Operations Update
Horizonte Minerals PLC
08 August 2007
Horizonte Minerals plc / Index: AIM / Epic: HMZ / Sector: Mining
8 August 2007
Horizonte Minerals plc ('Horizonte' or 'the Company')
Operations Update
Horizonte Minerals plc, the AIM listed exploration and development company with
mineral projects in Brazil and Peru, is pleased to announce an operational
update of its portfolio of gold, silver and nickel projects in Brazil and Peru.
Highlights
•Tangara gold project - 14 hole diamond drilling ('DD') programme
completed to test scale of gold system
•Lontra nickel project - 1,000m auger drilling programme in progress
•El Aguila silver zinc project in Peru - 2,000m drilling programme
scheduled for September 2007 to expand previously identified mineralised
zone
•Falcao copper-gold project - field work defines new gold targets
Horizonte CEO Jeremy Martin said, 'We have made good progress in generating and
developing a solid portfolio of mineral assets providing exposure to gold,
silver, zinc and nickel. To date, we have received highly encouraging results
across four of our core projects and have identified a series of new early stage
projects that warrant increased investment to quantify their economic potential.
Our aim is to rapidly develop our core projects in Brazil and Peru and form
strategic alliances with the major mining companies. To this end, further
exploration work is scheduled for the third quarter this year and I believe the
next six months will see exciting advancements for the Company.
'Additionally we successfully raised two million via an institutional placing
and were delighted by the response from investors - I believe this is a strong
endorsement of our team's ability to deliver value. Horizonte is ideally
positioned to generate further exploration projects which demonstrate the
potential to host large scale mineral systems, with the objective of becoming a
preferred exploration partner for the major mining companies in Brazil and
Peru.'
Tangara Gold Project - Brazil
A 1,600m 14 hole DD programme has now concluded on the Company's 100% owned
Tangara gold project. The project comprises of circa 330 sq km covering the
western extension of the Archaean, Identidade Greenstone belt located in the
southern part of the world class Carajas Mineral Province.
The programme focussed on the surface gold anomaly associated at the contact
between the main intrusion at the Malvinas zone and the surrounding mafic rocks
along the Gerson Trend. This zone was tested with one drill hole as part of the
2006 programme (TGA DDH-4) which returned 2.54 g/t Au over 36.25m. Work
completed over the last six months has determined the main controls on the gold
mineralisation. 14 holes were drilled over the 1km Gerson Trend and surrounding
targets. The initial five holes have been prepared and despatched for analysis
at ALS in Vancouver, with the remaining holes due for despatch shortly. Results
are expected in early September 2007.
Lontra Ni Project - Brazil
The 25,570 hectare Lontra nickel ('Ni') project is located 80 km south of the
new Xstrata high grade nickel laterite deposit at Serra da Tapa in the Araguaia
Mobile Belt. Field work to date, including steam and soil grid sampling, has
defined seven nickel targets. At the Raimundo anomaly in the north of the area,
ultra mafic-rocks with garnierite mineralisation sampled in a laterite gravel
pit returned > 1% Ni.
A shallow 1,000m auger drilling programme with holes on a 400m by 80m grid is
now underway to test the Ni grades and continuity of mineralisation over the
anomalous target areas.
El Aguila silver lead zinc Project - Peru
At the 100% owned El Aguila silver-lead-zinc-gold project, located in the Cerro
de Pasco mining district, central Peru, work has focussed on the Zona Sur target
area. First pass geophysics were completed in May 2007 combined with mapping and
surface rock geochemical sampling. The Zone Sur target area is approximately 1km
long by 600m wide. The untested broad anomaly represents a new target that, if
associated with economic mineralisation, would add significant tonnage potential
to the project. The average grade from seven channel samples taken along 230m
extent of the Veta Marlene in the Zona Sur area returned 10.24 oz/t Ag, 4% Pb
and 5.6% Zn and 0.24g/t Au.
A detailed follow up ground geophysical survey will commence in mid August 2007
with a 2,000m diamond drill programme scheduled for early September 2007.
Drilling will test the Zona Sur target and expand the zone of drilled
mineralisation at Pacos Hill defined in the 2006 programme.
Falcao Copper Gold Project - Brazil
The Falcao project is located 175km south of the Tangara gold project, covering
an area of circa 300 sq km of the Inaja Greenstone Belt. The results of a
recently completed stream sediment sampling programme over the western extension
of the Falcao soil anomaly have defined two new high order gold targets.
Reconnaissance rock samples taken in these areas returned up to 2.1 g/t Au.
A detailed soil grid followed by an auger drilling programme is underway within
the broad anomalous zone to define follow up drill targets.
Sampling, assaying, and QA/QC
Procedures adopted by Horizonte in the collection, preparation and storage of
samples from the auger drilling programme, conform to industry-wide best
practice and with chain of custody being observed for all samples. Analysis is
undertaken by ALS Labs at its laboratories in Vancouver, Canada, and the Company
maintains QA/QC on all analytical work via the inclusion of certified reference
materials and field duplicates and blanks, in addition to monitoring of the
laboratory's own internal check-analyses.
The above information has been reviewed and verified by Mr. Jeremy Martin, a
Director and Chief Executive of Horizonte, for the purposes of the Guidance Note
for Mining, Oil and Gas Companies issued by the London Stock Exchange in March
2006. Mr. Martin, with seven years of mining and management experience,
graduated with a degree in geology from the Camborne School of Mines, and an MSc
in mineral exploration from the University of Leicester and is a member in good
standing with the Society of Economic Geologists and the Institute of Mining
Analysts.
* * 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 group
focused on the discovery, appraisal and development of gold and base metal
deposits in Brazil and Peru. The Company has two gold exploration projects in
Brazil, and one silver-zinc-lead project in Peru. The two Brazilian gold
projects, Tangara and Falcao, are located to the south of the highly prospective
Carajas Mineral Province. Both projects cover an area of approximately 300 sq km
and are centred over greenstone belts, with known gold mineralisation. The scale
of these project areas, the overall aerial extent of the mineralised system and
the high density and magnitude of related gold anomalies (identified in river
sediments, surface soils and rocks), indicate the potential for multiple deposit
discoveries.
The silver-zinc-lead project is located in the historic mining district of Cerro
de Pasco in Central Peru. Sampling and limited historic drilling on this project
has demonstrated the high grade potential of this project.
This information is provided by RNS
The company news service from the London Stock Exchange