Horizonte Minerals (TSX: HZM; LON: HZM) has completed a maiden resource on its Serra do Tapa nickel project in Brazil, 90 km north of its Araguaia ferro-nickel project.
The company acquired the deposit in October 2015 from Glencore/Xstrata.
Serra do Tapa contains measured and indicated resources of 70.3 million tonnes grading 1.22% nickel and 0.05% cobalt for 857,000 tonnes of contained nickel and 35,100 tonnes of cobalt. Inferred resources add 2.7 million tonnes grading 1.14% nickel and 0.06% cobalt for 31,000 tonnes of nickel and 1,500 tonnes of cobalt. The resource used a 0.9% nickel cut-off grade.
The new resource at Serra do Tapa increases by 30% the company's total measured and indicated nickel laterite resources in Brazil to 280 million tonnes grading 1.25% nickel and 0.06% cobalt for 3.5 million tonnes of nickel and 155,100 tonnes of cobalt.
President and CEO Jeremy Martin notes in a press release that mineralized material from Serra do Tapa could feed its Araguaia project in the south, or its Vermelho nickel-cobalt project in the north.
Araguaia has measured and indicated resources of 119.3 million tonnes grading 1.27% nickel and 0.06% cobalt for 1.53 million tonnes nickel and 70,700 tonnes of cobalt.
Vermelho contains measured and indicated resources of 90.4 million tonnes grading 1.22% nickel and 0.06% cobalt, for 1.11 million tonnes of nickel and 49,200 tonnes of cobalt.
Horizonte acquired the Vermelho nickel-cobalt project from Vale (NYSE: VALE) in 2017.