Horizonte Minerals awarded three new mineral exploration concession areas

Horizonte Minerals has confirmed the award of three new mineral exploration concession areas adjacent to the Araguaia North deposits that form part of the company's 100%-owned Araguaia nickel project.

The project was being developed as the next major nickel project in Brazil.

Horizonte said the new concessions totalled 1,748 ha and were located in prospective locations containing ultramafic intrusion of a similar type to those hosting the high-grade nickel resource at Araguaia's Vale dos Sonhos deposit.

It said further applications totaling an area of 6,186 ha had also been filed with the Mines Department for two additional concessions also adjacent to the Araguaia North deposits.

A reconnaissance exploration programme would ascertain new drill targets that demonstrated potential for additional zones of new nickel mineralisation.

The feasibility study was progressing on schedule and on budget for delivery by the end of 2017.

At 10:56 BST, shares in AIM-listed Horizonte Minerals were flat at 2.65p each.