Horizonte Minerals Plc, (AIM:HZM) (TSX:HZM)
(‘Horizonte’ or ‘the Company’) the nickel development company
focussed in Brazil, is pleased to announce the completion of the
Trial Excavation programme for its Araguaia nickel project
(‘Araguaia’ or ‘the Project’), Brazil’s next ferronickel mine.
Highlights
• A Trial Excavation programme has been
successfully completed with all technical objectives met;• The
programme included:
- Pre-mining diamond drilling;
- A test pit with ~27,000 tonnes of ore mined; and,
- Analysis/reconciliation of the mined material.
• Snowden Mining Industry Consultants Pty Ltd (‘Snowden’)
supervised the programme on site in Brazil; and,• The
technical and economic results are currently being compiled by
Snowden with the information feeding into Araguaia’s ongoing
Feasibility Study.
Horizonte CEO, Jeremy Martin,
commented: “The completion of the trial excavation
programme at Araguaia, marks another key development milestone for
Horizonte. This programme has generated real in-situ data that will
allow us to confirm the mining technique, slope stability, grade
profiles, dewatering requirement with additional work on ore
handling which has allowed the primary crushing design to be
finalised.
“The Feasibility Study is well advanced with the
focus now around the build-up of the capital costs, the
implementation strategy and overall project economics. The
recent increase in nickel price will require some additional
optimisation work to be undertaken around the mining schedule as we
work to optimise the project economics. We look forward to
providing further updates to the market as we advance the project
permitting and Feasibility Study.”
A video of the trial excavation programme at
Araguaia can be found at
www.horizonteminerals.com
Further Details
During late Q2 running through Q3, 2017, the
Company excavated a test pit at the Pequizeiro deposit (‘PQZ’) at
Araguaia. The final trial excavation at Araguaia comprised
approximately 27,000 tonnes of material. The exercise was part of
the field work completed for the ongoing Feasibility Study and met
the recommendations set out by Snowden mining engineers, in
the Pre-Feasibility Study, announced in October 2016. The
exercise was undertaken by mining contractors under the direct
supervision of Snowden, with the support of the Company’s
geological team on site.
The objectives of this Trial Excavation
programme included:
- Assessment of short scale
variability to optimise grade control;
- Assessment of grade control
sampling using the channel sampling method;
- Reconciliation of mined blocks with
estimated grades and tonnes using two borehole spacings (5m and
10m);
- Reconciliation of contact surfaces
as predicted by the resource model;
- Assessment of the presence or not
of core stones;
- Samples to measure the granulometry
of the ore;
- Confirmation of dilution
factors;
- Large scale measurement of bulk
density factors;
- In situ confirmation of groundwater
and concept of dewatering required;
- Technical support for the mining
cost and input assumptions; and,
- Testing the effectiveness of
pisolitic ferricrete as sheeting.
The Company collected ‘typical ore’ samples for
large scale granulometry and crushing test work, which was
completed at the University of São Paulo. Horizonte also conducted
detailed mapping and sampling of individual Selective Mining Units
(‘SMUs’), measuring 5m x 5m x 2m. All analytical work was
undertaken at the ALS laboratories in Brazil and Peru with full
QA/QC protocols applied.
Prior to the excavation, a 30 hole (600m)
diamond drilling programme was completed on a 5m x 5m grid over the
excavation site. The data from this programme has been used for
estimation of tonnage and grade for reconciliation with the SMUs
excavated during the trial mining.
All of the above objectives listed were met and
results are currently being compiled by Snowden for a complete and
integrated analysis in the final Araguaia Feasibility Study.
The Araguaia Nickel Project
Araguaia, which is 100% owned by Horizonte, is
located on the eastern margin of the State of Pará,
north-eastern Brazil, in the Municipal of Conceição do
Araguaia (population of 46,206), south of the main Carajás
Mining District.
The region has good infrastructure in place
including rail, road, water and power. Araguaia plans to
produce around 14,500 tonnes of contained nickel in approximately
50,000 tonnes of ferronickel per year from processing 0.9 million
tonnes of ore via the proven and widely utilized Rotary Kiln
Electric Furnace (RKEF) process route.
This announcement contains inside information
for the purposes of Article 7 of EU Regulation 596/2014.
For further information visit
www.horizonteminerals.com or contact:
Contacts:
Horizonte Minerals plcJeremy Martin (CEO) +44 (0)203 356
2901
Numis Securities Limited (Broker)John Prior/James Black/Paul
Gillam+44 (0)207 260 1000
FinnCap Ltd (NOMAD & Joint Broker)Christopher Raggett/ James
Thompson /Anthony Adams / Emily Morris+44 (0) 20 7220 0500
Shard Capital (Joint Broker)Damon Heath / Erik Woolgar+44 (0) 20
7186 9952
Tavistock (Financial PR)Jos Simson / Barney Hayward+44 (0) 20
7920 3150
About Horizonte Minerals:
Horizonte Minerals plc is an AIM and TSX-listed
nickel development company focused in Brazil, which wholly owns the
advanced Araguaia nickel laterite project located to the south of
the Carajás mineral district of northern Brazil. The Company is
developing Araguaia as the next major nickel mine in Brazil, with
targeted production by 2021.
The Project has good infrastructure in place
including rail, road, water and power.
Horizonte has a strong shareholder structure
including Teck Resources Limited 14.7%, Hargreave Hale Ltd 9.6%,
Richard Griffiths 8.9%, Lombard Odier Asset Management (Europe)
Limited 8.6%, JP Morgan 8.3%, City Financial 7.6% and Glencore
5.2%.
CAUTIONARY STATEMENT REGARDING
FORWARD LOOKING INFORMATION
Except for statements of historical fact
relating to the Company, certain information contained in this
press release constitutes “forward-looking information” under
Canadian securities legislation. Forward-looking information
includes, but is not limited to, the ability of the Company to
complete the Acquisition as described herein, statements with
respect to the potential of the Company’s current or future
property mineral projects; the success of exploration and mining
activities; cost and timing of future exploration, production and
development; the estimation of mineral resources and reserves and
the ability of the Company to achieve its goals in respect of
growing its mineral resources; the ability of the Company to
complete the Placing as described herein, and the realization of
mineral resource and reserve estimates. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such words and phrases or statements that certain
actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “occur” or “be achieved”. Forward-looking
information is based on the reasonable assumptions, estimates,
analysis and opinions of management made in light of its experience
and its perception of trends, current conditions and expected
developments, as well as other factors that management believes to
be relevant and reasonable in the circumstances at the date that
such statements are made, and are inherently subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to risks related to: the inability of the Company to
complete the Acquisition as described herein, exploration and
mining risks, competition from competitors with greater capital;
the Company’s lack of experience with respect to development-stage
mining operations; fluctuations in metal prices; uninsured risks;
environmental and other regulatory requirements; exploration,
mining and other licences; the Company’s future payment
obligations; potential disputes with respect to the Company’s title
to, and the area of, its mining concessions; the Company’s
dependence on its ability to obtain sufficient financing in the
future; the Company’s dependence on its relationships with third
parties; the Company’s joint ventures; the potential of currency
fluctuations and political or economic instability in
countries in which the Company operates; currency exchange
fluctuations; the Company’s ability to manage its growth
effectively; the trading market for the ordinary shares of the
Company; uncertainty with respect to the Company’s plans to
continue to develop its operations and new projects; the Company’s
dependence on key personnel; possible conflicts of interest of
directors and officers of the Company, the inability of the Company
to complete the Placing on the terms as described herein, and
various risks associated with the legal and regulatory framework
within which the Company operates. Although management of the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements.
Horizonte Minerals (TSX:HZM)
Historical Stock Chart
From Feb 2024 to Mar 2024
Horizonte Minerals (TSX:HZM)
Historical Stock Chart
From Mar 2023 to Mar 2024