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Market: AIM, TSX
Sector: Mining
EPIC: HZM
Latest Price: 0.19  (-13.51% Descending)
52-week High: 0.28
52-week Low: 0.10
Market Cap: 53.29M
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Horizonte Minerals
www.horizonteminerals.com

Horizonte Minerals Plc. is focused on exploration and development of mineral projects in Brazil. It has a successful track record in partnering with major mining companies. The Group is led by a management team with over 50 years of combined experience in the South American exploration and mining industry.

Principal projects include the wholly-owned Araguaia nickel laterite project, located in the southern Carajas Mineral District in Brazil, acquired in August 2010 from Teck. Work is focussed on the delivery of a 100 million tonne resource with fast track to Feasibility Study stage. On the gold programme Horizonte operates in partnership with Anglo Gold Ashanti to generate new world class projects in both north and southern Brazil.

Full Horizonte Minerals profile here
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Horizonte Minerals reveals 30% resource upgrade at Araguaia

10th Jan 2012, 11:15 am by Philip Whiterow

Horizonte Minerals (LON:HZM, TSE:HZM) has upgraded the resources estimate at its Araguaia nickel project in Brazil by over 30% to more than 100 million tonnes.

The 43-101/ JORC compliant indicated resources are now estimated at 39.3 million tonnes grading 1.39% nickel using 0.95% Ni cut-off, while inferred resources are 60.9 million tonnes averaging 1.22% Ni using 0.95% Ni cut-off.

High grades in the indicated category at a 1.20% Ni cut-off grade totalled 24.2 million tonnes averaging 1.6% Ni.

Describing the upgrade as “excellent news” chief executive Jeremy Martin said the group had converted 39% of the resource to the indicated category and had demonstrated the existence of higher grade zones which are vital for early mine life economics.

"We believe that the updated resource places Araguaia in the upper quartile of developing global nickel assets in terms of size and grade.  Further drilling is planned to convert additional material into the measured and indicated resource categories once the company has completed the PEA, its next milestone, which will give a range of project economics,” he added.

The group added that work on the Preliminary Economic Assessment (PEA) is on schedule for the middle of this half of 2012 while initial metallurgical test work results to determine ore characteristics are due this quarter.

The new resource estimates was based on 1,087 boreholes for a total of 25,773 metres and included targets within the North, Centre, Pequizeiro, Baião and Lontra sectors of the greater Araguaia project.

The previous resource estimates at Araguaia was 76.6 million tonnes.

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