Advertisement

Horizonte Minerals reports high-grade nickel results at Araguaia Project

AIM-listed exploration and development company Horizonte Minerals has unveiled positive results from its infill drilling project at the Araguaia Nickel Project located to the south of the Carajas mineral district of northern Brazil.

AIM-listed exploration and development company Horizonte Minerals has unveiled positive results from its infill drilling project at the Araguaia Nickel Project located to the south of the Carajas mineral district of northern Brazil.

New high-grade nickel intersections were identified at the Jacutinga Target, including 7.61m grading 1.80% nickel.

At the Vila Oito Target, new high-grade nickel intersections were also identified including 6.75m grading 2.53% nickel, 10.52m grading at 1.91% nickel and 13.33m grading at 1.78% nickel.

Advertisement - Article continues below

The company further reported that 166 holes of the 7,000m infill drill programme had been completed to date targeting the Jacutinga, Vila Oito East and Pequiziero West targets in Araguaia.

The project currently has an estimated mineral resource of 39.3m tonnes (Mt) grading 1.39% nickel (Indicated) and 60.9Mt at 1.22% nickel (Inferred) at a 0.95% nickel cut-off.

Jeremy Martin, Chief Executive Officer of Horizonte Minerals, commented: "The results of the on-going infill drill programme at Araguaia continue to deliver high nickel grades with good vertical thickness over the main target zones."

He added: "A key objective of this on-going drilling programme is to determine the overall size of the target zones, together with converting the current resources to the Indicated category."

The group has also awarded a contract to Snowden Mining Consultants to supervise and undertake an updated resource estimate that will form the basis for the Pre-Feasibility Study, Martin added.

"The selection process for the Pre-Feasibility consulting groups is also in the final stages and we look forward to updating on all these developments in due course," he added.

Horizonte minerals' share price was down 1.08% to 11.50p at 10:29 on Thursday.

MF

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
Three ideas for Lloyds Bank's new boss
UK stockmarkets

Three ideas for Lloyds Bank's new boss

The Black Horse needs whipping into shape. A change at the top provides a great opportunity, says Matthew Lynn.
12 Jul 2020
Why the moving average is my favourite charting tool
Sponsored

Why the moving average is my favourite charting tool

Traders and technical analysts use "moving averages" to iron out daily fluctuations and give a much clearer picture of a market's direction. Dominic …
13 Jul 2020