Tangara Project - Troy Resour

RNS Number : 3579W

Horizonte Minerals PLC

28 July 2009

 



Horizonte Minerals plc / Index: AIM / Epic: HZM / Sector: Mining

28 July 2009

Horizonte Minerals plc ('Horizonte' or 'the Company')

Positive Results at Tangara on the Troy Resources NL Joint Venture

Horizonte, the AIM quoted exploration and development ('E&D') company focused on Brazil and Peru, is pleased to announce a positive update on its joint venture with Troy Resources NL ('Troy Resources') on its Tangara gold project ('the Tangara Project') located in the Carajas Mineral Province in Brazil.

Highlights

·              West Rio Maria vein sampling returned rock grab samples up to 36.7 g/t gold (‘Au’) and channel samples of 3m at 12.3g/t Au respectively

·               West Rio Maria soil sampling defines two new highly encouraging anomalous trends

o       3km long by 300m wide Bezerro – Serrinha trend with gold in soil zones over 0.1 g/t Au

o       a sub-parallel, 1.6km long zone, 400m to the south, with soil anomalies of greater than 0.1g/t Au

·               Drilling programme planned to test new gold targets

·               Work commenced on the Pampeana target at the eastern end of the Tangara ground holding

Horizonte CEO Jeremy Martin said, 'This latest update from our JV partners demonstrates the potential of the
Tangara Project with multiple new gold anomalies defined.  Troy is completing a high quality systematic exploration programme across the project area and we look forward to the drill results from the West Rio Maria target areas in the coming months.  We still consider any ounces defined on the project to be suitable mill feed for Troy's nearby Andorinhas gold plant.'   

Further Information

A soil programme across the Bezerro - Serrinha Trend in West Rio Maria has yielded significant results with values of up to 1.98 g/t Au in soils and six zones above a highly anomalous threshold of 0.11 g/t Au. The results define a 3,000 metre long east-northeast striking anomalous trend up to 300 metres wide within which rock grab sampling of float and outcropping veins yielded values up to 36.75 g/t Au. Approximately 400 metres south of the main trend another anomalous zone was identified along 1,600 metres including four zones above 0.1 g/t Au with maximum of 0.81g/t Au in soils and rock chip returning up to 2.20 g/t Au.  

This recent work, along with earlier mapping and sampling in the southern part of the West Rio Maria block (Manoel and Anastácio Targets), has now outlined four sub-parallel east-west trending gold bearing shear zones that host a series of old workings, anomalous quartz vein grab samples and gold-in-soil anomalism.  Troy is planning a Rotary Air Blast ('RAB') and Reverse Circulation drilling programme to test these new targets.

On the Malvinas target infill, soil sampling has been completed. A total of 440 samples were collected with over 32% of the samples returning gold values greater than 0.1 g/t Au with a maximum soil value of 1.4 g/t Au. These results have better defined the gold trend outlined by Horizonte and have identified a number of RAB drill targets for further exploration.

A third target area, named the Pampeana Trend, is located east of the Malvinas target on the eastern side of the Tangara Project area and comprises several gold-in-soil anomalies defined by Horizonte. Extensive artisanal hard rock mining workings are present and occur over trends of up to 80 metres width.  Troy plans to commence channel sampling and mapping shortly, with the aim of identifying potential zones for detailed geochemistry, and if required drilling.

The above information has been reviewed and verified by Mr. Jeremy Martin, a Director and the CEO of Horizonte, for the purposes of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange plc in March 2006. Mr. Martin, with eight 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: [phone]
David Hall	Horizonte Minerals plc	Tel: [phone]
Richard Baty	Hanson Westhouse Limited	Tel: [phone]
Martin Davison	Hanson Westhouse Limited	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]

Notes:

Horizonte Minerals plc is an AIM quoted exploration and development company with an extensive portfolio of gold, nickel, silver, lead and zinc projects in producing mineral districts in Brazil and Peru. It has three primary projects working towards a resource definition, including the 22,556 hectare Lontra nickel project situated in the Araguaia mobile belt, which flanks the eastern margin of the Carajas Mineral Province of northern Brazil, the silver-zinc-lead project El Aguilia in Peru, located in the historic mining district of Cerro de Pasco and the 2,147 hectare Pararapa gold property located in the Department of Arequipa, southern Peru, which it is advancing in tandem with Barrick Gold.  In addition it has a generative pipeline of early stage projects in development including 300 sq km Falcao gold project located near the Lontra project.

The Company is focused on generating and rapidly advancing exploration projects before joint venturing them with a major mining company to further develop the projects and provide mid-term cash flow, which can be fed back into the business and its other projects. This model was initially proven in December 2007 when Horizonte signed an option agreement with Troy Resources (ASX:TRY), to operate and develop its Brazilian Tangara gold project by expending a total US$2.8 million on exploration and development as well as a royalty payment on production. 

 

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