25 May 2012

Horizonte beats nickel expectations

01/03/2011 Robert Tyerman

Brazil-focused Horizonte Minerals (HZM) says its Araguaia project contains an inferred resource of 1.03 million tonnes of nickel grading 1.35 per cent. This maiden resource estimate is ahead of the AIM-quoted company's own expectations in terms of overall tonnage, 76.6 million tonnes, and grade for Araguaia in north central Brazil, which is also reckoned to hold cobalt at a grade of 0.6 per cent.

Chief executive officer Jeremy Martin points out this initial resource estimate covers only part of the project, which the company bought last year from Canada's Teck Resources in a share deal giving Teck a 50 per cent stake in Horizonte. He says Horizonte therefore intends to expand its drill capacity to increase Araguaia's resource further to 100 million tonnes overall and to delineate a higher-grade core, while preparing for a preliminary economic study later this year and a pre-feasibility study thereafter.

London-based Horizonte has several other projects, notably a £3.4 million joint venture with another mining major, AngloGold Ashanti, to develop gold targets in two areas of Brazil and a second joint venture over another prospect, Falcao, in the same district. Highlighted by Growth Company Investor at 10p last, the shares now trade at 24.63p, valuing the company at £69 million. Hold on.

Tags: AIM market, Brazil, Jeremy Martin, Nickel, Teck Resources

Sector: Mining

Companies: Horizonte Minerals

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