- Horizonte Minerals has reported high grade results from the 30 hole pre-excavation drilling programme on its 100%-owned Araguaia nickel project in Brazil.

It said high grade nickel intersections included:

- 4.97 metres grading 2.44% Ni

- 8.69 metres grading 2.31% Ni

- 8.62 metres grading 2.19% Ni

- 11.14 metres grading 2.07% Ni

- 11.05 metres grading 2.02% Ni

Horizonte chief executive Jeremy Martin said: "I am pleased to report the completion of the diamond drill programme over the trial excavation site, the aim of this work was to define an area with near surface transition and saprolite mineralisation that would be representative of the first five to eight years mine life.

"The drill results demonstrate this and additionally confirm the high grade nature of the nickel mineralisation that has been drill defined across the project.

"The next stage is the trial excavation programme over this area, which is now under way.

"The trial excavation programme targets the removal of approximately 20,000 tonnes of ore down to a depth of around 14 metres utilising two 35 tonne excavators and four 35 tonne trucks.

"We look forward to providing updates on this work stream, and the rest of the FS as we work to develop Araguaia as the next major ferronickel operation."

At 9:50am: [LON:HZM] Horizonte Minerals PLC share price was +0.23p at 2.9p

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