LONDON (Alliance News) - Horizonte Minerals PLC said Tuesday it has been awarded four new concession areas adjacent to its Araguaia nickel project in Brazil.
This includes two new southern concessions totalling 15,674 hectares, and two northern concessions totalling 4,325 hectares. It has also filed further applications for three additional concessions of 5,998 hectares with the Mines Department.
"I am pleased to announce the award of these new concession areas, further consolidating our land position in the Araguaia district. Following the acquisition of the Glencore project in late 2015 we have been actively identifying any new target areas that may have potential to host additional nickel mineralisation adjacent to our existing resources," said Chief Executive Officer Jeremy Martin in a statement.
Horizonte bought an Araguaia nickel project from Glencore PLC in 2015 to enlarge its own existing nearby project, and the company said it is currently working on integrating the Glencore project with its existing resources and updating the project economics, with the aim of delivering an updates pre-feasibility study in the second half of 2016.
Shares in Horizonte were untraded Tuesday morning. They last closed at 1.54 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Horizonte Minerals (HZM)