LONDON (Alliance News) - Nickel developer Horizonte Minerals PLC said on Wednesday initial test results on samples from its Vermelho project have been positive.
The limonite samples from Vermelho, in Brazil's Para state, are being tested in Canada, and initial results show "high" nickel and cobalt extraction rates.
Further, testing is being carried out in Canada on transition and saprolite material from Vermelho, which aims to confirm the possibility of producing high-grade ferro-nickel.
Horizonte also has, it said, re-started collecting environmental baseline data at Vermelho as part of the permitting process.
Chief Executive Jeremy Martin said: "This is an exciting time for Horizonte, as the company aims to release its feasibility study results for Araguaia due imminently, and in parallel, advance its second asset, Vermelho.
"Horizonte is firmly on its pathway to become a multi-asset nickel development company. The nickel market remains strong, with robust demand and inventories continuing to fall."
Shares were 1.2% lower on Wednesday at a price of 3.90 pence each.
Horizonte Minerals (HZM)