Companies: HZM   

Depressed Horizonte Minerals has claimed a ‘significant new laterite nickel discovery’ at Lontra in northern Brazil’s Carajas mineral province.

The AIM-quoted company says results from the first 18 holes of a 60-hole drilling programme include 11.5 metres at 1.58 per cent nickel and 7.9 metres at 1.55 per cent nickel. Chief executive officer Jeremy Martin claims these findings ‘demonstrate that Lontra is developing into a major mineralised system with economic grades’ and says that drilling has now moved 3 km in to a larger target at São Raimundo, leaving three further target areas along the 30 km length of the Lontra project.

Floated in 2006 with a £2.3 million fund raising at 30p, Horizonte has seen its shares fall to 9.5p last month before moving 1p higher to 10.5p, valuing the company at £4.25 million. They are speculative.

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Horizonte Minerals	AIM	£2.83m	7.00p	0.25p
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Other company articles:
Progress at Horizonte			24/11/2008
Horizonte hails Brazil find			08/09/2008
Nickel cheer for Horizonte			22/04/2008
Nickel cheer at Horizonte			11/02/2008
Robert Tyerman’s Exploration Insights			29/03/2007