Horizonte and joint venture partner AngloGold Ashanti have scheduled a geophysical survey over their Falcao gold project in Brazil and, subject to the results, a follow-up drilling programme for the second or third quarter of this year. FinnCap analyst Martin Potts expects the PEA for Araguaia to be a significant milestone for Horizonte. This will, for the first time, set out the project costs and operating parameters and should allow the calculation of a solidly based discounted valuation, he said in the broker's Morning Note report.