3rd Jun 2015 07:09
LONDON (Alliance News) - Horizonte Minerals PLC saw its shares rise early Wednesday after it reported high-grade drill results from the latest completed drilling programme at its Araguaia nickel project in Para State, north central Brazil.
The nickel developer said high-grade nickel intersections from the Phase 4 infill resource drilling on the Pequizeiro deposit include 11.30 meters grading 2.95% nickel, 9.21 meters grading 2.50%, 11.82 meters grading 2.39%, 14.05 meters grading 2.33%, and 18.99 meters grading 2.27% nickel.
High grade nickel intersections from infill resource drilling on the Jacutinga deposit include 4.44 meters grading 3.04% nickel, 12.13 meters grading 2.43%, 17.44 meters grading 2.38%, 19.67 meters grading 2.07%, and 17.30 meters grading 2.07% nickel, it added.
"The full set of results have now been received for the drilling across the Pequizeiro and Jacutinga deposits, and these two areas will support the initial 8 to 10 years mine life. These results further support the high grade zones within the current NI 43-101 Mineral Resource Estimate, so we have an increased degree of confidence that we will not see any significant reduction in the planned nickel grades over the early period of mine life," Horizonte Chief Executive Jeremy Martin said.
"We are making good progress on other areas of the Feasibility work at Araguaia. The full scale Rotary Kiln Electric Furnace pilot campaign is progressing to schedule and we look forward to providing updates on this work in due course," he added.
Horizonte Minerals shares were up 5.7% at 2.78 pence in London early Wednesday.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
HZM.L