Horizonte releases maiden resource for Serra do Tapa nickel project

Horizonte Minerals (TSX: HZM; LON: HZM)  has completed a maiden resource on its Serra do Tapa nickel project in Brazil, 90 km north of its Araguaia ferro-nickel project.

The company acquired the deposit in October 2015 from Glencore/Xstrata.

Serra do Tapa contains measured and indicated resources of 70.3 million tonnes grading 1.22% nickel and 0.05% cobalt for 857,000 tonnes of contained nickel and 35,100 tonnes of cobalt. Inferred resources add 2.7 million tonnes grading 1.14% nickel and 0.06% cobalt for 31,000 tonnes of nickel and 1,500 tonnes of cobalt. The resource used a 0.9% nickel cut-off grade.

The new resource at Serra do Tapa increases by 30% the company’s total measured and indicated nickel laterite resources in Brazil to 280 million tonnes grading 1.25% nickel and 0.06% cobalt for 3.5 million tonnes of nickel and 155,100 tonnes of cobalt.

President and CEO Jeremy Martin notes in a press release that mineralized material from Serra do Tapa could feed its Araguaia project in the south, or its Vermelho nickel-cobalt project in the north.

Araguaia has measured and indicated resources of 119.3 million tonnes grading 1.27% nickel and 0.06% cobalt for 1.53 million tonnes nickel and 70,700 tonnes of cobalt.

Vermelho contains measured and indicated resources of 90.4 million tonnes grading 1.22% nickel and 0.06% cobalt, for 1.11 million tonnes of nickel and 49,200 tonnes of cobalt.

Horizonte acquired the Vermelho nickel-cobalt project from Vale (NYSE: VALE) in 2017.

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