Araguaia Nickel Project Update - Brazil (3277Y)
December 21 2010 - 2:00AM
UK Regulatory
TIDMHZM
RNS Number : 3277Y
Horizonte Minerals PLC
21 December 2010
Horizonte Minerals plc / Index: AIM / Epic: HZM / Sector:
Mining
21 December 2010
Horizonte Minerals plc ('Horizonte' or 'the Company')
Exploration Update on the Araguaia Nickel Project, Brazil
Horizonte Minerals plc, the AIM quoted exploration and
development company focussed in Brazil, is pleased to announce an
exploration update on its 100% owned Araguaia Nickel Project
('Araguaia') located in the Carajas Mineral District of northern
Brazil.
Overview
-- Phase 1 drilling programme currently underway comprising an
estimated 7,350m
-- 30 diamond drill holes complete to date
-- Drilling complete over the Pequizeiro West target
-- Three drill rigs on site - fourth due to be operational in
January 2011
-- Plan to accelerate rate of drilling - intention to contract
an additional drill company with further drill rigs on site by Q1
2011
-- Initial NI 43-101 compliant resource estimate expected Q1
2011
-- Regional exploration programme underway to define additional
drill targets that display the potential to increase the overall
project resource inventory
Horizonte CEO Jeremy Martin said, "Exploration is progressing at
pace at Araguaia with drilling completed at the Pequizeiro West
target. Drilling to date includes intercepts of up to 40m in the
laterite profile and we look forward to receiving the assay results
of these in the next few weeks.
"A full review of the historic and new project data by external
consultant Dr. Marc-Antoine Audet will enable us to produce the
maiden NI 43-101-compliant resource early next year. In addition
metallurgical test work will commence in January to establish the
most suitable process route for the project."
Araguaia Nickel Project
Araguaia comprises nine licences in the Araguaia mobile belt
approximately 200km southeast of the Carajas mineral province and
80km to the south of Xstrata's Serra do Tapa nickel laterite
deposit (60Mt grading 1.63% nickel).
The Phase 1 drilling programme, which is currently underway and
comprises an estimated 7,350m, will reduce the drill spacing over
the key targets including Pequizeiro and Baiao from the current
200m grids to 141m grids. It is designed to meet the requirements
to support a NI 43-101 due in Q1 2011. To date, 30 holes have been
completed for total of 888m. First assays will be available in the
coming weeks.
The Pequizeiro target is located in the centre of the project
area hosted within the laterite profile developed on an interpreted
Ophiolite thrust slice of ultramafic composition. The central area
of the anomaly was previously tested by Teck Resources ('Teck') and
returned a number of high nickel grades >1.5% nickel. Drilling
by Horizonte across the Pequizeiro target will be undertaken on
141m drill grids, and to date approximately 20% of the target area
has had infill drilling completed. Further work will focus on
completion of this target by Q1 2011.
Located 4km to the south of Pequizeiro, the other principal
target, Baiao Zone, covers an area of approximately 1.8km by 2.5km.
Drilling by Teck on 200m by 200m grids has defined a coherent zone
of mineralisation with a number of high grade zones >1.5%
nickel. The target remains open to the north and the current
programme will drill off the target on 141m drill centres.
To increase the overall rate of drilling a second drill company
will be contracted to start early in 2011, with the aim of having
six drill rigs active on the project to fast track the resource
definition programme. Work has also commenced on the regional
exploration programme to define additional drill targets that
display potential to increase the overall project resource base.
There are a number of high priority targets that have not yet had
any diamond drilling work completed.
Araguaia is also now fully operational with core storage and
logging facilities in place including facilities for routine bulk
density factor determination, a project office in Conceicao de
Araguaia and field office on site.
**ENDS**
For further information visit www.horizonteminerals.com or
contact:
Jeremy Martin Horizonte Minerals plc Tel: 020 7016
9132
David Hall Horizonte Minerals plc Tel: 020 7016
9132
Dominic Morley Panmure Gordon (UK) Limited Tel: 0207 459
3600
Katherine Roe Panmure Gordon (UK) Limited Tel: 0207 459
3600
Hugo de Salis St Brides Media & Finance Tel: 020 7236
Ltd 1177
Felicity Edwards St Brides Media & Finance Tel: 020 7236
Ltd 1177
Notes
Horizonte Minerals plc is an AIM quoted exploration and
development company with a portfolio of nickel and gold projects in
the Carjas 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 now has two committed major mining partners: Teck
Resources Limited ('Teck'), a strategic 50 per cent 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.
Additionally, Horizonte signed a US$2.8 million option agreement
to advance the Tangara gold project, situated in the Araguaia
mobile belt in the Carajas Mineral Province of northern Brazil,
with Troy Resources in December 2007. The project is currently
being advanced towards a resource definition
This information is provided by RNS
The company news service from the London Stock Exchange
END
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