Horizonte Minerals: Araguaia Nickel Project – Announces Nickel/Cobalt Limonite Resources with Potential to Supply the EV Battery Market

Horizonte Minerals, (AIM:HZM)(TSX:HZM) (‘Horizonte’ or ‘the Company’) the nickel development company focused in Brazil which is developing the Araguaia nickel project as Brazil’s next ferro-nickel mine, is pleased to announce the resources estimate for the nickel/cobalt limonite portion of the deposit.
Highlights

• The limonite Mineral Resources, in the Measured and Indicated category, are 20.7 million tonnes grading 1.13% Nickel and 0.12% Cobalt (0.9% nickel cut off)
• The limonite Measured and Indicated Resources are estimated to contain 233,200 tonnes (515 million pounds) of nickel and 25,580 tonnes (56 million pounds) of cobalt
• Resources do not form part of the mine schedule, nor the financial model for the RKEF plant currently the focus of the Feasibility Study (‘FS’)
• Additional potential within the overall project area to expand these limonite resources

Horizonte CEO Jeremy Martin said:

“We are pleased to announce the limonite Resources at the Araguaia Project. The processing of these Resources is not part of the current mine plan in the Feasibility Study (‘FS’) for the Rotary Kiln Electric Furnace project (‘RKEF’).
In the FS, the plan is to extract and stockpile the limonite resources on the surface; however, the stockpile contains over 230,000 tonnes of nickel and 25,000 tonnes of cobalt which are not currently included in the cash flow model for the Araguaia RKEF project.”

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