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Horizonte Minerals pleased with trial drilling results at Araguaia

The results will be used in the feasibility study for Araguaia.

picture of roll of nickel
Trial gave indication of first 5-8 years mine life

Horizonte Minerals Plc (LON:HZM TSX:HZM) has reported high grade nickel indications from a small trial drilling programme at its Araguaia project in Brazil.

Jeremy Martin, chief executive, said the aim was to define an area with near surface transition and saprolite mineralisation that would be representative of the first five to eight years life at the nickel mine.

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

WATCH: Horizonte Minerals' Jeremy Martin 'very pleased' with grades from trial drilling programme

The results will be used in the feasibility study for Araguaia.

Widths over the 5m x 5m square included 11.1m grading 2.07% nickel and 11.05m at 2.02% Ni at depths up to 20m.

Trial excavation work is now underway to convert probable reserves to proven reserves, which will see 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, Martin added.

Shares rose 7% to 2.85p.

-- updates for share price--

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Price: 3.3 GBX

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