LONDON, Feb. 22 -- Horizonte Minerals PLC (HZM.LN), the AIM quoted exploration and development company focused in Brazil, reported Monday positive initial results from the infill resource drilling program on its Araguaia Nickel Project located in Para Sate in the Carajas Mineral District of northern central Brazil.
-Results from first 15 holes from the Araguaia infill drilling program at the Pequizeiro West target returned best intersections of 15.9 meters grading 1.56% Ni.
-High grades zones include 6.9 meters grading 2.10% Ni.
-75 drill holes completed to date with maiden resource from Araguaia due to be announced imminently.
-Fourth drill rig now active on the project with a fifth planned for delivery to fast-track resource drilling program to build upon initial maiden resource.
-Shares on Friday closed at 26 pence.