Horizonte awarded new concession areas adjacent to Araguaia nickel project
Horizonte Minerals Plc, (AIM:HZM) (TSX:HZM) ('Horizonte' or 'the Company') the nickel development company focused in Brazil, is pleased to announce the award of three new mineral exploration concession areas adjacent to the Araguaia North deposits forming part of Horizonte's 100% owned Araguaia nickel project ('Araguaia') which is being developed as the next major nickel project in Brazil. Highlights
- Three new concessions awarded, totalling 1,748 ha, are located in
prospective locations containing ultramafic intrusion of a similar type
to those hosting the high-grade nickel resource at Araguaia's Vale dos
- Further applications totaling an area of 6,186 hectares
have also been filed with the Mines Department for two additional
concessions also adjacent to the Araguaia North deposits
- Reconnaissance exploration programme will ascertain new
drill targets that demonstrate potential for additional zones of new
- Feasibility Study is progressing on schedule and on budget for delivery by the end of 2017
Horizonte CEO Jeremy Martin said, "Whilst the Feasibility Study is underway at Araguaia we have also been busy adding to our land position. This forms part of our continuing strategy to consolidate the Araguaia nickel belt and provides future value uplift potential to increase our project nickel resources. The new concession areas lie adjacent to our high-grade Vale do Sonhos deposit and therefore they represent attractive exploration targets. As we advance Araguaia through the Feasibility Study and with drilling underway on site at the trial excavation area, we look forward to keeping the market updated with progress at this exciting time for Horizonte."Further Details
Two of the three new northern concessions are located adjacent to the Vale dos Sonhos nickel deposit. The geology of the new areas is characterised by the extensions of the mafic-ultramafic igneous rocks that host the nickel mineralisation underlying the deposit.
The geology of the third area is characterised by the southern extensions of the mafic-ultramafic igneous rocks that host nickel mineralisation to the north of the new licence area. A reconnaissance exploration programme will be undertaken across these new areas with the objective of developing new drill targets that demonstrate potential for additional zones of new nickel mineralisation.
With the award of these three new concession areas Horizonte now has a total of 26 active concessions, totalling 123,212 hectares in the Araguaia Nickel Belt. These comprise eleven concessions in Araguaia South and fifteen in Araguaia North.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.About Horizonte Minerals:
Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil, which wholly owns the advanced Araguaia nickel laterite project located to the south of the Carajas mineral district of northern Brazil. The Company is developing Araguaia as the next major nickel mine in Brazil, with targeted production by 2019.
The Project has good infrastructure in place including rail, road, water and power.
Horizonte has a strong shareholder structure including Teck Resources Limited 17.9%, Lombard Odier Asset Management (Europe) Limited 14.11%, Richard Griffiths 13.8%, JP Morgan 8.98%, Hargreave Hale 6.84% and Glencore 6.4%%.
For more information, please visit: http://horizonteminerals.com