StockMarketWire.com - Horizonte Minerals has been awarded four new concession areas adjacent to its Araguaia nickel project which is being developed as the next major nickel project in Brazil.

Horizonte says two new southern concessions, granted for three years and totalling 15,674 hectares, are located in prospective and strategic positions adjacent to the Jacutinga and Pequizeiro deposits at the Araguaia nickel project. The geology of the new areas is an extension of the geology in the adjacent permits hosting the aforementioned nickel laterite deposits. The two new northern concessions, granted for three years and totalling 4,325 hectares, are located south of the recently acquired Serra do Tapa nickel laterite deposit from Glencore. The geology of the area is characterised on their eastern halves by the southern extensions of the mafic-ultramafic igneous unit hosting nickel laterite deposits to the north.

Chief executive Jeremy Martin said: "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. Furthermore we have a number of other new concession applications pending with the Mines Department.

"We are currently working on integrating the Glencore project with our existing resources, updating the project economics with the aim of delivering an updated 43-101 Pre-Feasibility study in H2 2016. In the shorter term we are focused on the completion of the Environmental and Social base line data collection and working towards obtaining the Preliminary mine Licence."


At 9:15am: [LON:HZM] Horizonte Minerals PLC share price was 0p at 1.65p



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