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Horizonte Minerals confirms high grade nickel sites at Araguaia

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Horizonte Minerals’ (LON:HZM) ongoing drilling has confirmed high grade nickel in areas ear-marked for the early years of the proposed Araguaia mine in Brazil.

The company told investors that drilling remains on schedule as it revealed the latest results, which include nickel grades between 1.99% and 2.17% in intersections of 12.45 to 13.95 metres.

The current drilling activities are part of bulk sampling work to enable Horizonte to dial in the optimal parameters of Araguaia’s nickel processing operations.

Next month material will be collected for the bulk sampling programme, it will then be processed at Araguaia’s pilot plant in the second quarter.

"We are making good progress on the feasibility work at Araguaia with the drilling and collection of the 200 tonne bulk sample running to schedule,” said chief executive Jeremy Martin.

“The drill results received from the bulk sample sites confirm the high nickel grades that are scheduled for the early part of Araguaia's mine life.

“The next major step will be the running of the pilot programme with the aim of confirming the detailed design parameters around the Rotary Kiln Electric Arc Furnace process and the production of nickel.”

Horizonte also revealed progress for its permitting activities. A public hearing in relation to the mine’s Environmental and Social Impact Assessment (ESIA) is due to take place imminently, the company said.

The ESIA was submitted by the company in the third quarter of last year and the public consultation process is timetabled to happen during the first three months of 2015.

Quick facts: Horizonte Minerals PLC

Price: 1.85 GBX

AIM:HZM
Market: AIM
Market Cap: £26.76 m
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Horizonte Minerals updates investors on upcoming milestones, calls nickel...

Horizonte Minerals Plc (LON:HZM) CEO Jeremy Martin tells Proactive Investors the company is gearing up for new milestones, including its economic assessment at the end of the year regarding its Araguaia nickel project in Brazil's Pará State. Martin also alludes to Horizonte's continued...

on 11/26/2018

2 min read