(PRZCF.OTCBB) (PH0.FRANKFURT) (TSXV.PHE)
VANCOUVER, June 17 /PRNewswire-FirstCall/ - PETRO HORIZON ENERGY CORP. (TSXV.PHE), announces that it is pleased to report that a National Instrument 43-101 compliant technical report on the Brazil Lake property (BLP) has been filed on the Sedar system and is also available on the Company's website at www.petrohorizonenergy.com.
The Report, prepared for the Company by Mercator Geological Services (Mercator) of Dartmouth, provides the first comprehensive description of the geology and compilation of available information pertaining to a potential lithium deposit on the 3,160 acre property located approximately 30 kilometres north of Yarmouth, Nova Scotia, and 12 kilometres west of the Avalon Rare Metals (AVL) East Kemptville Project.
Ron Bourgeois, President, states "with confirmation of the projects's merits and detailed recommendations of drilling by Mercator, the Company can advance this project to the next stage."
Highlights of the NI 43-101 compliant report are:
- Work to date shows that Li2O grades of economic interest are present. More specifically, hole BZ-02-15 returned a weighted average Li2O grade of 1.47% over a true width of 12.53 m, beginning at a down hole depth of 30.9 m, and BZ-93-4 returned a weighted average grade of 1.27% Li2O over 20.9 m true width, beginning at a down hole depth of 47.1 m. These intercepts and others contain sub-interval Li2O grades exceeding 2.5%. This indicates that potential exists at the BLP for definition of mineralized zones at insitu Li2O grades comparable to the 2.76% Li2O reserve grade of the underground Cabot owned TANCO Mine at Bernic Lake, Manitoba, but over thinner true widths to date. - Thin overburden at Brazil Lake would factor favorably in economic analysis of lower cost open pit development, while near vertical dip orientation of the dikes could factor favorably in consideration of subsequent underground mining of thinner, high grade shoots within the dikes. - Prior work by Champlain Minerals Inc. has also been directed toward definition of valuable mineral or metal components of the BLP dikes additional to lithium, and preliminary results show that potential exists for creation of industrial mineral products such feldspar, quartz and mica. The company is also investigating potential for recovery of rubidium, tantalum and tin from dike materials. - Initial processing studies directed toward beneficiation of lithium bearing spodumene, as well as feldspar, quartz and mica have returned favourable results but additional work is required on this front. - The presently known North Dike and South Dike pegmatites of the BLP, along with adjacent boulder prospect areas such as those at Deerfield, Army Road, Church Road and Gardiners Mills define a district scale area in which additional spodumene-bearing pegmatites can be expected to occur. The North Dike and South Dike provide indications of lithium grades that can be expected in this setting and are considered to be of economic interest under current market conditions. Combined attributes of the BLP are further interpreted as indicating that good potential exists for new discoveries of spodumene-bearing pegmatites, and that further exploration to evaluate district-scale potential is warranted. - Future exploration should include additional drilling-based evaluation of the North Dike and South Dike pegmatites as well as continuation of basic exploration programs along the favourable northeast trend of the BLP. Drilling focus should initially be placed on assessment of the North Dike, with particular attention given to testing of the potential downplunge extension of the dike's thickened central zone of enhanced spodumene occurrence. - Regional property exploration should be pursued with emphasis initially placed on detailed prospecting in all areas not covered to date. This will serve to identify glacial float trains and provide target areas for focused follow-up by surface trenching or reverse circulation drilling methods to test for bedrock pegmatite sources. - Further laboratory metallurgical study of spodumene, mica, silica and feldspar beneficiation methods is necessary to better establish technical and costing parameters for future economic assessment of the BLP.
J. Paul Sorbara, M. Sc., P.Geo, a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
On Behalf of the board of directors
Ron Bourgeois, President
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Forward-looking statements relating to future events or future performance and reflecting Petro Horizon's management's expectations or beliefs regarding future events include, but are not limited to, statements with respect to completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words 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" or the negative of these terms or comparable terminology. By nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Petro Horizon to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Petro Horizon's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although Petro Horizon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking 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 statements.
SOURCE Petro Horizon Energy Corp.