Horizonte Minerals Plc (LON:HZM) is putting together a new resource statement for its Araguaia nickel project in Brazil to reflect four new concessions and Glencore’s adjacent GAP project.
The Araguaia project contains 72mln tonnes of ore in the indicated category, grading 1.33% nickel, while Glencore’s neighbouring project that Horizonte acquired last year has 105mln tonnes.
A new resource estimate will combine Araguaia and GAP while the pre-feasibility study will also be upgraded for the enlargement of the project.
Horizonte added its expects to be awarded a preliminary licence (LP) this year.
So far, the company has spent £16.7mln developing Araguaia since 2010.
The company closed the quarter to March with cash of £2.17mln and posted a loss of £332,000.