Horizonte buys two nickel areas in northern Brazil

Horizonte Minerals, a British junior miner that goes for nickel and gold in Brazil, announced Tuesday it bought the Vila Oito and Floresta nickel laterite projects south of the Carajás mining province in northern Brazil. The areas were bought from Canada's Lara Exploration for about US$ 2.1 million to be paid with Horizonte shares. The Vila Oito deposit is adjacent to Horizonte's Araguaia project and forms an extension to one of the pre-existing target areas.

Meanwhile, the Floresta target lies north of Vila Oito and approximately four kilometres north of the Araguaia project concession block. Both contain bodies and smaller slices of ultramafic and mafic igneous rocks tectonically emplaced within the thick pile of mostly fine‐grained, shallow marine, clastic meta‐sedimentary rocks that occur in this part of the Late Proterozoic Araguaia fold‐thrust belt.