Horizonte Minerals upbeat on Araguaia results

The AIM-traded firm said the high grade nickel intersections revealed in the results included 4.97 metres grading 2.44% Ni, 8.69 metres grading 2.31% Ni, 8.62 metres grading 2.19% Ni, 11.14 metres grading 2.07% Ni, and 11.05 metres grading 2.02% Ni.

Its board described the results as the delivery of a “key milestone” as part of the feasibility study.

Trial excavation work was now underway, with the aim of converting probable reserve to proven reserve, conform resource reconciliation and overall mining conditions.

“I am pleased to report the completion of the diamond drill programme over the trial excavation site, the aim of this work was to define an area with near surface transition and saprolite mineralisation that would be representative of the first five to eight years mine life,” said CEO Jeremy Martin.

“The drill results demonstrate this and additionally confirm the high grade nature of the nickel mineralisation that has been drill defined across the project.”

Martin said the next stage was the trial excavation programme over the area, which was now underway.

“The trial excavation programme targets the removal of approximately 20,000 tonnes of ore down to a depth of around 14 metres utilising two 35 tonne excavators and four 35 tonne trucks.

“We look forward to providing updates on this work stream, and the rest of the FS as we work to develop Araguaia as the next major ferronickel operation.”