Horizonte Minerals unveiled another batch of high grade drill results from the Araguaia nickel project in Brazil. The company has now completed 13,084 meters of infill drilling in 529 holes as part of the current work program. Once drilling is complete Horizonte hopes to upgrade its current 76.6 million tonne NI43-101 mineral resource by the end of this year.

Today’s results come from the Pequizeiro and Baião target. The best result from Pequizeiro was a 9.1 meter intersection that had a nickel grade of 2.74%. Meanwhile the best results from Baião had lengths between 15.1 meters to 19.9 meters with grades ranging from 1.56 to 1.82% nickel.

Mr Jeremy Martin CEO of Horizonte Minerals said that “These latest drill results covering the Baião and Pequizeiro targets continue to demonstrate the consistent high nickel grades and excellent lateral continuity of mineralization delineated at Araguaia to date. The continued expansion of these high grade zones will be important for the overall project economics. The multi rig drilling program is running to schedule and we are on target to announce a resource upgrade in the fourth quarter of 2011 at Araguaia.”

He said that Wardell Armstrong International is also due on site this month to commence work on the preliminary economic assessment and the environmental baseline study and I look forward to updating shareholders on project developments as we continue to fast track this exciting nickel project towards the feasibility stage.

(Sourced from www.proactiveinvestors.co.uk)