Horizonte Minerals up on positive update

21st Nov 2011 09:50

Horizonte Minerals the AIM quoted nickel and gold company focused on Brazil, says three new high grade intersections have been found at its Baião target.The news comes in a positive assessment of its work at its 100% owned Araguaia project which the firm's Chief Executive Jeremy Martin says "is developing into a significant nickel deposit in terms of size and grade".Horizonte says it will be able to give an updated mineral resource estimate - to tell people exactly how much nickel they think they have in Araguaia - by the end of the year.The news sent Horizonte shares up 1.84% in early trading although the company is 22% down in the year to date.BS