in the world class Cerro de Pascodistrict of central Peru. Results of significance are summarised below: Zona Sur Highlights Drill Hole Drilling Drilling Interval Ag g/t Pb % Zn % Depth Depth Metres From To (metres) (metres) HMDDH-12 114.0 117.0 3.0 64.0 0.69 1.21 155.80 156.13 0.33 319.55 3.57 4.59 157.26 157.55 0.29 627.9 8.17 7.13 HMDDH-13 42.98 44.07 1.09 207.59 3.49 2.75 80.30 81.0 0.70 367.31 2.43 4.93 HMDDH-14 52.00 57.00 5.0 199.04 0.54 0.34 HMDDH-15 4.47 6.98 2.51 115 1.62 0.48 HMDDH-18 58.80 60.83 12.03 112.97 0.82 1.63 136.0 138.0 2.0 93 0.22 0.18 Pacos Hill Highlights Drill Hole Drilling Drilling Interval Ag g/t Pb % Zn % Depth Depth Metres From To (metres) (metres) HMDDH-19 56.12 56.42 0.30 531 8.13 3.76 HMDDH-20 56.0 74.0 18.0 133.70 0.27 0.21 93.68 94.38 0.70 785 12.1 2.84 HMDDH-21 49.90 50.97 1.07 218 7.43 6.03 51.85 57.25 5.40 156.18 4.98 3.86 81.40 81.75 0.35 242 7.22 5.09 96.0 102.17 6.17 128.8 4.61 3.36 103.42 109.16 5.74 176.62 6.80 4.44 112.10 114.30 2.20 228.18 6.81 7.44 176.0 182.0 6.00 215.5 3.41 2.61 Horizonte CEO Jeremy Martin said, "We are gaining a better understanding of themineralisation at El Aguila, with both target zones, Zona Sur and Pacos Hillreturning good silver grades. The Zona Sur results demonstrate that there ishigh grade silver mineralisation at depth associated with the main structuresthat were mapped on surface. The veins display good continuity but the width isthe limiting factor. However we believe that these represent leakage structuresfrom more consistent wider mineralisation at depth as witnessed at Pacos Hill. "The results from the Pacos Hill drilling five kilometres to the north of theZona Sur, are very exciting and have returned good zones of economicmineralisation. Hole DDH 21 in particular with multiple zones reporting plus 5ounce silver demonstrate good continuity of mineralisation which continues todepth. The focus appears to be a sub vertical manto although at this stage wedo not know what the vertical extent is on this body or if there are more ofthem at depth. This requires further deep drilling to increase the overalltonnage potential of the project. "With silver now trading at 26 year highs we intend to continue to explore ElAguila and work towards a resource at Pacos Hill. The project location in oneof Peru's principal silver-zinc districts and with our exploration programmeyielding these results, it all points to a project that we believe will beattractive to a larger mining company to develop and bring into production". Detailed Project Information A total of 1,526 metres was drilled in 10 holes over two target areas, Zona Surand Pacos Hill. Seven wide spaced reconnaissance holes were drilled to test thegeochemical and geophysical anomalies at the Zona Sur target area (HMDDH 12 to18) and a further three holes were drilled to test the geophysical anomalies anddepth extension to the mineralisation at the Pacos Hill target 5 km to the north(HMDDH 19 to 21). The Zona Sur target has had no previous drilling. Over the last six monthsHorizonte has completed surface mapping, rock geochemical sampling and twophases of ground geophysics (Induced Polarisation ('IP') and magnetics),resulting in drill target definition. The drill holes covered a strike lengthof 400m along a major northeast-southwest orientated structure that has seenextensive colonial mining activity. The drill holes were located on 80m centreswith inclinations varying from -55(o) to -75(o) (drill plan location isavailable on the website). The holes intersected narrow high grade polymetallicstyle mineralisation with fine grained disseminated pyrite hosted withindolomitised and silicified Pucarra Limestone, which is the main host rock to theproducing polymetallic mines around the Cerro de Pasco. The narrow veinsdisplay good vertical and lateral continuity with high silver grades, maximumDDH12 returning 0.29m at 627.9 g/t Ag, however it is considered that these veinsare distal to the main mineralised centre. At Pacos Hill three drill holes were positioned to test the previously definedmineralisation to depth and coincident IP geophysical anomaly. DDH 19 wasdrilled at - 50(o) to test the Veta Sur to a depth of 100m. DDH 20 was drilledat -60(o) to test the depth extension of the Veta Norte. This hole returned twozones of mineralisation with the deeper zone returning 18m grading 133g/t Aghosted in the fractured Puccara limestone with hydrothermal breaccia. The finalhole of the programme, HMDDH-21, intersected 19 zones with greater than 1 oz/tAg over its 206m drill length. These zones ranged from 0.35m to over 6m from176m depth. It is the Company's view that this increase in intensity of silvermineralisation and associated alteration may indicate larger mineralised body atdepth. 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 holds a degree in geology from the Camborne School of Minesand an MSc in mineral exploration from the University of Leicester. He is also amember of 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 5446Jeremy Porter/Laura Littley Fairfax I.S. PLC Tel: 020 7598 5368Hugo de Salis/ Felicity Edwards St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes to Editors: Horizonte Minerals plc is an AIM listed exploration and development company witha portfolio of gold, nickel, silver, lead and zinc projects in producing mineraldistricts in Brazil and Peru. It has three primary projects working towards aresource definition including the 22,556 hectare Lontra nickel project situatedin the Araguaia mobile belt, which flanks the eastern margin of the CarajasMineral Province of northern Brazil, the silver-zinc-lead project El Aguilia inPeru, located in the historic mining district of Cerro de Pasco and the 300 sqkm Falcao gold project located near the Lontra project. In addition it has agenerative pipeline of early stage projects in development. The Company is focused on generating and rapidly advancing exploration projectsbefore joint venturing them with a major mining company to further develop theprojects and provide mid-term cash flow, which can be fed back into the businessand its other projects. This model was proven in December 2007 when Horizontesigned an option agreement with Troy Resources (ASX:TRY), to operate and developits Brazilian Tangara gold project by expending a total US$2.8 million onexploration and development as well as a royalty payment on production. This information is provided by RNS The company news service from the London Stock Exchange