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Horizonte estimates maiden resource of 857,400 tonnes of nickel at Serra do Tapa

Horizonte Minerals PLC said Aug. 13 that it estimated a maiden mineral resource at the Serra do Tapa nickel deposit in the Araguaia project in Brazil of 70.3 million tonnes grading 1.22% nickel at a 0.9% nickel cut-off for 857,400 tonnes of contained nickel in the measured and indicated categories.

With the addition of Serra do Tapa, the company's mineral resource inventory increased by 30% in tonnage. Total measured and indicated resources stood at 280.0 million tonnes grading 1.25% nickel for 3.5 million tonnes of contained nickel and 155,100 tonnes of contained cobalt.

The company said that 48,845 meters of diamond drilling across 952 holes were used in Serra do Tapa's evaluation, and for the development of the mineral resource estimates.

Horizonte is developing the Araguaia project as Brazil's next ferro-nickel mine and the Vermelho nickel-cobalt project for the electric vehicle battery market.