Horizonte Minerals has strong cash position as at end September
Horizonte Minerals (LON:HZM, TSE:HZM), which is fast tracking its flagship Araguaia nickel project in Brazil, will produce an upgraded mineral resource in the fourth quarter this year or in the first three months of next.
The nickel and gold exploration firm posted its quarterly results to September 30 today, where it ended in a strong financial position - with £7.05 million, compared to £4.6 million a year earlier.
Exploration expenditure for the three months to September 30 stood at £1.76 million (2010: £520,356), it revealed.
For the nine months to September 30 this year, exploration outgoings were £3.7 million compared to £621,531 for the same period a year earlier.
Highlighting activities in the third quarter, the firm said it had unveiled in September another batch of high grade drill results from the Araguaia project.
Once drilling is complete there Horizonte hopes to upgrade its current 76.6 million tonne NI43-101 mineral resource.
Meanwhile, the company pointed out that it had consolidated its land position around Araguaia through the acquisition of the Vila Oito and Floresta nickel projects announced in July.
Elsewhere, a 3,000 metre diamond drilling programme is underway at the Falcao Gold project in south Carajas, Brazil with partner AngloGold Ashanti.
At Araguaia, the firm told investors that various activities had started and were currently progressing, including a preliminary economic assessment and an environmental baseline study.
Meanwhile, pyrometallurgical test work is being undertaken at Xstrata's Process Support in Sudbury, Canada.
Hydrometallurgical test work including bottle roll leaching and atmospheric tank leaching tests are being undertaken at the Wardell-Armstrong laboratory in the UK, it added.
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