HZM.L Regulatory News (HZM)

19 Mar 2007 09:12

Horizonte Minerals PLC19 March 2007 Horizonte Minerals plc / Index: AIM / Epic: HMZ / Sector: Mining 19 March 2007 Horizonte Minerals plc ('Horizonte' or 'the Company') Defines Strong Geophysical Targets at El Aguila Horizonte Minerals plc, the AIM listed exploration and development companyfocused on Brazil and Peru, is pleased to announce the definition of four newgeophysical and geochemical targets on its 100% owned El Aguilasilver-lead-zinc-gold project, located in the Cerro de Pasco mining district,central Peru. At Pacos Hill the survey indicates a strong chargeability / lowresistivity anomaly adjacent to the known mineralised zone. The untested broadanomaly represents a new target that if associated with economic mineralization,would add significant tonnage potential to the project. Additional geophysicaltargets were also defined at Zona Sur and reconnaissance rock chip sampling hasidentified a new target zone east of Pacos Hill. Following the successful drilling programme completed at the Pacos Hill area inOctober 2006, Horizonte undertook a geophysical survey comprising groundmagnetics and Induced Polarization (IP) over the Pacos Hill and Zona Sur zoneswith the objective of optimising the next phase of drilling. A total of 48.9 kmof magnetic profiles were measured and 7.1 km of IP measurements were recordedon 50m spaced centres on north south lines. At the same time, detailed mappingand rock geochemical sampling was completed in the area around Pacos Hill andover Zona Sur. Zona Sur Three strong IP anomalies were defined in the previously undrilled Zona Surarea, interpreted as occurring at between 100m and 250m depth, correlating withmineralisation and alteration mapped on surface. • Target 1 lies at approximately 100m depth and coincides with high grade surface copper-lead-silver veins. • Target 2 occurs at 150m depth and is associated with a NW/SE trending fault and the SW dipping Mitu rock formation. The surface expression is marked by extensive faulting and fracturing of the host Pucara Limestone. • Target 3 is a chargeability anomaly at circa 250m that appears to be directly related with mapped veins - Vicky and Marlene. Near the surface the anomaly is weak but strengthens at depth where the mineralised veins intersect the NW/SE fault. Geochemical rock samples taken from the two underground workings in the Zona Surdemonstrate higher grades of silver than in the Pacos Hill area together withcopper and gold possibly indicating closer to source intrusive. The averagegrade of 7 channel samples taken along 230m extent of the Veta Marlene returned0.24g/t Au, 10.24 oz/t Ag, 4% Pb and 5.6% Zn. Pacos Hill Five IP north-south orientated lines with a total length of 4.6 km were run overthe Pacos Hill zone. The data generated indicates that both Veta Sur and VetaNorte, the focus of the October 2006 drilling programme, are outboard of themain geophysical anomaly. A significant chargeability anomaly on line 00between 50m and 150m depth is located to the south of the principle veins. Onedrill hole from the October 2006 programme, HM DDH-11, tested the area south ofthe veins. It returned 16.6m grading 64g/t silver ('Ag'), 1.9% lead ('Pb') and0.9% zinc ('Zn'). While this hole only reached a vertical depth of 45m and wasoutboard of the geophysical anomaly, it indicates the mineralised system extendsto the south.. Follow-up mapping and sampling to the east of the Pacos Hill target has outlineda zone of alteration and vein mineralisation with values of 5.9% Pb and 12.7% Zn(RK-6929). Horizonte CEO Jeremy Martin said, "The results of the IP survey have upgradedthe Zona Sur area. It indicates that the high grade veins on surface may beassociated with a larger replacement system at relatively shallow depths. Thegeophysics has certainly provided greater focus to the system. The newgeochemical values from the underground workings demonstrate the very highgrades of silver found in the Zona Sur are significantly higher than at PacosHill where we completed the drilling in the latter part of last year. We willfast-track the drilling in the Zona Sur to test these targets. "At Pacos Hill the October 2006 drilling demonstrated the economic potential ofthe Veta Norte and Sur replacement vein systems. However the geophysicsindicates that the drilling was outboard of the main geophysical target area,which appears to lie at depth and to the south. This opens up the tonnagepotential in the Pacos Hill area." 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 7588 5171 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