LONDON, April 16, 2015 /CNW/ - Horizonte Minerals Plc,
(AIM: HZM, TSX: HZM) ('Horizonte' or 'the Company') the nickel
development company focused in Brazil, is pleased to announce the completion
of its infill resource drilling programme at its 100% owned
Araguaia nickel project ('Araguaia') in Para State, north central
Brazil where initial results have
demonstrated significant new high grade drill intersections (>2%
Ni).
Highlights
- New high grade nickel intersections from completed infill
resource drilling on the Pequizeiro deposit include:
- 9.66 meters grading 2.28% Ni
- 2.29 meters grading 2.17% Ni
- 10.80 meters grading 2.13% Ni
- 20.17 meters grading 2.09% Ni
- Seven rig, 10,255 metre infill resource drill programme
designed to convert initial 7-8 years of the 25 year modelled mine
life to the Measured resource category
- Final infill drill results due Q2 2015
Horizonte CEO Jeremy Martin said,
"We have completed the infill resource drilling programme at
Araguaia on time and within budget; with the initial results
received to date continuing to demonstrate the consistent high
grade nature of the mineralisation. The aim of the programme
is to convert the first 7 to 8 years of the modelled mine life to
the Measured Resource category and in the process give a higher
degree of confidence around the nickel mineralisation for this part
of Araguaia's projected production.
"In addition, we are now in the final phase of the geotechnical
and hydrogeological drilling programme across the proposed process
plant site which will provide detailed information on ground
conditions to assist in the design of the process plant
structures. This will be completed in Q2 2015 and I look
forward to providing further updates on this and infill resource
assay results in due course."
Further Details
Infill Mineral Resource
Drilling
The phase 4 mineral resource drilling programme was
designed to complete infill drilling on 50m x 50m grids on selected
parts of the Pequizeiro and Jacutinga deposits. The completed
programme comprised a total of 310 holes totalling 10,255 metres,
261 holes totalling 8,764 metres on the Pequizeiro deposit and 49
holes totalling 1,491 metres on the Jacutinga deposit. The results
received to date for 43 holes on the Pequizeiro deposit are
presented in Table 1 below. These results contain several high
grade intersections including 9.66 meters grading 2.28% nickel
(hole PCA_DD_1518), 2.29 meters grading 2.17 nickel (hole
PCA_DD_1507), 10.80 meters grading 2.13% nickel (hole PCA_DD_1511)
and 20.17 meters grading 2.09% nickel (hole PCA_DD_1477).
Additional Geotechnical and Hydrogeological
Drilling:
This drilling work will be completed in late
April 2015.
Table 1.
Pequizeiro Drilling Programme
50m x 50m Infill
Drilling
Intercepts ≥1% Ni
cut-off
Holes PCA-DD-1457
to PCA-DD-1527
|
Hole
|
From
(m)
|
To
(m)
|
Width
(m)
|
Ni
%
|
PCA_DD_1457
|
NSI
|
PCA_DD_1458
|
7.40
|
24.10
|
16.70
|
1.92
|
PCA_DD_1475
|
19.50
|
23.68
|
4.18
|
1.07
|
PCA_DD_1477
|
9.58
|
29.75
|
20.17
|
2.09
|
PCA_DD_1478
|
2.36
|
10.35
|
7.99
|
1.08
|
ditto
|
13.25
|
20.31
|
7.06
|
1.10
|
PCA_DD_1481
|
NSI
|
PCA_DD_1486
|
3.52
|
12.02
|
8.50
|
1.18
|
PCA_DD_1489
|
4.70
|
11.98
|
7.28
|
1.09
|
PCA_DD_1491
|
NSI
|
PCA_DD_1492
|
1.22
|
11.64
|
10.42
|
1.61
|
PCA_DD_1494
|
12.69
|
27.20
|
14.51
|
1.90
|
PCA_DD_1495
|
3.90
|
20.99
|
17.09
|
1.78
|
PCA_DD_1496
|
9.20
|
27.20
|
18.00
|
1.66
|
PCA_DD_1498
|
3.56
|
6.79
|
3.23
|
1.14
|
PCA_DD_1499
|
1.01
|
20.85
|
19.84
|
1.50
|
PCA_DD_1500
|
NSI
|
PCA_DD_1501
|
5.30
|
19.19
|
13.89
|
1.68
|
PCA_DD_1502
|
1.66
|
5.52
|
3.86
|
1.33
|
PCA_DD_1503
|
10.27
|
25.46
|
15.19
|
1.58
|
PCA_DD_1504
|
2.68
|
13.20
|
10.52
|
1.39
|
PCA_DD_1505
|
11.75
|
18.20
|
6.45
|
1.19
|
PCA_DD_1506
|
1.20
|
9.15
|
7.95
|
1.48
|
PCA_DD_1507
|
0.46
|
2.75
|
2.29
|
2.17
|
ditto
|
7.70
|
15.72
|
8.02
|
1.52
|
PCA_DD_1508
|
0.98
|
3.41
|
2.43
|
1.28
|
PCA_DD_1509
|
3.40
|
15.90
|
12.50
|
1.24
|
PCA_DD_1510
|
NSI
|
PCA_DD_1511
|
7.80
|
18.60
|
10.80
|
2.13
|
PCA_DD_1512
|
4.29
|
17.90
|
13.61
|
1.58
|
PCA_DD_1513
|
7.25
|
15.20
|
7.95
|
1.33
|
PCA_DD_1514
|
NSI
|
PCA_DD_1515
|
NSI
|
PCA_DD_1516
|
17.47
|
19.83
|
2.36
|
1.12
|
PCA_DD_1517
|
5.35
|
21.35
|
16.00
|
1.55
|
PCA_DD_1518
|
1.92
|
11.58
|
9.66
|
2.28
|
PCA_DD_1519
|
NSI
|
PCA_DD_1520
|
6.35
|
19.65
|
13.30
|
1.16
|
PCA_DD_1521
|
5.06
|
10.13
|
5.07
|
1.41
|
PCA_DD_1522
|
9.20
|
29.10
|
19.90
|
1.71
|
PCA_DD_1523
|
5.95
|
22.28
|
16.33
|
1.89
|
PCA_DD_1524
|
1.59
|
5.62
|
4.03
|
1.16
|
PCA_DD_1525
|
3.79
|
10.47
|
6.68
|
1.43
|
PCA_DD_1526
|
NSI
|
PCA_DD_1527
|
4.80
|
15.93
|
11.13
|
2.00
|
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. All holes were vertical and,
as these nickel laterite deposits are essentially flat-lying, all
widths given are true widths. Core recoveries in the
mineralised sections met the appropriate standards for this style
of mineralisation and were generally >90%.
Sample preparation and analyses
Samples from drill core were crushed and pulverised at the ALS
laboratory in Goiania and the resultant pulps analysed at the ALS
laboratory in Lima, Peru using
tetraborate fusion and X-Ray Fluorescence ('XRF'). Full QA/QC
procedures were followed, 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 David Hall BSc, MSc, Fellow SEG EurGeol. a
director of the Company and Qualified Person under National
Instrument 43-101, reviewed and approved the drillhole technical
information.
About Horizonte Minerals:
Horizonte Minerals plc is an
AIM and TSX-listed nickel development company focused in
Brazil, which wholly owns the
advanced Araguaia nickel laterite project located to the south of
the Carajas mineral district of northern Brazil.
The Company is developing Araguaia as the next major nickel mine
in Brazil, with targeted
production by late 2017 early 2018.
The Project, which has excellent infrastructure in place
including rail, road, water and power, has a current NI 43-101
compliant Mineral Resource of 71.98Mt grading 1.33% Ni (Indicated)
and 25.4Mt at 1.21% Ni (Inferred) at a 0.95% nickel cut-off;
included in Resources is a Probable Reserve base of 21.2Mt at
1.66%Ni.
A Pre-Feasibility Study has been completed which underpins the
robust economics of developing a mine with a targeted 15,000tpa
nickel in ferro-nickel output with a 20% Fe-Ni product over a 25
year mine life utilising the proven pyrometallurgical process of
Rotary Kiln Electric Furnace technology. At these production
rates, the project has a post-tax NPV of US$519m at a discount rate of 8% and an IRR of
20%, with a capital cost of US$582m
which puts this project in the lowest quartile of the cost
curve.
Horizonte has a strong shareholder structure including Teck
Resources Limited 38.5%, Henderson Global Investors 14%, Anglo
Pacific Group 7%.
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; and the
realization of mineral resource and reserve estimates. 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".
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.
SOURCE Horizonte Minerals plc