TIDMJAN
RNS Number : 8983G
Jangada Mines PLC
29 July 2021
To view the announcement with the illustrative images please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/8983G_1-2021-7-29.pdf
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
29 July 2021
Jangada Mines plc
Mineral Resource Estimate Increased by 45%
Jangada Commencing Mine Development Stage and Feasibility Study
Initiated
Jangada Mines plc ('Jangada' or the 'Company'), a natural
resources company, is pleased to announce that it has concluded the
current phase of its drilling programme at the Goela target and
completed a consolidated updated National Instrument 43-101 ('NI
43-101') compliant resource estimate, comprising the results
obtained to date from Pitombeiras North and South and Goela
targets, at its 100%-owned Pitombeiras Ferrovanadium Project
('Pitombeiras' or the 'Project'), in Ceará State, Brazil.
Highlights:
-- Total Mineral Resource Estimate ('MRE') of 8.26Mt,
representing an increase of 45%, with 62% now classified at the
higher confidence Measured & Indicated ('M&I') Mineral
Resources category;
-- The Mineral Resource classification resulted in Measured
& Indicated Resources of 5.10Mt at 0.46% V(2) O(5) , 9.04 %
TiO(2) and 46.06% of Fe(2) O(3) , and Inferred resource of 3.16Mt
at 0.44% V(2) O(5) , 9.00% TiO(2) and 45.86% of Fe(2) O(3) .
-- Vanadiferous Titanomagnetite (VTM) mineralisation continues
to be open and drilling to date been conducted on only 3 of 8 known
targets;
-- Due to the significantly larger MRE with higher category
confidence levels from that previously reported and extensive other
work undertaken, Jangada will now be issuing a Definitive
Feasibility Study ('FS') in Q3 2021, rather than an upgraded
economic study;
-- Capital expenditure requirements and major operating
expenditure items are at an advanced stage;
-- Jangada is fully funded for its existing work programme and
intends to proceed to mine development, with first production as
early as H1 2022;
Brian McMaster, Executive Chairman of Jangada, said: "Today's
announcement represents another very positive step forward for
Jangada. As we have promised, the resource expansion supports our
business case and importantly the elevation of the bulk of our
resource to measured and indicated gives us the confidence to
expedite our plans towards mine development. We still have a lot of
exploration opportunities in front us; we know the targets we have
drilled remain open and we have a further 5 known targets.
Additionally, reconnaissance work is identifying other extremely
interesting opportunities. At this stage however, our focus is
shifting to building a mine based on the resources we have
identified, and we will continue our exploration programme once the
mine is operational.
"The mine development process is a truly exciting advancement
for Jangada. We intend to issue a Definitive Feasibility Study
shortly which will outline Jangada's compelling economic,
geological and commercial story and will form the basis for our
development plans. We have the funds in hand to do this work and we
expect, to be a producing mine as early as H1 2022. I look forward
to sharing further exciting news with shareholders as it unfolds in
the coming months."
Further Information:
The Mineral Resource Estimate ('MRE') update for Pitombeiras
Ferrovanadium have been prepared in accordance with the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) Standards on
Mineral Resources and Reserves: Definitions and Guidelines, May 10,
2014 (CIM, 2014), by Mauricio Prado, MSc. Geologist and Qualified
Person, as defined by NI 43-101 guidelines, with effective date of
July 20, 2021.
This MRE includes three exploration target areas, the
Pitombeiras North, Pitombeiras South targets (as reported on 16
June 2021), and the newly completed Goela target resource
update.
A total of 55 diamond drill holes have been completed for a
total of 3,623.10 metres, including 2,759.60 metres at the
Pitombeiras North target, 171.10 metres at the Pitombeiras South
target and 692.40 metres at the Goela target. 44 drill holes
intersected VTM mineralisation along the three main targets. In
addition, 28 exploration pits were used in assessing the MRE for
the Goela target.
The block models generated to estimate the mineral resource used
a parental block size of 25 metres by 25 metres by 2 metres. These
block dimensions were selected based on the distance between drill
holes and the length selected for the composite samples.
The modelling for all the three targets was created based on
geological description of the vanadium-bearing layer geology codes,
and the grades of V(2) O(5) , TiO(2) and Fe(2) O(3) were estimated
by ordinary kriging, using LeapFrog Geo+Edge software.
The Mineral Resource classification resulted in Measured &
Indicated Resources of 5.10Mt at 0.46% V(2) O(5) , 9.04 % TiO(2)
and 46.06% of Fe(2) O(3) , and Inferred resource of 3.16Mt at 0.44%
V(2) O(5) , 9.00% TiO(2) and 45.86% of Fe(2) O(3) .
The Mineral Resources are reported with only the blocks within a
conceptual open pit shell optimized by NPV Scheduler, which uses
the following assumptions: iron ore concentration (62%/65%Fe,
+V2O5) price of US$105.75/t, 80% of global mass recovery of Fe to
the concentrate, US$2.78/t of mining cost (ROM), processing costs
of US$6.00/t, mine dilution of 5%, mine recovery 95%, and final
slope angle of 56degto the open pit.
Table 1. Pitombeiras Project, 20 July 2021 MRE
(0.25% V(2) O(5) cut-off) - by VTM domain
Resource Mineralization Tonnes Average Grade Metal Content t
Classification Type %
Fe(2) V(2) TiO(2) Fe(2) V(2) TiO(2)
O(3) O(5) O(3) O(5)
====== ====== ======= ========== ======= ========
Measured
+ Indicated Oxide 586,001 51.63 0.53 10.11 302,574 3,079 59,267
================= ================ ========== ====== ====== ======= ========== ======= ========
Transition 1,588,061 45.99 0.45 8.97 730,311 7,223 142,441
================================== ========== ====== ====== ======= ========== ======= ========
VTM HG 1,045,334 62.15 0.65 12.44 649,631 6,819 130,038
================================== ========== ====== ====== ======= ========== ======= ========
VTM+AMP 1,880,908 35.45 0.34 6.88 666,716 6,318 129,464
================================== ========== ====== ====== ======= ========== ======= ========
Total 5,100,303 46.06 0.46 9.04 2,349,232 23,439 461,210
================================== ========== ====== ====== ======= ========== ======= ========
Inferred Oxide 1,314,820 49.40 0.48 9.97 649,586 6,261 131,141
================= ================ ========== ====== ====== ======= ========== ======= ========
Transition 500,862 45.68 0.46 9.45 211,472 2,077 42,433
================================== ========== ====== ====== ======= ========== ======= ========
VTM HG 404,446 60.91 0.62 11.71 246,342 2,527 47,346
================================== ========== ====== ====== ======= ========== ======= ========
VTM+AMP 940,081 34.53 0.30 6.25 324,589 2,864 58,726
================================== ========== ====== ====== ======= ========== ======= ========
Total 3,160,210 45.86 0.44 9.00 1,431,988 13,729 279,645
================================== ========== ====== ====== ======= ========== ======= ========
Table 2. Pitombeiras Project Total Resources (0.25% V(2) O(5)
cut-off)
Resource Tonnes Average Grade % Metal Content t
Classification
Fe(2) V(2) TiO(2) Fe(2) V(2) TiO(2)
O(3) O(5) O(3) O(5)
====== ====== ======= ========== ======= ========
Measured 1,750,336 47.79 0.48 9.47 836,455 8,339 165,751
================= ========== ====== ====== ======= ========== ======= ========
Indicated 3,349,967 45.16 0.45 8.82 1,512,776 15,100 295,459
================= ========== ====== ====== ======= ========== ======= ========
Measured +
Indicated 5,100,303 46.06 0.46 9.04 2,349,232 23,439 461,210
================= ========== ====== ====== ======= ========== ======= ========
Inferred 3,160,210 45.86 0.44 9.00 1,431,988 13,729 279,645
================= ========== ====== ====== ======= ========== ======= ========
Notes to accompany Mineral Resource table for the Pitombeiras
Project: The Mineral Resource is limited to within the tenement
boundaries. Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability. There has been insufficient
exploration to define the Inferred Resources tabulated above as an
Indicated or Measured Mineral Resource. There is no guarantee that
any part of the mineral resources discussed herein will be
converted into a mineral reserve in the future. The mineral
resource estimate follows current CIM definitions and guidelines
for mineral resources. Mineral Resources are reported within a
conceptual open pit shell optimizes by NPV Scheduler that uses the
following assumptions: iron ore concentration (62%/65%Fe, +V2O5)
price of US$105.75/t, 80% of global mass recovery of Fe to the
concentrate, US$2.78/t of mining cost (ROM), processing costs of
US$6.00/t, mine dilution of 5%, mine recovery 95%, and final slope
angle of 56degto the open pit. Mineral Resources have been reported
on a dry tonnage basis. Discrepancies may occur due to rounding.
Mineral Resources are reported with an effective date of July 20,
2021. The Qualified Person for the estimate, as defined by
NI43-101, was Mauricio Prado, Msc. Geo. MAIG.
Figure 1 and 2. Typical cross sections at Pitombeiras North
showing the block model with grades and the drill holes
intersections and the vanadium-bearing layer geological codes.
It should be noted that the three targets which comprises the
MRE are part of eight known targets, selected based on ground
magnetic survey, with VTM signatures over a total area of 1,958
hectares.
Figure 3. Selected Targets Based on Ground Magnetic Survey
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(2) O(3) , K2O,
MgO, MnO, Na(2) O, P(2) O(5) , SiO(2) , TiO(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/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.
The 20 July 2021 updated Mineral Resource Estimate of the
Pitombeiras Project is the responsibility of Mr. Mauricio Prado.
MSc. Geo. MAIG, Qualified Person as defined by NI 43-101
guidelines, independent geological consultant contracted by Jangada
Mines Plc. Mr. Prado is partner and principal consultant with BS
Geo e Min Ltda., a Brazilian geology consulting company based on
Goiânia, Brazil.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (withdrawal). 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)
Brandon Hill Capital Jonathan Evans Tel: +44 (0)20 3463
(Broker) Oliver Stansfield 5000
St Brides Partners Isabel de Salis Tel: +44 (0)20 7236
Ltd Frank Buhagiar 1177
(Financial PR)
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