Horizonte Minerals Plc
TSX : HZM
AIM : HZM

Horizonte Minerals Plc

September 12, 2011 07:00 ET

Horizonte Minerals Reports Continued High-Grade Nickel Drill Results at Araguaia Project, Brazil

TORONTO, ONTARIO--(Marketwire - Sept. 12, 2011) - Horizonte Minerals (TSX:HZM) (AIM:HZM) ("Horizonte" or "the Company") is pleased to announce further 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:
    • 15.1 metres grading 1.82% Ni
    • 19.7 metres grading 1.63% Ni and
    • 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 to 100Mt 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 rig-drilling 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.

About Horizonte Minerals

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.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

Except for statements of historical fact relating to the Company, certain information contained in this press release constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the potential of the Company's current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; the realization of mineral resource and reserve estimates; and the estimated time for delivery of a preliminary economic assessment by Wardell-Armstrong. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". In addition, statements relating to "mineral reserves" or "mineral resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the mineral resources and mineral reserves described can be profitably mined in the future.

Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: exploration and mining risks, competition from competitors with greater capital; the Company's lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company's future payment obligations; potential disputes with respect to the Company's title to, and the area of, its mining concessions; the Company's dependence on its ability to obtain sufficient financing in the future; the Company's dependence on its relationships with third parties; the Company's joint ventures; the potential of currency fluctuations and political or economic instability in countries in which the Company operates; currency exchange fluctuations; the Company's ability to manage its growth effectively; the trading market for the ordinary shares of the Company; uncertainty with respect to the Company's plans to continue to develop its operations and new projects; the Company's dependence on key personnel; possible conflicts of interest of directors and officers of the Company, and various risks associated with the legal and regulatory framework within which the Company operates.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Contact Information

  • Horizonte Minerals plc
    Jeremy Martin
    +44 (0) 20 7763 7157

    Horizonte Minerals plc
    David Hall
    +44 (0) 20 7763 7157

    Horizonte Minerals plc
    Investor Relations
    Sebastian de Kloet
    1-416-970-5277

    Panmure Gordon (UK) Limited
    (Nomad and Broker)
    Dominic Morley
    +44 (0) 20 7459 3600

    UK Investor Relations
    Felicity Edwards
    +44 (0) 20 7236 1177