Horizonte Minerals (LON:HZM) has announced an update on its exploration activities and an outlook report on the mines in Brazil and Peru for H1 2010.
Horizonte Minerals is an AIM listed company focused on the development and exploration of gold, silver and base metal assets in Brazil and Peru. Horizonte's objective is to exploit the shortage of high quality early stage exploration projects in South America, and to become a recognised supplier of quality exploration projects with potential for major economic discoveries.
Horizonte said today that their alliance with AngloGold Ashanti, which began exploration in October 2009, was progressing well with the first part of a steam sediment geochemical survey already completed. Reconnaissance sampling was also finished by the end 2009 with a total of 155 stream sediments and 90 rock samples collected over an area of 660 sq km.
The Company also reported that drilling at the Lontra prospect, a nickel mine, has been delayed until Q2 due to heavy rainfall. When it recommences, it will focus on the Northern Raimundo target and the Southern and Morro targets. Jeremy Martin, CEO of Horizonte, commented,
“We look forward to advancing Lontra at a time when the market is appreciating the long term value in new nickel projects, and it is exciting developing the project from a grass roots discovery through to resource definition, which represents maximum uplift on the value curve. We anticipate the resource will be completed by mid 2010,”
At the Tangora gold prospect, results are expected in June 2010, following an interrogation of the data sets by the contracted Centre for Exploration Targeting of Western Australia.
Horizonte’s joint venture with LGA Mineracao e Siderurgia in Brazil will be focused on two project areas comprising the Goias Nickel Sulphide Project and the Sao Felix Generative programme. The Company expect to generate a number of targets with nickel and sulphide potential, which will be advanced through to a drilling stage later this year. Jeremy Martin commented,
“Horizonte has a number of active projects which we are fast-tracking with our various strategic partners as part of our business model of value generation. The AngloGold exploration alliance has already identified a significant anomaly that requires immediate follow-up and although we are at an early stage of the programme, we are confident that…
