TIDMJAN
RNS Number : 1072E
Jangada Mines PLC
26 February 2020
To view the announcement with the illustrative maps and diagrams
please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/1072E_1-2020-2-25.pdf
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
26 February 2020
Jangada Mines plc ('Jangada' or the 'Company')
Initial Drilling Results from 2,500-metre Campaign at
Pitombeiras Vanadium Project
Jangada Mines plc, a natural resources company, is pleased to
announce the initial results of the 2020 drilling programme on the
Pitombeiras North target at its 100% owned Pitombeiras Vanadium
Project ('Pitombeiras Project' or 'the Project'), located in Ceara
State, Brazil. The 2,500-metre diamond drilling ('DD') programme,
which commenced in January 2020, is underway to evaluate the
structural corridor associated with the known vanadium
titanomagnetite ('VTM') mineralisation, which includes the
Pitombeiras North and Pitombeiras South anomalies and the newly
discovered Goela anomaly.
Highlights:
-- Three drill holes completed to date to a depth of 120.00 metres each
-- All intersected VTM mineralisation
-- Results include:
o 38.00 metres at 0.558% vanadium oxide ('V(2) O(5) '), 11.31%
titanium ('Ti') and 38.40% iron ('Fe')
o 32.18 metres at 0.547%, 10.79% Ti and 37.22% Fe, including
13.25 metres at 0.740% V(2) O(5) , 14.63% Ti and 48.9% Fe
-- Programme is testing the three most prospective magnetic
anomalies over a 3 km NE-SW structural trend
Brian McMaster, Chairman of Jangada, said: "With VTM
mineralisation intersected in all three targets, these initial
results continue to underscore the strong prospectivity of our
Pitombeiras Project. We are therefore delighted with the results
received to-date and look forward to delivering further results in
the coming months as the drilling programme continues to progress
on schedule. This drilling is targeting high-grade areas similar to
those that have already been tested for their suitability to
produce concentrate through magnetic separation and it is our goal
that results from our 2020 activities will enable us to define a
JORC compliant Mineral Resource estimate to build upon the current
JORC Exploration Target of 40Mt-60Mt at 0.3% to 0.6% V(2) O(5) ,
40%-55% Fe(2) O(3) and 8%-10% TiO(2) . "
Further Information:
At the Pitombeiras North target, three (3) diamond drillholes
(Holes ID: DD20PI11, DD20PI12 and DD20PI13) have been drilled by
Jangada to a depth of 120.00 metres each, totaling 360.00 metres
drilled. Geological logging indicated that all of them intersected
the VTM mineralisation (Figure 1).
Figure 1: Massive VTM mineralisation on drill hole DD20PI11 at
23.85 metres depth - see PDF
To date, assay results have been received for 103 core samples
collected along drillholes DD20PI11 and DD20PI12. Core samples from
drill hole DD20PI13 are currently at the laboratory for
analysis.
The actual intersected average grades vary from 0.558% V(2) O(5)
over 38.00 metres on drill hole DD20PI12 and 0.547% V(2) O(5) over
32.18 metres on drill hole DD20PI11. A higher-grade interval
represented by 13.25 metres grading 0.740% V(2) O(5) was reported
within the mineralised zone on drill hole DD20PI11 (Table 1 and
Figure 2).
HOLE_ID E.O.H. FROM (m) TO (m) APPARENT GRADES***
* (m) WIDTH (m)
**
V(2) TiO(2) Fe (%)
O5 (%) (%)
-------- ------- -------
DD20PI11 120.00 6.00 38.18 32.18 0.547 10.79 37.22
-------- --------- ------- ----------- -------- ------- -------
(higher grade
interval specific) 11.60 24.85 13.25 0.740 14.63 48.97
--------- ------- ----------- -------- ------- -------
DD20PI12 120.00 0.00 38.00 38.00 0.558 11.31 38.40
-------- --------- ------- ----------- -------- ------- -------
Notes:
(*) E.O.H means "End of hole"
(**) intervals do not represent the true widths
(***) V(2) O(5) , TiO(2) and Fe grades are uncut
Figure 2: Plan view with drilling results from Pitombeiras North
target (including 2019 and 2020 intersections) - see PDF
The current drilling campaign is a follow-on from the 4 drill
holes campaign executed in 2019, which returned results containing
high-grade zones averaging 0.83% V(2) O(5) , 11.6% TiO(2) and 48.4%
Fe over a 12.8m downhole width. Initial metallurgical tests
presented mass recovery of magnetic fractions from two samples of
59% and 62% with concentrate grades greater than 1.2% V(2) O(5) and
95% Fe(2) O3. High TiO(2) grade concentrate (>30%) was obtained
on the non-magnetic fraction.
A preliminary JORC Exploration Target has been estimated from
drilling, magnetic survey and rock chip geochemistry to range
between 40 Mt to 60 Mt at 0.3% to 0.6% V(2) O(5) , 40% to 55% Fe(2)
O(3) and 8% to 10% TiO(2) .
The drilling campaign is expected to provide the necessary
technical information to support the potential to define a JORC
compliant Mineral Resource estimate and subsequent Preliminary
Economic Assessment prepared by an independent engineering company
to be selected. Both of these activities are to be funded from
existing cash resources.
Quality Assurance & Quality Control
All drill samples have been prepared and analysed by SGS-Geosol
Laboratórios Ltda ("SGS-Geosol") based in Belo Horizonte, Brazil.
SGS-Geosol is ISO14001:2004 and ISO 9001:2008 accredited and is
independent of Jangada. The samples were analysed by fusion with
lithium tetraborate-XRF for Al(2) O(3) , CaO, Co, Fe, K2O, MgO, Mn,
Na(2) O, P, SiO(2) , Ti(O) 2, V(2) O(5) and retained moisture (LOI)
by multi-temperature.
QA/QC procedures include the submission by Jangada of systematic
duplicates, blanks and standard samples within every sample batch
submitted to SGS. In addition, SGS-Geosol inserts its own
standards, blanks and duplicate samples. The results from these
control samples indicate acceptable consistency of analysis.
Qualified Person Review
The information in this announcement has been reviewed by Mr.
Paulo Ilidio de Brito, who is a member of the Australian Institute
of Geoscientists (MAIG #5173) and a member of AusIMM - The
Australasian Institute of Mining and Metallurgy (MAusIMM #223453).
Mr. Brito is a professional senior geologist with +34 years of
experience in the mining industry, which is relevant to the style
of mineralization and type of deposit under consideration and to
the activity which he has undertaken to qualify as a Competent
Person as defined in the 2012 edition of the JORC Code. Mr. Brito
also meets the requirements of a qualified person under the AIM
Note for Mining, Oil and Gas Companies. Mr. Brito has no economic,
financial or pecuniary interest in the Company and he consents to
the inclusion in this document of the matters based on his
information in the form and context in which it appears.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
**ENDS**
For further information please visit www.jangadamines.com or
contact:
Jangada Mines plc Brian McMaster (Chairman) Tel: +44 (0) 20
7317 6629
Strand Hanson Limited James Spinney Tel: +44 (0)20 7409
(Nominated & Financial Ritchie Balmer 3494
Adviser) Jack Botros
Brandon Hill Capital Jonathan Evans Tel: +44 (0)20 3463
(Broker) Oliver Stansfield 5000
St Brides Partners Charlotte Page Tel: +44 (0)20 7236
Ltd Beth Melluish 1177
(Financial PR)
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END
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