Horizonte Minerals moved higher after announcing exploration results from the Lontra Nickel Laterite Project in the Carajas Mineral Province in northern Brazil. Lontra lies only 80 kilometres south of Xstrata's Serra da Tapa nickel laterite project and 7 kilometres northwest of Teck Cominco's Vila Oito nickel laterite project.
Horizonte is currently drilling two targets; the Southern Anomaly and the Raimundo target. Augur drilling at the Southern Anomaly to depths of 12.5 metres returned "consistent" nickel values. Intersects included 6.5 metres grading 0.86% nickel and 0.04% copper from 6 metres. Horizonte added that due to weathering and leaching at the surface, it appeared that the target depth for economic mineralisation was deeper than at Raimundo.
Horizonte CEO Jeremy Martin said:
"The results from the Southern Anomaly are exciting with the initial test drill holes demonstrating that there are consistent nickel grades in the top 10m of the laterite. We suspect that the intensity of near surface weathering is stronger in the south so the surface nickel grades as expected are lower than at the Raimundo Target. The mapped area of prospective ultramafic rocks corresponding with the nickel soil anomaly in the Southern Target is approximately 2km by 800m wide, which gives sufficient area for a significant deposit."
"Work at the Raimundo Target is also progressing extremely well, with three auger rigs at work and plans underway to commence an RC drilling programme in the second quarter to test the nickel mineralisation down to 50m depth. Following this we will be in a position to determine the resource potential of the target."