25 May 2012

More nickel cheer at Horizonte

10/05/2011 Robert Tyerman

Horizonte Minerals (HZM) says drilling at Perquizero in Brazil's Araguaia project has shown nickel grades of up to 2.42 per cent. The AIM-quoted company report other intersections from infill drilling including 12.1 metres with 1.76 per cent nickel and 14.3 metres with 1.u72 per cent nickel.

Hoping to achieve a resource target of 100 million tonnes of nickel-bearing ore by the end of this year, Horizonte will seek to accelerate its infill drilling programme. Chief executive officer Jeremy Martin says this will focus on upgrading 'a significant part of the initial resource of 76.6 million tonnes with 1.35 per cent nickel.

Canadian mining group Teck has a hefty stake in London-based Horizonte, which raised £8.25 million at 25p in February. Growth Company Investor recommended the shares at a depressed 10p in August before suggesting partial profit taking at 27p three months ago.

They are 19.88p, up 1p this morning, valuing the company at £55.6 million. Hold on for now.

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

Sector: Mining

Companies: Horizonte Minerals

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