AIM-listed exploration and development company Horizonte Minerals has unveiled positive results from its infill drilling project at the Araguaia Nickel Project located to the south of the Carajas mineral district of northern Brazil.

New high-grade nickel intersections were identified at the Jacutinga Target, including 7.61m grading 1.80% nickel.

At the Vila Oito Target, new high-grade nickel intersections were also identified including 6.75m grading 2.53% nickel, 10.52m grading at 1.91% nickel and 13.33m grading at 1.78% nickel.

The company further reported that 166 holes of the 7,000m infill drill programme had been completed to date targeting the Jacutinga, Vila Oito East and Pequiziero West targets in Araguaia.

The project currently has an estimated mineral resource of 39.3m tonnes (Mt) grading 1.39% nickel (Indicated) and 60.9Mt at 1.22% nickel (Inferred) at a 0.95% nickel cut-off.

Jeremy Martin, Chief Executive Officer of Horizonte Minerals, commented: "The results of the on-going infill drill programme at Araguaia continue to deliver high nickel grades with good vertical thickness over the main target zones."

He added: "A key objective of this on-going drilling programme is to determine the overall size of the target zones, together with converting the current resources to the Indicated category."

The group has also awarded a contract to Snowden Mining Consultants to supervise and undertake an updated resource estimate that will form the basis for the Pre-Feasibility Study, Martin added.

"The selection process for the Pre-Feasibility consulting groups is also in the final stages and we look forward to updating on all these developments in due course," he added.

Horizonte minerals' share price was down 1.08% to 11.50p at 10:29 on Thursday.

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