Horizonte Minerals plc has announced continuing positive results from the infill resource drilling program at its 100% owned Araguaia nickel project in Para Sate, north central Brazil.
Highlights are:
1. New high grade intersections on the Baiao target include:
11.1 meters grading 2.01% Ni
15.0 meters grading 1.88% Ni
16.9 meters grading 1.85% Ni
2. High grade intersection on the Vila Oito East target of 12.7 meters grading 1.87% Ni
3. 539 drill holes totaling 13,204 meters completed to date as part of the infill resource drilling program
4. Preliminary Economic Assessment commenced September 2011
5. Environmental Baseline Study commenced in October 2011
6. Pyrometallurgical test work including Thermal Characterization and Batch Smelting Tests are being undertaken at Xstrata's Process Support in Sudbury, Canada
7. Hydrometallurgical test work including Bottle Roll Leaching and Atmospheric Tank Leaching tests are being undertaken at the Wardell-Armstrong laboratory in the UK
Mr Jeremy Martin CEO of Horizonte said that "The Company is fast tracking work on the Araguaia nickel project and with the current phase of resource drilling now complete, this will allow us to expand our maiden resource of 76.6 million tonnes grading 135% nickel that was released in March of this year. The delineation of additional high grade zones of mineralization at the Baiao target will allow us to look at options for the initial pit design. All drill results are now being integrated into the new resource model and we aim to deliver the updated mineral resource estimate by the end of the year which is in line with our projections."
He added that "In tandem with the resource upgrade program, we have two parallel sets of metallurgical test work currently underway: Xstrata Process Support is undertaking initial Pyrometallurgical testing to determine the ore characteristics for the production of ferronickel; and Hydrometallurgical test work, including Bottle Roll Leaching and Atmospheric Tank Leaching tests are being undertaken at the Wardell Armstrong laboratory in the UK. The initial results of the test work will be received at the end of the year and into Q1 2012."
Mr Jeremy Martin said that "These various parameters, resource plus metallurgical treatment routes will flow into the PEA which we plan to complete by the end of Q1 2012. Araguaia is developing into a significant nickel deposit in terms of size and grade when compared with its global nickel peer group and we are well funded to advance the project through a number of key milestones."
