Proactiveinvestors recommends

Additional Information

Market:	AIM
Sector:	General Mining
EPIC:	HZM
Latest Price:	8.75 (1.45% )
52-week High:	19.25
52-week Low:	8.13
Market Cap:	25.21M

1 year chart

1 day chart

Horizonte Minerals Full Horizonte Minerals profile here

Horizonte Minerals Plc. is focused on exploration and development of mineral projects in Brazil. It has a successful track record in partnering with major mining companies. The Group is led by a management team with over 50 years of combined experience in the South American exploration and mining industry.

Principal projects include the wholly-owned Araguaia nickel laterite project, located in the southern Carajas Mineral District in Brazil, acquired in August 2010 from Teck. Work is focussed on the delivery of a 100 million tonne resource with fast track to Feasibility Study stage. On the gold programme Horizonte operates in partnership with Anglo Gold Ashanti to generate new world class projects in both north and southern Brazil.

Horizonte Minerals reveals 30% resource upgrade at Araguaia

Wednesday, January 11, 2012 by Philip Whiterow

Horizonte Minerals (LON:HZM, TSE:HZM) has upgraded the resources estimate at its Araguaia nickel project in Brazil by over 30% to more than 100 million tonnes.

The 43-101/ JORC compliant indicated resources are now estimated at 39.3 million tonnes grading 1.39% nickel using 0.95% Ni cut-off, while inferred resources are 60.9 million tonnes averaging 1.22% Ni using 0.95% Ni cut-off.

High grades in the indicated category at a 1.20% Ni cut-off grade totalled 24.2 million tonnes averaging 1.6% Ni.

Describing the upgrade as “excellent news” chief executive Jeremy Martin said the group had converted 39% of the resource to the indicated category and had demonstrated the existence of higher grade zones which are vital for early mine life economics.

"We believe that the updated resource places Araguaia in the upper quartile of developing global nickel assets in terms of size and grade. Further drilling is planned to convert additional material into the measured and indicated resource categories once the company has completed the PEA, its next milestone, which will give a range of project economics,” he added.

The group added that work on the Preliminary Economic Assessment (PEA) is on schedule for the middle of this half of 2012 while initial metallurgical test work results to determine ore characteristics are due this quarter.

The new resource estimates was based on 1,087 boreholes for a total of 25,773 metres and included targets within the North, Centre, Pequizeiro, Baião and Lontra sectors of the greater Araguaia project.

The previous resource estimates at Araguaia was 76.6 million tonnes.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.