Horizonte Minerals Regulatory News (HZM)

13 Nov 2007 07:01

Horizonte Minerals PLC13 November 2007 Horizonte Minerals plc / Index: AIM / Epic: HMZ / Sector: Mining 13th November 2007 Horizonte Minerals plc ('Horizonte' or 'the Company') Drills Significant Nickel Intersections at the Lontra Project, Brazil Highlights • Regional drill programme highlights potential for significant nickel mineralisation • 6 holes returned greater than 1% Nickel • 14 holes reported greater than 0.5% Nickel • Significant cobalt present potentially enhances project economics • Values defined over 1,000 metres strike in two priority targets to date Horizonte Minerals plc, the AIM listed exploration and development companyfocused on Brazil and Peru, has received highly anomalous nickel ('Ni') andcobalt ('Co') values from its exploration programme at its prospective LontraNickel laterite project in the Carajas Mineral Province of northern Brazil. Theauger programme defined four priority anomalies of which two have strike lengthsof over 1,000m. The majority of the anomalous holes ended in Ni mineralisation,with 6 of the drill holes returning over 1% Ni near the surface. The Board isconfident that they have identified a significant nickel target that will now bedrilled tested to a greater depth to determine its economic potential. The Lontra Project is situated in the Araguaia mobile belt, which flanks theeastern margin of the Carajas Mineral Province of northern Brazil, just 80kmsouth of the major lateritic Ni project operated by Xstrata at Serra da Tapa(inferred resource of 60Mt at 1.63% Ni and 0.06%) and 7km northwest of the VilaOito project, where Teck Cominco currently has a drilling programme underway. Horizonte CEO Jeremy Martin said, "These are highly significant nickel andcobalt drill intersections and reinforce our belief of the economic potential ofthe project. The wide spaced auger programme was planned to define large nickellaterite targets such as at Serra da Tapa. The initial results from the shallowauger drill holes have returned good nickel values throughout the length of thehole and ended in mineralisation. The targets remain open to the north andsouth. The next stage is to test the mineralised zones with deeper drilling andwork towards developing an initial resource calculation." Horizonte initially identified a number of priority nickel targets at the LontraProject following a regional stream sediment sampling programme in the lastquarter of 2006. This was followed by regional soil sample programmes over theseven target areas which identified the drill targets. Detailed Discussion The auger programme was carried out to evaluate the soil anomalies previouslyreported (see PR 03/04/2007 - Acquisition of New Highly Prospective NickelProject). Both the auger and soil programmes were carried out on wide spacedsample grids (400m by 80m sample centres) consistent with the Company'sobjective of exploring for major deposits. Auger drilling is a shallow +/- 12metres drill method. The mineralised intersections based on the ICP analyses(limited by a 1% Ni upper limit) are summarised below. Hole Interval From To Ni* Co Comment 209 12m 4m EOH 0.83% 0.05% 2m @ +1%Ni 211 8m 8m EOH 0.86% 0.08% 2m @ +1%Ni 214 8m 4m EOH 0.90% 0.04% 2m @ +1%Ni 220 2m 4m 6m 0.59% 0.12% 220 5m 6m EOH 1.00% 0.10% 5m @ +1%Ni 223 4m 4m EOH 0.59% 0.09% 224 2m 8m EOH 0.60% 0.07% 226 6m 6m EOH 0.55% 0.03% 227 5m 6m EOH 0.76% 0.03% 228 7m 4m EOH 0.87% 0.03% 231 4m 8m EOH 0.82% 0.06% 232 6m 6m EOH 1.00% 0.05% 6m @ +1%Ni 247 1.8m 8m EOH 0.51% 0.01% 257 9m 7m EOH 0.54% 0.02% 273 2m 6m 8m 0.54% 0.08% 273 4m 8m EOH 1.00% 0.06% 4m @ +1%Ni * Ni values with 1% upper limit due to analysis method. Results of automatic overlimit re-runs awaited. The results are highly encouraging with all the above drill holes having endedin highly anomalous Ni +/- Co values at above cut-off for mineralisation. Lateritic Ni deposits are characterised by the concentration of Ni oxides orsilicates within the weathering profile. However, there is often near surfacedepletion which masks the mineralisation. This is demonstrated in the aboveresults with mineralisation in most holes only starting at several metres belowsurface and in general with grades increasing with depth. Given the length ofthe main two anomalies, which each straddle three lines separated by 400m andwide auger spacing, it is considered that these targets represent ready drilltargets. Another 14 auger holes are characterised by strong leaching in the upper partsfollowed by highly anomalous results (+0.25% Ni) towards the bottom of theholes. While these holes did not reach +0.5% Ni grades, the increase in Nigrades with depth suggests that these areas may have been more intensely leachedand the mineralisation is deeper. These may reflect additional zones ofmineralisation although deeper auger programmes will be required to verify thispossibility. 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 ACME Labs at its laboratories in Vancouver, Canada, and theCompany maintains QA/QC on all analytical work via the inclusion of certifiedreference materials and field duplicates and blanks, in addition to monitoringof the laboratory'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 seven years of mining and management experience,graduated with a degree in geology from the Camborne School of Mines, and an MScin mineral 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 7382 7785Hugo 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 Company 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 mining district of Cerrode Pasco in Central Peru. Sampling and limited historic drilling on this projecthas demonstrated the high grade potential of this project. This information is provided by RNS The company news service from the London Stock Exchange