Horizonte Minerals (LON:HZM TSE:HZM) is on track to compete its pre-feasibility study for its Araguaia nickel project by the end of this year or early next.
Snowden Mining Consultants will supervise and undertake an updated resource estimate that will form the basis of the PFS, the group said in a quarterly update.
Exploration has continued identifying high grade zones on this substantial resource, it added.
The broker is still infill drilling to convert sufficient resources to indicated, to help delineate a 20 year mine life.
The current resource stands at 39.3mt at 1.39% indicated and 60.9mt at 1.22% inferred, with work indicating the optimum processing route being via a rotary kiln to produce a high quality ferronickel product.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.