TIDMJAN
RNS Number : 3503B
Jangada Mines PLC
07 October 2020
To view the announcement with the illustrative maps and diagrams
please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3503B_1-2020-10-7.pdf
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
07 October 2020
Jangada Mines plc ('Jangada' or 'the Company')
Follow-on 2,000-metre Drilling Programme Started at Pitombeiras
Vanadium Project
Jangada Mines plc, a natural resources company, is pleased to
announce that it has commenced a follow-on 2,000-metre drilling
programme at its 100%-owned Pitombeiras Vanadium Project
('Pitombeiras' or 'the Project') in Ceara State, Brazil.
Highlights:
-- 2,000-metre drilling programme commenced at Pitombeiras
-- Programme is designed to upgrade the confidence of the
current resource base as well as to expand its overall size
o Building on the current initial resource estimate of 5.70
million tonnes ('Mt') at an average grade of 0.51% vanadium
pentoxide ('V(2) O(5) '), 10.09% titanium dioxide ('TiO(2) ') and
50.42% of ferric oxide ('Fe(2) O(3) ') for a contained resource of
28,990 tonnes V(2) O(5)
o Objective is to delineate a further approximate 10Mt
-- Programme is fully funded from available resources
Brian McMaster, Executive Chairman of Jangada, said: "We are
pleased to have restarted our 2020 drilling campaign. This
additional 2,000 metres of diamond drilling will further
substantiate our mineral resource footprint within our three
priority targets, building upon the strong initial resource we have
already defined from drilling to-date. The programme is focused on
step-out drilling aimed at delineating the ore body extensions for
resource increase and upgrade of current inferred categories. While
drilling is ongoing, results will be released as they become
available and we continue to advance on the other key aspects of
the Pitombeiras Project development, including an updated
logistics' study, metallurgy work, and refining our planned
processing route."
Further Information:
The Company continues to advance its Pitombeiras Vanadium
Project, which has an Initial NI 43-101 compliant Mineral Resource
of 5 .70Mt at an average grade of 0.51% V(2) O(5) , 10.09 % TiO(2)
and 50.42% of Fe(2) O(3) , that was announced in August 2020. The
second-phase of the 2020 diamond drilling ('DD') programme has been
designed to increase resources by 10Mt; and on completion, a s
announced on 14 September 2020, will form part of a Preliminary
Economic Assessment that has been commissioned by the Company and
is targeted to be released Q1 2021.
Accordingly, a follow-on 2,000 metre drilling programme has
commenced, with the d rill rig and crew now on site mobilising
equipment. Drilling will commence at the Pitombeiras North target
for a total of 28 shallow drill holes aimed at testing the lateral
continuity of the vanadium titanomagnetite mineralisation ('VTM')
and improve the actual mineral resource categories. Subsequent to
Pitombeiras North, the drilling will be moved to the Pitombeiras
South and Goela targets.
The drill holes are planned to have an inclination between 50 to
90 degrees in relation to the surface level with depths ranging
from 40m to 60m. The oxide zone will be drilled at an HQ diameter
(63.5 mm) and will be reduced to a NQ2 diameter (50.6mm) on the
fresh rock interface. The drilling programme will be conducted by
Servdrill Perfuração e Sondagem Ltda ('Servdrill'), a company with
extensive experience in Brazil, at a rate of 10 hours per day and
is scheduled to be completed in +/-90 days.
Figure 1. Selected Drilling Step-Out Targets at Pitombeiras
North Target - see PDF
Figure 2. Servdrill Drill Rigs Mobilised at the Pitombeiras North
Target - see PDF
Qualified/Competent Person Review
The technical 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 senior professional geologist with +35
years of experience in the mining industry, which is relevant to
the style of mineralisation 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 competent 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 technical 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)
Notes
Jangada is primarily focused on its 100% owned Pitombeiras
Vanadium Project, which is located in the state of Ceará, Brazil.
The project is a high-grade greenfield vanadium, titanium, iron
exploration project with mineralisation commencing at surface. It
has an initial National Instrument 43-101 compliant resource
estimate of 5.70Mt million tonnes at an average grade of 0.51%
vanadium pentoxide ('V(2) O(5) '), 10.09% titanium dioxide ('TiO(2)
') and 50.42% of ferric oxide ('Fe(2) O(3) ') for a contained
resource of 28,990 tonnes V(2) O(5) . Crucially, significant
further upside remains as the resource is open in all directions
and the initial resource is taken from drilling of only two out of
eight known targets identified with vanadium titanomagnetite
mineralisation ('VTM') signature over a total area of 1,958
hectares.
The project is situated approximately 300km south-west of the
port city of Fortaleza and is accessed by paved federal highways
with three possible routes to market identified and assessed: two
to Main Chinese Ports and one to Brazil-based Companhia Siderurgica
de Pecém refinery. Davis Tube test work has positively demonstrated
the amenability of the ore to conventional separation methods and
further work is underway and planned to further improve confidence
in the project's commercial viability, including a Preliminary
Economic Assessment report.
Through its substantial ownership of ValOre Metals Corp (TSX-V:
VO.V), Jangada also has a 17.68% interest in the Pedra Branca
project, an advanced palladium, platinum and nickel project located
in North-eastern Brazil, with a JORC (2012) Compliant Resource of
1.52 million oz of PGM+Au, 180 Mlb of nickel, 34 Mlb of copper and
9.2 Mlb of cobalt.
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END
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