Horizonte Minerals Regulatory News (HZM)

11 Feb 2008 07:01

Horizonte Minerals PLC11 February 2008 Horizonte Minerals plc / Index: AIM / Epic: HMZ / Sector: Mining 11 February 2008 Horizonte Minerals plc ('Horizonte' or 'the Company') Advances Lontra Nickel Laterite Project, Brazil Horizonte Minerals plc, the AIM listed exploration and development companyfocused on Brazil and Peru, has received encouraging nickel ('Ni') and cobalt('Co') values from its ongoing exploration programme on the highly prospectiveLontra Nickel Laterite project in the Carajas Mineral Province of NorthernBrazil. Overview •Ongoing drilling programmes at two key targets, the Southern Anomaly and Raimundo Target. •New drilling results from Southern Anomaly returns 4m at 1% Ni •Follow-up 2000m auger drilling programme underway utilising three auger drill rigs on the Raimundo Target •Drilling and mapping at Raimundo defined ultramafic rocks with Ni mineralisation over a 2 kilometre strike •Two further new Ni targets to drill test Horizonte CEO Jeremy Martin said, "The results from the Southern Anomaly areexciting with the initial test drill holes demonstrating that there areconsistent nickel grades in the top 10m of the laterite. We suspect that theintensity of near surface weathering is stronger in the south so the surfacenickel grades as expected are lower than at the Raimundo Target. The mapped areaof prospective ultramafic rocks corresponding with the nickel soil anomaly inthe Southern Target is approximately 2km by 800m wide, which gives sufficientarea for a significant deposit. "Work at the Raimundo Target is also progressing extremely well, with threeauger rigs at work and plans underway to commence an RC drilling programme inthe second quarter to test the nickel mineralisation down to 50m depth.Following this we will be in a position to determine the resource potential ofthe target." Southern Anomaly An auger* drilling programme undertaken during December 2007 on the Southernanomaly was designed to test the surface Ni anomaly. The results for the firstfour holes drilled are summarised below. The majority of the holes ended in Nimineralisation with a maximum drill depth of 12.5m. The results are extremelyencouraging with consistent Ni values throughout the length of the holes. Thehigher degree of weathering and surface leaching of Ni indicates that the targetdepth for economic mineralisation is greater than at the Raimundo Target 11km tothe north. The Southern target area has a strike length with mapped ultramaficrocks of 2km by 800 wide. Hole From To Interval Ni* Co Including 412 2m EOH +5.8m 0.25% 0.02% 413 6m EOH +6.5m 0.86% 0.04% 4m @ +1%Ni 415 6m EOH +1m 0.36% 0.03% 416 2m EOH +10.5m 0.35% 0.02% 10.5m @ 0.1%Cu *Auger drilling is a small portable motorised drill rig with a maximum depth ofapproximately 20m. Raimundo Target The Raimundo Target in the centre of the project area is the focus of the 2,000mauger drilling programme. The drilling is designed to extend the depth of themineralised zone discovered late in 2007, (results summarised in the tablebelow) and test new mineralised zones to the north and south. Based on theshallow auger drilling carried out on 400m by 80m spaced grids and surfacemapping, the known extent of the Ni bearing ultramafic rock unit isapproximately 2km long by 500m wide with the vertical extent as yet unknown.Mineralisation at the Serra do Tapa Ni deposit operated by Xstrata located tothe north of the Lontra project extends for up to 90m in depth. Hole From To Interval Ni* Co Including ------- ------- ------- ------- ------- ------- ---------- 209 4m EOH +12m 0.83% 0.05% 2m @ +1%Ni ------- ------- ------- ------- ------- ------- ---------- 211 8m EOH +8m 0.86% 0.08% 2m @ +1%Ni ------- ------- ------- ------- ------- ------- ---------- 214 4m EOH +8m 0.90% 0.04% 2m @ +1%Ni ------- ------- ------- ------- ------- ------- ---------- 220 4m 6m 2m 0.59% 0.12% ------- ------- ------- ------- ------- ------- ---------- 220 6m EOH +5m 1.00% 0.10% 5m @ +1%Ni ------- ------- ------- ------- ------- ------- ---------- 223 4m EOH +4m 0.59% 0.09% ------- ------- ------- ------- ------- ------- ---------- 224 8m EOH +2m 0.60% 0.07% ------- ------- ------- ------- ------- ------- ---------- 226 6m EOH +6m 0.55% 0.03% ------- ------- ------- ------- ------- ------- ---------- 227 6m EOH +5m 0.76% 0.03% ------- ------- ------- ------- ------- ------- ---------- 228 4m EOH +7m 0.87% 0.03% ------- ------- ------- ------- ------- ------- ---------- 231 8m EOH +4m 0.82% 0.06% ------- ------- ------- ------- ------- ------- ---------- 232 6m EOH +6m 1.00% 0.05% 6m @ +1%Ni ------- ------- ------- ------- ------- ------- ---------- 247 8m EOH +1.8m 0.51% 0.01% ------- ------- ------- ------- ------- ------- ---------- 257 7m EOH +9m 0.54% 0.02% ------- ------- ------- ------- ------- ------- ---------- 273 6m 8m 2m 0.54% 0.08% ------- ------- ------- ------- ------- ------- ---------- 273 8m EOH +4m 1.00% 0.06% 4m @ +1%Ni ------- ------- ------- ------- ------- ------- ---------- * Ni values with 1% upper limit due to analysis method. Results of automatic over limit re-runs awaited. Background to the Project The Lontra Project is situated in the Araguaia mobile belt, which flanks theeastern margin of the Carajas Mineral Province of northern Brazil. This is just80km south of the major lateritic Ni project operated by Xstrata at Serra daTapa (inferred resource of 60Mt at 1.63% Ni and 0.06%) and 7km northwest of theadjoining Vila Oito project, where Teck Cominco currently has a drillingprogramme underway. Recent results released for the Teck-Cominco drilling atVila Oito indicate the top of high-grade mineralisation is often intersected atdepths of in excess of 10m and in cases over 20m. Horizonte initially identified a number of priority Ni 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. 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 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 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