🕐12.09.11 - 09:27 Uhr
HORIZONTE MINERALS PLC - FURTHER HIGH GRADE NICKEL DRILL RESULTS FROM THE ARAGUA IA NICKEL PROJECT, BRAZIL
Horizonte Minerals plc / Index: AIM / Epic: HZM / Sector: Mining
12 September 2011
Horizonte Minerals plc (‘Horizonte’ or ‘the Company’)
Further High Grade Nickel Drill Results from the Araguaia Nickel Project, Brazil
Horizonte, the AIM and TSX quoted exploration and development company focused in Brazil, is pleased to announce continuing positive results from the infill resource drilling programme at its 100% owned Araguaia nickel project (‘Araguaia’) in Para Sate, north central Brazil.
Highlights
· 2.74% nickel (‘Ni’) over 9.1 metres grading from infill drilling at the Pequizeiro target
· High grade intersections on the Baião target include:
o 15.1 metres grading 1.82% Ni
o 19.7 metres grading 1.63% Ni and
o 19.9 metres grading 1.56% Ni
· 529 drill holes totalling 13,084 metres completed to date as part of the infill resource drilling programme
· A National Instrument 43-101 Mineral Resource of 76.6Mt at 1.35% nickel – target to upgrade resource in Q4 2011
Horizonte CEO Jeremy Martin said, “These latest drill results covering the Baião and Pequizeiro targets continue to demonstrate the consistent high nickel grades and excellent lateral continuity of mineralisation delineated at Araguaia to date.
The continued expansion of these high grade zones will be important for the overall project economics.
The multi rigdrilling programme is running to schedule and we are on target to announce a resource upgrade in Q4 2011 at Araguaia.
Wardell Armstrong International is also due on site this month to commence work on the Preliminary Economic Assessment and the Environmental Baseline study, and I look forward to updating shareholders on project developments as we continue to fast-track this exciting nickel project towards the Feasibility stage.”
Further Details
The results in this news release have been collated from the on-going resource drilling programme that commenced in October 2010.
The results from the most recent batch of drill holes, totalling 122 (2795.97 metres), are reported as detailed in Table 1.
Table 1: Drill results reported
TARGET
DRILL SPACING
NO.
OF HOLES
METRES
REPORT TABLE
Pequizeiro
25m x 25m
10
340.78
Table 2
Pequizeiro
100m x 100m
5
128.18
Table 3
Baião
141m x 141m
74
1567.90
Table 4
Vila Oito East
141m x 141m
13
425.92
Table 5
Raimundo
Infill various
20
333.19
Table 6
The data from the 25 metre x 25 metre drilling will be used to measure short-range variability in the mineralisation for the construction of semi-variograms for future resource estimation.
The results include a high grade intersection of 9.1 metres grading 2.74% nickel (Hole PCA-DD-0635V) from the Pequizeiro target.
Several notable wide grade intersections are reported from the Baião target including 15.1 metres grading 1.82% nickel (Hole PCA-DD-0710), 19.7 metres grading 1.63% nickel (PCA-DD-0724) and 19.9 metres grading 1.56% nickel (PCA-DD-0733).
On the Baião target 141 metres x 141 metres and 100 metres x 100 metres infill drilling has been completed totalling 215 holes (4,671 metres).
In addition a 100 metres x 100 metres block of 25 metres spaced holes has been completed totalling 25 holes (736 metres) on this target to measure short-range variability.
On the Vila Oito East target 141 metres x 141 metres infill drilling is in progress with a total of 40 holes (1,236 metres) completed to date.
On the Lontra targets drilling is in progress with 37 holes (609 metres) completed on Raimundo and 41 holes (809 metres) on the Northern target.
Table 2.Pequizeiro Drilling Programme
25m x 25m spaced drilling in 100m x 100m block
Intercepts ≥1% Ni cut-off
(Holes PCA-DD-0635V; PCA-DD-0642V to PCA-DD-0644V;
PCA-DD-0652V; PCA-DD-0655V;
PCA-DD-0658V to PCA-DD-0661V)
Hole
From (m)
To (m)
Width (m)
Ni %
Co %
PCA-DD-0635V
8.18
17.26
9.08
2.74
0.07
PCA-DD-0642V
9.77
19.43
9.66
2.08
0.05
PCA-DD-0643V
7.67
14.81
7.14
1.42
0.11
&
20.59
22.85
2.26
1.15
0.03
PCA-DD-0644V
10.87
22.63
11.76
1.72
0.05
PCA-DD-0652V
9.00
18.50
9.50
1.46
0.05
PCA-DD-0655V
8.05
20.83
12.78
1.35
0.05
PCA-DD-0658V
7.57
20.01
12.44
1.84
0.04
PCA-DD-0659V
8.26
18.51
10.25
1.56
0.07
&
22.40
27.63
5.23
1.22
0.02
PCA-DD-0660V
7.43
22.11
14.68
1.42
0.04
PCA-DD-0661V
7.10
27.41
20.31
1.42
0.06
Table 3.Pequizeiro Drilling Programme
Intercepts ≥1% Ni cut-off
(Holes PCA-DD-0651; PCA-DD-0656;
PCA-DD-0662 to PCA-DD-0664)
Hole
From (m)
To (m)
Width (m)
Ni %
Co %
PCA-DD-0651
NSI
PCA-DD-0656
NSI
PCA-DD-0662
4.57
7.71
3.14
1.20
0.12
PCA-DD-0663
7.06
13.32
6.26
1.26
0.04
PCA-DD-0664
1.79
15.92
14.13
1.34
0.06
Table 4.Baião Drilling Programme
Intercepts ≥1% Ni cut-off
(Holes PCA-DD-0665 to PCA-DD-0738)
Hole
From (m)
To (m)
Width (m)
Ni %
Co %
PCA-DD-0665
NSI
PCA-DD-0666
6.81
12.81
6.00
1.28
0.03
PCA-DD-0667
NSI
PCA-DD-0668
3.59
9.44
5.85
1.17
0.10
PCA-DD-0669
3.90
7.00
3.10
1.19
0.13
PCA-DD-0670
4.19
6.99
2.80
1.39
0.14
PCA-DD-0671
3.54
8.31
4.77
1.34
0.09
PCA-DD-0672
NSI
PCA-DD-0673
3.92
6.92
3.00
1.43
0.10
PCA-DD-0674
NSI
PCA-DD-0675
NSI
PCA-DD-0676
NSI
PCA-DD-0677
NSI
PCA-DD-0678
5.94
8.88
2.94
1.24
0.15
PCA-DD-0679
6.85
12.92
6.07
1.37
0.06
PCA-DD-0680
2.33
14.79
12.46
1.28
0.05
PCA-DD-0681
3.84
6.84
3.00
1.16
0.08
PCA-DD-0682
3.94
14.06
10.12
1.49
0.06
PCA-DD-0683
0.81
10.67
9.86
1.14
0.06
PCA-DD-0684
3.36
11.98
8.62
1.50
0.05
PCA-DD-0685
NSI
PCA-DD-0686
NSI
PCA-DD-0687
NSI
PCA-DD-0688
NSI
PCA-DD-0689
NSI
PCA-DD-0690
NSI
PCA-DD-0691
NSI
PCA-DD-0692
NSI
PCA-DD-0693
NSI
PCA-DD-0694
NSI
PCA-DD-0695
NSI
PCA-DD-0696
NSI
PCA-DD-0697
NSI
PCA-DD-0698
NSI
PCA-DD-0699
NSI
PCA-DD-0700
NSI
PCA-DD-0701
4.64
9.81
5.17
1.29
0.09
PCA-DD-0702
2.98
11.66
8.68
1.25
0.06
PCA-DD-0703
3.01
6.84
3.83
1.35
0.10
PCA-DD-0704
5.42
9.20
3.78
1.29
0.15
PCA-DD-0705
2.90
9.80
6.90
1.23
0.06
PCA-DD-0706
NSI
PCA-DD-0707
3.85
7.46
3.61
1.34
0.07
PCA-DD-0708
NSI
PCA-DD-0709
NSI
PCA-DD-0710
2.80
17.94
15.14
1.82
0.07
PCA-DD-0711
NSI
PCA-DD-0712
13.39
16.34
2.95
1.17
0.02
PCA-DD-0713
6.50
21.52
15.02
1.42
0.06
PCA-DD-0714
NSI
PCA-DD-0715
5.76
17.32
11.56
1.63
0.05
PCA-DD-0716
6.95
29.90
22.95
1.47
0.03
PCA-DD-0717
6.83
15.83
9.00
1.41
0.10
PCA-DD-0718
4.30
8.02
3.72
1.46
0.05
PCA-DD-0719
7.79
19.46
11.67
1.47
0.09
PCA-DD-0720
11.23
15.85
4.62
1.54
0.04
PCA-DD-0721
NSI
PCA-DD-0722
8.74
13.10
4.36
1.21
0.06
PCA-DD-0723
7.28
12.82
5.54
1.72
0.08
PCA-DD-0724
8.14
27.84
19.70
1.63
0.06
PCA-DD-0725
9.83
22.48
12.65
1.49
0.03
PCA-DD-0726
5.19
9.39
4.20
2.15
0.07
PCA-DD-0727
9.82
15.32
5.50
1.52
0.06
PCA-DD-0728
NSI
PCA-DD-0729
4.82
17.12
12.30
1.28
0.04
PCA-DD-0730
8.31
16.31
8.00
1.64
0.06
PCA-DD-0731
10.70
12.81
2.11
1.48
0.08
&
15.05
17.85
2.80
1.26
0.03
PCA-DD-0732
7.61
13.66
6.05
1.90
0.07
PCA-DD-0733
8.55
28.48
19.93
1.56
0.05
PCA-DD-0734
NSI
PCA-DD-0735
NSI
PCA-DD-0736
NSI
PCA-DD-0737
13.06
19.34
6.28
1.15
0.09
PCA-DD-0738
18.13
21.79
3.66
1.34
0.02
Table 5.Vila Oito East Drilling Programme
Intercepts ≥1% Ni cut-off
(Holes PCA-DD-0845 to PCA-DD-0857)
Hole
From (m)
To (m)
Width (m)
Ni %
Co %
PCA-DD-0845
NSI
PCA-DD-0846
14.44
26.66
12.22
1.46
0.05
PCA-DD-0847
NSI
PCA-DD-0848
9.74
22.75
13.01
1.32
0.10
PCA-DD-0849
14.71
25.49
10.78
1.42
0.04
PCA-DD-0850
NSI
PCA-DD-0851
12.24
18.03
5.79
1.54
0.11
&
21.99
30.09
8.10
1.39
0.05
PCA-DD-0852
NSI
PCA-DD-0853
NSI
PCA-DD-0854
NSI
PCA-DD-0855
NSI
PCA-DD-0856
6.76
15.47
8.71
1.46
0.06
PCA-DD-0857
NSI
Table 6.Raimundo Drilling Programme
Intercepts ≥1% Ni cut-off
(Holes PCA-DD-0951 to PCA-DD-0970)
Hole
From (m)
To (m)
Width (m)
Ni %
Co %
PCA-DD-0951
5.95
9.93
3.98
1.14
0.05
PCA-DD-0952
NSI
PCA-DD-0953
NSI
PCA-DD-0954
11.22
15.17
3.95
1.27
0.06
PCA-DD-0955
NSI
PCA-DD-0956
NSI
PCA-DD-0957
NSI
PCA-DD-0958
NSI
PCA-DD-0959
NSI
PCA-DD-0960
19.19
26.06
6.87
1.23
0.07
PCA-DD-0961
NSI
PCA-DD-0962
5.20
15.45
10.25
1.40
0.04
PCA-DD-0963
NSI
PCA-DD-0964
NSI
PCA-DD-0965
NSI
PCA-DD-0966
NSI
PCA-DD-0967
NSI
PCA-DD-0968
NSI
PCA-DD-0969
NSI
PCA-DD-0970
NSI
NSI: No significant intersection
The compositing of the nickel grades in the individual holes was completed across geological boundaries 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.
Weighted averages were calculated using double weighting i.e.
individual samples were weighted against both length and bulk density.
As the nickel laterite deposits are essentially flat-lying, all widths given are true widths.
Sample preparation and analyses
Samples from the 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 X-Ray Fluorescence (‘XRF’).
Full QA/QC procedures were implemented, including the insertion of standards, duplicates and blanks.
Check samples representing approximately 5% of all the samples will be sent to another international laboratory for analysis by XRF.
Horizonte Minerals prepared this news release and Dr.
Marc-Antoine Audet P.Geo., a Qualified Person under National Instrument 43-101, reviewed and approved the technical information.
* * 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
Joanna Weaving
finnCap Ltd (Joint Broker)
Tel: +44 (0) 20 7600 1658
Felicity Edwards
St Brides Media & Finance Ltd (PR)
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
In addition Horizonte acquired the Lara Exploration Vila Oito project which has a non compliant 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.
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