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Horizonte Minerals (TSE:HZM,LON:HZM) reports it has agreed to the purchase of the Vila Oito and Floresta nickel laterite projects
Horizonte Minerals (TSX:HZM,LON:HZM) reports it has agreed to the purchase of the Vila Oito and Floresta nickel laterite projects
The press release is quoted as saying,
The geology over the two new project areas is similar to that found at Araguaia and contains bodies and smaller slices of ultramafic and mafic igneous rocks tectonically emplaced within the thick pile of mostly fine?grained, shallow marine, clastic meta?sedimentary rocks that occur in this part of the Late Proterozoic Araguaia fold?thrust belt. The mafic?ultramafic rocks are interpreted to be remnants of ocean?ridge ophiolite complexes. In the Vila Oito and Floresta project areas the dimensions of these bodies are in the order of 1-2 kilometres long and from a few hundred to a maximum of 1,000 metres wide at surface.
Horizonte’s CEO, Jeremy Martin says,
The Vila Oito target represents the western extension of one of the principal target areas on the Araguaia Project, from which we see immediate resource targets to follow up. The Floresta project has a well-defined geochemical anomaly that also requires follow up work.
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