Horizonte Minerals confirms major nickel discovery in Brazil
Monday, September 08, 2008
Horizonte Minerals, the mining group working in Brazil and Peru, has made a significant new laterite nickel discovery at its Lontra project in the Carajas mineral province of northern Brazil. The discovery was made following results from the first 18 holes of a 60 hole diamond drilling programme.
Chief executive Jeremy Martin said the drill intersections confirmed economic thickness and continuity of nickel mineralisation over a 1.5km by 0.4km area at the Northern target.
“These excellent results demonstrate that Lontra is developing into a major mineralised system with economic grades comparable with a number of nickel deposits both in Brazil and worldwide,” he said.
Drilling has now moved to the larger Raimundo target 3km to the south, where the shallow auger drilling indicated that the laterite profile is better developed and the grades higher than at the Northern target.
Martin added that the potential uplift in value that the Lontra project presented through an economic discovery was significant and that the company now intended to fast track the project through to the resource stage combined with a scoping study.
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