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Horizonte Minerals Plc
Summary
| Project: | Araguaia | |
|---|---|---|
| Deposit: | Araguaia | |
| Location: | Brazil | |
| Commodities: | Nickel-Iron-Aluminium-Cobalt | |
| Date: | 9/14/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 14-9-2017: Horizonte Minerals Plc announces a Resource Estimation report for its Araguaia deposit at the Araguaia project. Updated limonite mineral resource estimate at Araguaia . 14 Sept 2017 – Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) (‘Horizonte’ or | |
| Resources: | (Resource, M+I): 20.70Mt @ 1.13% Ni, 0.124% Co for 233.2kt Ni, 25.58kt Co contained at project | |
| CP/QP: | [Resources]: Andrew F. Ross (Independent) | |
| ABSTRACT: | 14 Sept 2017 – Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) (‘Horizonte’ or ‘the Company’) the nickel development company focused in Brazil which is developing the Araguaia nickel project as Brazil’s next ferro-nickel mine, is pleased to announce the resources estimate for the nickel/cobalt limonite portion of the deposit. Horizonte CEO Jeremy Martin said, “We are pleased to announce the limonite Resources at the Araguaia Project. The processing of these Resources is not part of the current mine plan in the Feasibility Study (‘FS’) for the Rotary Kiln Electric Furnace project (‘RKEF’). In the FS, the plan is to extract and stockpile the limonite resources on the surface; however, the stockpile contains over 230,000 tonnes of nickel and 25,000 tonnes of cobalt which are not currently included in the cash flow model for the Araguaia RKEF project. “We are mindful of the future potential value of this material so as part of the current mine plan it will be mined and stockpiled separately based on mineralogy and nickel / cobalt grades. The limonite cannot be processed using RKEF process so it will require an alternate process technology. The material will be located in a permitted mine site with all infrastructure in place so it represents a low cost source of nickel and cobalt that has the potential to add significant upside to the overall operation, and at the appropriate time, the Company may decide to advance economic studies on its nickel / cobalt production potential. The Company’s current focus remains on the existing FS for the RKEF plant, but these limonite resources provide the potential to establish a second, complimentary project on the same site in due course. It should also be highlighted that there is potential within the overall project area to expand these preliminary limonite resources with additional exploration work. | |
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