Horizonte Minerals (HZM) provided an update on its Vermelho nickel-cobalt project in the eastern part of the Carajas mining district, Brazil.
Test-work is underway at SGS Lakefield, Canada, on its Vermelho limonite samples, to produce high purity nickel and cobalt sulphate suitable for the Electric Vehicle ('EV') battery market.
Initial tests show high nickel and cobalt extraction rates.
Horizonte CEO, Jeremy Martin, commented: "Horizonte is advancing its recently acquired Vermelho project, a scalable high-grade nickel deposit which has the potential to supply raw materials into the battery industry.”
The company also announced batch smelting test-work is being conducted on transition and saprolite material from Vermelho at the KPM laboratory in Canada.
The work aims to “confirm its suitability to produce high-grade ferro-nickel, which could potentially be treated at the Araguaia plant or a new facility at Vermelho”.
Mr. Martin added: "This is an exciting time for Horizonte, as the Company aims to release its Feasibility Study results for Araguaia due imminently, and in parallel, advance its second asset, Vermelho.”
“Horizonte is firmly on its pathway to become a multi-asset nickel development company. The nickel market remains strong, with robust demand and inventories continuing to fall."
Horizonte has a strong shareholder structure including Teck Resources Limited, Canaccord Genuity Group, JP Morgan, Lombard Odier Asset Management (Europe) Limited, City Financial, and Glencore.
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