Horizonte Minerals expands presence in Brazil

14th Sep 2015 09:35

(ShareCast News) - Precious and base metals explorer Horizonte Minerals has acquired a new concession area in Brazil.The London-listed group said it had purchased a parcel of land covering 1,610 hectares located next to Glencore's Vale dos Sonhos and Serra do Tapa nickel laterite deposits and 60km north of Araguaia.Horizonte, which said the acquisition was part of its expansion plans, has also applied for five additional concessions to the south of Glencore's project and two concessions south west of Araguaia."It has always been our intention to grow our position northwards from our flagship Araguaia project with the objective of consolidating the district," said group chief executive Jeremy Martin."This new area is adjacent to Glencore's advanced nickel projects, which have major resources similar to Araguaia and the area shows prospective geology which may have the potential to host additional nickel mineralisation."Horizonte shares were down 3.99% to 1.80p at 1002 BST on Monday.