Horizonte Minerals PLC on Tuesday said it has been awarded three new exploration concessions that lie adjacent to its Araguaia North deposits in Brazil.
The miner is developing the Araguaia nickel project and said the three new concessions, totalling 1,748 hectares in size, are situated in locations containing ultramafic intrusion of a similar type to those hosting the high-grade nickel resource at Araguaia’s Vale dos Sonhos deposit.
Importantly, only two of the three new concessions are adjacent to Vale dos Sonhos. The third area is characterised by the southern extensions of the mafic-ultramafic igneous rocks that host nickel mineralisation to the north of the new licence area.
Further applications totalling an area of 6,186 hectares have been filed with the Mines Department for two additional concessions also adjacent to the Araguaia North deposits.
Horizonte said a reconnaissance exploration programme will ascertain new drill targets that demonstrate potential for additional zones of new nickel mineralisation, and said the ongoing feasibility study is on budget for delivery before 2017 comes to a close.
“Whilst the feasibility study is underway at Araguaia, we have also been busy adding to our land position. This forms part of our continuing strategy to consolidate the Araguaia nickel belt and provides future value uplift potential to increase our project nickel resources. The new concession areas lie adjacent to our high-grade Vale do Sonhos deposit and therefore they represent attractive exploration targets,” said Chief Executive Jeremy Martin.
Horizonte shares were trading flat on Tuesday at 2.65 pence.