Drilling returns 15.9 metres
grading 1.56% Nickel from the Araguaia Project - Brazil
Horizonte, the AIM quoted
exploration and development company focused in Brazil, is pleased to announce
positive initial results from the infill resource drilling programme
on its 100% owned Araguaia Nickel Project ('Araguaia') located in Para Sate in
the Carajas Mineral District of northern central
Brazil.
Highlights
�
Results from first 15
holes from the Araguaia infill drilling programme at the Pequizeiro West
target returned best intersections of:
�
15.9 metres grading 1.56% Ni
�
High grades zones
include 6.9 metres grading 2.10% Ni
�
75 drill
holes completed to date with maiden resource from Araguaia
due to be announced imminently
�
Fourth drill rig now
active on the project with a fifth planned for delivery to fast-track resource
drilling programme to build upon initial maiden
resource
Horizonte CEO Jeremy Martin, said, "The first batch of results from
the infill resource drill programme at Araguaia have
returned some highly encouraging nickel grades over good widths at the Pequizeiro West target, one of 15 target zones on the
project. Zones of near surface high grade mineralisation have also been identified by drill
hole PCA-DD-0497 which returned 6.9 metres grading
2.10% Ni. This clearly demonstrates the potential for a high grade
resource within a large resource envelope, enhancing the overall economics of
the project. To date a total of 75 drill holes have been completed in
this programme and with the extra drill rigs, the
production will increase as we fast-track the infill drilling programme.
"Work on the maiden resource calculation is now in its final stages
and we anticipate this will be ready for release imminently.
Additionally, the process of selecting an engineering consulting group is
underway to work alongside Horizonte as we start data collection and
preparation work for the Preliminary Economic Assessment which is expected to lead
into the Pre-Feasibility Study.
"Elsewhere on the project, exploration teams are in the field
evaluating other regional targets within the extensive landholding that makes
up Araguaia with the aim of delineating additional zones that will add to the
overall resource base on this world class project."
Further Details
These results represent the first batch of results from an 8,000m
drilling programme that commenced in October 2010 and
was designed to close the drill spacing over the Pequizeiro
West, Pequizeiro and Bai�o
targets to 141m x 141m drill centres and subsequently
down to 100m x 100m on selected areas within these targets. The targets
were originally drilled at 200m x 200m spacing in 2008 as a part of the
exploration programme undertaken by the previous
owner between 2006 and 2008.
The results of the 15 drill holes (416m) reported in this press release
are detailed in Table 1 below (see location map on
http://www.horizonteminerals.com). These results from the infill drilling
include notable intersections of 15.9 metres grading
1.56% nickel (Hole PCA-DD-0493) and 6.9 metres
grading 2.10% nickel (Hole PCA-DD-0497).
An additional two holes (52m) have been completed on Pequizeiro
West target and drilling is now complete on the main Pequizeiro
target. The results from these holes will be announced as analytical
results are received. Submission of samples for analysis was delayed in
late 2010/early 2011 due to QA/QC issues in the earlier results reported from
the laboratory. These issues have now been fully resolved.
Table 1. Pequizeiro West Drilling
Program
Intercepts >= 1% Ni cut-off
|
|
(Holes
PCA-DD-0493 to PCA-DD-0507)
|
|
Hole
|
From (m)
|
To
(m)
|
Width (m)
|
Ni %
|
Co %
|
|
|
PCA-DD-0493
|
10.3
|
26.3
|
15.9
|
1.56
|
0.05
|
|
PCA-DD-0494
|
10.4
|
14.8
|
4.4
|
1.05
|
0.04
|
|
PCA-DD-0495
|
NSI
|
|
PCA-DD-0496
|
NSI
|
|
PCA-DD-0497
|
6.3
|
13.2
|
6.9
|
2.10
|
0.04
|
|
PCA-DD-0498
|
NSI
|
|
PCA-DD-0499
|
12.6
|
17.0
|
4.4
|
1.24
|
0.03
|
|
PCA-DD-0500
|
9.2
|
14.0
|
4.8
|
1.15
|
0.05
|
|
PCA-DD-0501
|
9.8
|
18.1
|
8.3
|
1.38
|
0.06
|
|
PCA-DD-0502
|
8.8
|
19.0
|
10.2
|
1.30
|
0.06
|
|
&
|
22.4
|
24.6
|
2.2
|
1.07
|
0.04
|
|
PCA-DD-0503
|
NSI
|
|
PCA-DD-0504
|
9.3
|
11.6
|
2.3
|
1.23
|
0.04
|
|
PCA-DD-0505
|
1.5
|
3.9
|
2.4
|
1.11
|
0.06
|
|
PCA-DD-0506
|
21.3
|
26.0
|
4.7
|
1.10
|
0.06
|
|
PCA-DD-0507
|
NSI
|
|
NSI:
No significant intersection
The compositing of the nickel grades in the individual holes was
completed using a nickel cut-off of 1% with a minimum intercept length of 2.0 metres and a maximum length of internal waste of 2 metres. The compositing was undertaken across
geological boundaries. As the nickel laterite
deposits are essentially flat-lying, all widths given are interpreted to be
true widths.
Sample preparation and analyses
Samples from the Pequizeiro West drill cores
were crushed and pulverised at the SGS laboratory in Goiania
and the resultant pulps analysed at SGS laboratory in
Belo
Horizonte using tetraborate
fusion XRF. Full QA/QC procedures were implemented, including the
insertion of standards, duplicates and blanks. Check samples representing
approximately 10% of all the samples will be sent to another international
laboratory for analysis by XRF.
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 June 2009. Mr. Martin, with nine 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
|
Horizonte Minerals plc
|
Tel: +44 (0) 20 7763 7157
|
David Hall
|
Horizonte Minerals plc
|
Tel: +44 (0) 20 7763 7157
|
Dominic
Morley
|
Panmure Gordon (UK)
Limited
(Nomad and Broker)
|
Tel: +44 (0) 20 7459 3600
|
Katherine Roe
|
Panmure
Gordon (UK)
Limited
|
Tel: +44 (0) 20 7459 3600
|
Hannah Woodley
|
Panmure
Gordon (UK)
Limited
|
Tel: +44 (0) 20 7459 3600
|
Joanna Weaving
|
finnCap Ltd (Joint Broker)
|
Tel: +44 (0) 20 7600 1658
|
Matthew Robinson
|
finnCap Ltd
|
Tel: +44 (0) 20 7600 1658
|
Ben Thompson
|
finnCap Ltd
|
Tel: +44 (0) 20 7600 1658
|
Felicity Edwards
|
St Brides Media & Finance Ltd (PR)
|
Tel: +44 (0) 20 7236 1177
|
Hugo de Salis
|
St Brides Media & Finance Ltd
|
Tel: +44 (0) 20 7236 1177
|
Notes
Horizonte Minerals plc is an AIM quoted exploration and development company with a portfolio of nickel and gold
projects in the Carajas District of Brazil. The
Company is focused on creating value by generating and rapidly advancing
exploration projects in tandem with joint ventures with major mining companies,
providing mid-term cash flow which is then used to develop the business and
pipeline projects.
Horizonte has two committed major mining partners: Teck
Resources Limited, a major strategic shareholder in the Company, and AngloGold
Ashanti Limited, a JV partner on the gold portfolio.
Horizonte owns 100 per cent of the advanced Araguaia nickel project
located to the south of the Carajas mineral district
of northern Brazil; the project has the potential to deliver a resource with
size and grades comparable to other world-class projects in northern
Brazil. It is Horizonte's intention to fast-track development and deliver a maiden JORC compliant/43-101
nickel resource in Q1 2011.
In addition, Horizonte recently reached agreement with
Lara Exploration to acquire the Vila Oito project
which has a potential resource of 10 to 11 Mt grading 1.3 to 1.4% Ni
further consolidating the greater Araguaia district.
Horizonte is well funded to accelerate the development
of its core projects.
Felicity Edwards
St Brides Media and Finance Ltd
Chaucer House
38 Bow Lane
London
EC4M 9AY