Horizonte Minerals
plc / Index: AIM / Epic: HZM / Sector: Mining
25th September
2007
Horizonte
Minerals plc (‘Horizonte’ or ‘the Company’)
Drilling
results highlight gold prospectivity of Brazilian project
Horizonte Minerals plc,
the AIM listed exploration and
development company focused on Brazil and Peru, is pleased to announce positive
results from the second phase drilling at its 100% owned 300 sq km Tangara gold
project in Brazil. These results, in tandem with previous work, underpin
the Company’s belief that the Tangara gold project has the potential to
contain a number of small to medium size gold deposits which can be developed
from a central plant similar to the nearby Andhorinas gold project operated by Troy
Resources.
Highlights:
- DDH13 - 12m grading 5.0 g/t Au from 89 m downhole
including;
2m grading 18.7 g/t (0.6 oz/t) Au, with 13 g/t Ag
- DDH14 - 2m @ 4.8 g/t Au
- DDH23 - 2m @ 4.25 g/t Au
- DDH24 - 4m @ 2.4 g/t Au
- Currently developing 5 further targets within 3.5
km of the Gerson Pit
The 14 hole drill
programme totalling 1,723m, tested a number of geochemical and geophysical
targets around the Malvinas Zone on the Tangara concession.. The main focus of
the drilling was around the discovery hole DDH-04, drilled in late 2006 on the
Gerson Pit, which returned 35m grading 2.5 g/t Au. The principle economic
gold intersections are highlighted below - all other holes returned elevated
gold, silver and zinc values but only at pathfinder levels.
The results from DDH-13
and DDH-14 demonstrate the potential for mineralisation in the Tangara Project
area to generate ore zones of significant width for open pit mining and with
high grade intervals that that would be amenable to underground mining.
DDH-13 is situated 60m
west of DDH-04, the discovery hole. Mineralisation in DDH-13 is similar
in style and produced 12m @ 5.0g/t, including 2m grading 18.7g/t, within a 16m
wide alteration zone. Drilling has also confirmed the association of zinc and
silver enrichment associated with the gold mineralisation as indicated by
DDH-04. Further analysis will determine the true significance of this
association. In DDH-13 zinc values averaged 0.24% and reach a peak of 0.55% in
the gold zone. Silver over the same 12m interval averaged 7.8g/t with a peak
value of 17.3g/t.
Drillhole
|
From
(m)
|
To
(m)
|
Int(m)
|
Au
(g/t)
|
Zn
(%)
|
Ag
(g/t)
|
Highlights
|
DDH_13
|
89.0
|
90.0
|
1.0
|
2.4
|
0.0
|
4.1
|
12m @ 5.0g/t incl 2m @ 18.7g/t
|
90.0
|
91.0
|
1.0
|
3.5
|
0.1
|
6.9
|
91.0
|
92.0
|
1.0
|
1.1
|
0.5
|
4.2
|
92.0
|
93.0
|
1.0
|
2.5
|
0.5
|
6.5
|
93.0
|
94.0
|
1.0
|
10.4
|
0.1
|
12.5
|
94.0
|
95.0
|
1.0
|
17.3
|
0.1
|
13.9
|
95.0
|
96.0
|
1.0
|
3.7
|
0.1
|
5.4
|
96.0
|
97.0
|
1.0
|
3.7
|
0.1
|
4.1
|
97.0
|
97.8
|
0.8
|
2.3
|
0.2
|
5.1
|
97.8
|
98.7
|
0.9
|
2.4
|
0.4
|
6.5
|
98.7
|
99.7
|
1.0
|
2.4
|
0.0
|
4.1
|
99.7
|
101.0
|
1.3
|
1.6
|
0.6
|
17.3
|
|
Hole DDH-14, 60m to the
west of DDH-13, hit a wide zone of sulphide mineralisation from 38m to 86.4m,
cut by a 14.65m wide post-mineralisation dyke from 58.75m to 73.4m. On the
hanging wall side of the dyke, results included a 12m zone @ +0.7% Zn with
0.47g/t Au. (This zone includes 4 one metre intervals assaying greater than the
upper limit of detection of 1% Zn. These samples are currently being
re-analysed). Close to the dyke and in the footwall, mineralisation is weaker. The
unexpectedly shallow intersection of the mineralised zone and influence of the
dyke are still being evaluated. A second mineralised zone in the hole produced a
2m @ 4.6g/t Au at 106m centred within a 15.4m zone averaging 0.5%Zn. The
structure remains open to the west.
Drillholes DDH-24 &
DDH-25, drilled below holes DDH-04 & DDH-13 respectively, intersected the
mineralised zones. DDH-24 gave a 17m zone with sulphides including 4m @ 2.5g/t Au
at 122m within a 6.5m wide 0.4% Zn halo. DDH-25 returned 11.7m zone with
sulphides including 4m @ 1.4g/t Au at 128m above a 4m wide 0.3% Zn halo.
DDH
|
From
(m)
|
To
(m)
|
Int(m)
|
Au
(g/t)
|
Zn
(%)
|
Ag
(g/t)
|
Highlights
|
DDH-14
|
106.0
|
108.0
|
2.0
|
4.6
|
0.9
|
3.2
|
2m
@ 4.8g/t Au
|
DDH-23
|
12.0
|
14.0
|
2.0
|
0.0
|
0.6
|
3.2
|
|
14.0
|
16.0
|
2.0
|
0.0
|
0.9
|
1.9
|
16.0
|
18.0
|
2.0
|
2.3
|
0.2
|
1.4
|
2m
@ 2.3g/t Au
|
150.0
|
152.0
|
2.0
|
4.3
|
0.0
|
0.5
|
2m
@ 4.3g/t Au
|
DDH-24
|
120.0
|
122.0
|
2.0
|
0.5
|
0.5
|
1.7
|
|
122.0
|
124.0
|
2.0
|
2.3
|
0.1
|
4.5
|
4m
@ 2.4g/t Au
|
124.0
|
126.0
|
2.0
|
2.6
|
0.1
|
3.6
|
126.0
|
127.5
|
1.5
|
0.6
|
0.4
|
5.4
|
|
DDH-25
|
128.0
|
130.0
|
2.0
|
1.1
|
0.0
|
0.7
|
4m
@ 1.4g/t Au
|
130.0
|
132.0
|
2.0
|
1.8
|
0.1
|
1.7
|
132.0
|
133.0
|
1.0
|
0.1
|
0.9
|
5.3
|
|
The Troy
Andhorinas project represents a benchmark for Tangara. Troy purchased its project in November 2006
for US$10.14 million cash (Troy PR 16, Nov. 2006). Lagoa Seca deposit contains
indicated and inferred resources of 700,000 t grading 2.8 g/t Au for 64,000 oz.
Troy is
developing this with other gold deposits on the project. Open-pit modelling on
Lagoa Seca has defined a probable reserve of 480,000 t grading 3.1 g/t Au for
48,320 oz (Source Troy Quarterly Report ended 30 June 2007).
It is Horizonte’s
management’s belief that the Tangara project has the equal potential to
define a number of small to medium size gold deposits of between 100,000 and 250,000
oz that can be developed from a central plant. Total resources for example at Andhorinas
are 3,997,000 t grading 3.4 g/t Au in 3 deposits for total in-situ contained
gold of 435,000 oz. (Source Troy Quarterly Report ended 30 June 2007).
Horizonte is currently
evaluating the drill results and is developing 5 other targets within 3.5 km of
the Gerson Pit. The Company controls 100% of the Tangara project and is well
financed to develop these targets to early resource status along with the
Gerson discovery.
Horizonte CEO Jeremy
Martin said, “These drill results are exciting as they demonstrate that
there is continuity to gold mineralisation at the Gerson Pit target, which is
also similar in style to that found at the Andhorinas gold project. Within the
structure, we have identified zones of high grade gold within a broader low
grade envelope which supports our geological model for the area. The
mineralised system is more complex than originally anticipated and will require
far closer spaced drilling than undertaken to date to take it through to
resource definition, as currently underway at Andhorinas. To date Horizonte has
tested only 3 of the 8 target areas identified within the 5km target area that
forms the Malvinas Trend. There are also several other high priority
targets within the wider project area, for example the Pampeana target 10km to
the south west of Malvinas that also require follow up.”
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 six 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 exploration and development company focused on gold, silver and
base metal opportunities in Brazil
and Peru.
It aims to become, through experience and a track record of discovery success,
to become the preferred exploration partner for Major gold and base metal
mining companies, in the region.
The Group’s has two
flagship gold exploration projects in Brazil, a one silver-zinc-lead project in
Peru as well as additional gold, zinc and nickel exploration projects in
Brazil. The two Brazilian gold projects, Tangara and Falcao, south of the
highly prospective Carajas
Mineral Province
each cover an area of approximately 300 sq km and are centred over greenstone
belts, with known gold mineralisation. The scale of these project areas, early
results, the overall aerial extent of the mineralised system and the high
density and magnitude of related gold anomalies, indicate the potential for
multiple deposit discoveries.
The El Aguila
silver-zinc-lead project is located in the historic mining district of Cerro de
Pasco in Central Peru. Drilling has
demonstrated the high grade potential of this project. Additional projects
include the 4,660 hectare on the prospective Achaean aged Crixas greenstone
belt, where multiple nickel-copper anomalies have been defined and the 25,556
hectare Lontra Ni Project situated in the Araguaia mobile belt, which flanks
the eastern margin of the Carajas Mineral Province
of northern Brazil.
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