Horizonte Minerals Regulatory News (HZM)

12 Jun 2007 08:32

Horizonte Minerals PLC12 June 2007 Horizonte Minerals plc / Index: AIM / Epic: HMZ / Sector: Mining 12 June 2007 Horizonte Minerals plc ('Horizonte' or 'the Company') Commences Second Phase Drilling on New Geophysical Targets at the Tangara Gold Project Horizonte Minerals plc, the AIM listed exploration and development companyfocused on Brazil and Peru, has commenced a 1,500m diamond drilling programme onits 100% owned Tangara gold project in the Carajas Mineral Province, northernBrazil, following the definition of five new combined geophysical andgeochemical gold targets. The principal target has a total extent of over 500metres. Highlights • New coincident geophysical and geochemical anomaly approximately 500m in length surrounding discovery drill hole DDH-04, which returned 35m grading 2.54 g/t gold. • Second target area 300m to the north-west of DDH-04 with a strike length of approximately 400m. • Two strong geophysical anomalies on the greenstone Rio Maria Granodiorite contact, situated beneath the strong gold and base metal soil geochemical anomaly north of the sulphide pit target. • 1,500m diamond drill programme underway. Following the first-phase drill programme at the end of 2006, Horizonte hascompleted detailed follow-up surface soil sampling and a ground InducedPolarization (IP) geophysical survey completed during the first week of June2007. A total 20.2 km with lines spaced at 200m width and 50m centres was runover the MA Trend, aimed at locating the main controlling structures responsiblefor generating the large surface gold anomaly. These base metal rich zones, asdefined in drill-hole DDH-04 located at the contact with the felsic intrusives,are capable of hosting significant economic gold mineralisation. The IP defined a strong chargeability anomaly on the same trend 350m to the westof DDH-04. This anomaly can be traced for approximately 250m to the east,giving a total target zone of over 500m with coincident surface goldgeochemistry and the geophysical target at depth. Two further strong chargeability anomalies were defined on the western contactzone of the greenstone belt with the Rio Maria Granodiorite, located 200m northof the sulphide pit target. The area overlying the geophysical anomaly has highorder gold and base metal soil geochemical values. Horizonte CEO Jeremy Martin said, "We are extremely excited by the results ofthe IP geophysical survey. The MA Target at the Tangara project is a very largescale gold system and the key is locating the controls on the goldmineralisation. We know from our discovery hole DDH-04 which returned 35mgrading 2.54 g/t gold that there are economic zones of gold mineralisation inthe system. The results of this recent geophysical programme, when integratedwith the all the project data, validate our geological model and the new targetswill be tested as part of the 1,500m programme. The initial holes will step outfrom DDH-04 and test the 500m long combined geochemical and geophysical anomalyalong the intrusive contact." 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 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 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's has two flagship gold explorationprojects in Brazil, and one silver-zinc-lead project in Peru as well asadditional gold, zinc and nickel exploration projects in Brazil. The twoBrazilian gold projects, Tangara and Falcao, are located to the south of thehighly prospective Carajas Mineral Province. Both projects cover an area ofapproximately 300 sq km and are centred over greenstone belts, with known goldmineralisation. The scale of these project areas, the overall aerial extent ofthe mineralised system and the high density and magnitude of related goldanomalies (identified in river sediments, surface soils and rocks), indicate thepotential for multiple deposit discoveries. The silver-zinc-lead project islocated in the historic mining district of Cerro de Pasco in Central Peru.Sampling and limited historic drilling on this project has demonstrated the highgrade potential of this project. The Group has a joint venture with Australiangold producer Troy Resources NL's 70% owned local subsidiary Sertao MineracaoLtda to advance its Goias Velho gold exploration project in Brazil. Additionalprojects include the 4,660 hectare on the prospective Achaean aged Crixasgreenstone belt, where multiple nickel-copper anomalies have been defined andthe 25,556 hectare Lontra Ni Project situated in the Araguaia mobile belt, whichflanks the eastern margin of the Carajas Mineral Province of northern Brazil. This information is provided by RNS The company news service from the London Stock Exchange