Horizonte Minerals Regulatory News (HZM)

21 Jun 2006 07:01

Horizonte Minerals PLC21 June 2006 Horizonte Minerals plc / Index: AIM / Epic: HMZ / Sector: Mining 21 June 2006 Horizonte Minerals plc ('Horizonte' or 'the Group') Defines Significant Gold Anomaly in Brazil and Advances Peruvian Silver Project Horizonte Minerals plc, the AIM listed exploration and development companyfocused on Brazil and Peru, has defined a significant gold anomaly followingpositive results from the first phase of a regional auger drill programme on theMalvinas target at its 100% owned Tangara gold project in Brazil. The Companyis also fast tracking a 1,500 metre diamond drill programme at its 100% owned ElAguila silver,-zinc-lead project, in the Cerro de Pasco region of Central Peru. Highlights of Tangara Work • Auger drilling to a maximum depth of 6 meters on the Malvinas zone defined a 300 metre by 120 metre gold anomaly in which the mineralisation averaged 0.25 g/t gold in 15 holes. This anomaly encloses a high grade core of > 1.0 g/t gold. • Highlights include; 6 metres grading 2.2 g/t Au (TGA-AG073); 6 metres grading 1.2 g/t Au (TGA-AG044) and 6 metres grading 1.07 g/t Au (TGA-AG045). The best auger intersection within the anomalous zone to date is 1m at 8.2g/t. (TGA-AG073 @ 4m) 94 shallow holes with maximum depth of 6 metres were drilled by the Company overthe soil anomaly associated with the outcropping sulphide mineralisation. Theholes were drilled on a 100 metre by 40 metre grid with the aim of prioritisingthe sub-parallel mineralised zones indicated by old workings. The drillingdefined a single wide zone encompassing both old working trends as defined by a300 metre by 120 metre gold anomaly in which the holes averaged 0.25 g/t gold in15 holes. This anomaly encloses a high grade core with an approximate area of 60metre by 40 metre with an average of 1.0 g/t gold in 4 holes. The highlight ofthe shallow auger holes are 6 metres grading 2.2 g/t Au (TGA-AG073); 6 metresgrading 1.2 g/t Au (TGA-AG044) and 6 metres grading 1.07 g/t Au (TGA-AG045).There is a strong correlation between the gold values and the copper, lead andzinc values. An IP geophysical program is expected to start in late-June to define thevertical extension of this zone. The Competent Person's Report contained in theCompany's AIM admission document dated 2 May 2006 (available onwww.horizonteminerals.com) reports three samples previously taken by Horizontefrom the pit area that returned 14.8 g/t, 4.3 g/t and 3.5 g/t gold. The auger results have been integrated with the recently acquiredaerogeophysical data set covering the project area from Golden Star ResourcesLtd (GSR). Re-interpretation of this data has identified the regionalstructural framework controlling mineralisation as well as a number of untested,discrete, magnetic targets within the Malvinas anomaly zone. A diamond drill rig has been contracted from Servitec Ltda, Brazil to commence a1,500 m programme in the third quarter 2006 to test the depth continuity of goldmineralisation at the Malvinas target. Additional Company News Horizonte has completed a detailed programme of surface and underground mapping,trenching and geochemical sampling at the 100% owned El Aguila silver-zinc-leadproject, in the Cerro de Pasco region of Central Peru. Environmental permittingis underway for a 1,500 m diamond drill programme, due to commence on El Aguilain the last quarter of 2006, with the aim of testing the vertical and lateralextend of the untested polymetallic veins. This month's election result where Alan Garcia was elected president of Peru isviewed as positive for the stability and development of the mining sector. Horizonte CEO Jeremy Martin said: "The results from the auger programme atTangara are extremely encouraging and demonstrate the aerial extent andcontinuity of the gold values. We are also fast tracking the El Aguila projectthrough to the drill stage with a view to defining a resource base of high gradesilver-lead-zinc mineralization. As part of our business plan we are looking toexpand our exploration portfolio and are currently evaluating a number ofopportunities." Sampling, assaying, and QA/QC Procedures adopted by Horizonte in the collection, preparation and storage ofsamples from the auger drilling program, conform to industry-wide best practiceand with chain of custody being observed for all samples. Analysis is undertakenby ACME Labs at its laboratories in Vancouver, Canada, and the Company maintainsQA/QC on all analytical work via the inclusion of certified reference materialsand field duplicates and blanks, in addition to monitoring of the laboratory'sown 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 ContactsJeremy 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 This information is provided by RNS The company news service from the London Stock Exchange