Jangada Mines PLC Exploration Programme for Pitombeiras Project (0625S)
November 04 2019 - 1:00AM
UK Regulatory
TIDMJAN
RNS Number : 0625S
Jangada Mines PLC
04 November 2019
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
4 November 2019
Jangada Mines plc ('Jangada' or the 'Company')
Exploration Programme for Pitombeiras Vanadium Project
Jangada Mines plc, a natural resources company, is pleased to
announce details of the ongoing exploration programme at its
Pitombeiras Vanadium Project ("Pitombeiras" or "the Project"),
located in the state of Ceará, Brazil. The programme is based on
the encouraging results of the recently completed Technical Report
(the "Technical Report") as announced on 30 September 2019, which
demonstrated a JORC (2012) Exploration Target at Pitombeiras of
between 40 Mt to 60 Mt tonnes at 0.3% to 0.6% V2O5, 40% to 55%
Fe2O3 and 8% to 10% TiO2.
The Technical Report concluded that Pitombeiras is a property of
merit that can be quickly developed to define JORC-compliant
Mineral Resources/Reserves, which will form the foundation of a
Preliminary Economic Assessment ("PEA").
The Company has approved a multi-phase exploration programme
which will include:
-- Exploration Grid along 43 N-S oriented-lines, using a 100 m line-spacing
o Programme will cover the entire tenement area (1,093 hectares)
with a total of 135 linear kilometres of gridlines
o Infill zones will be carried out to better define the magnetic
anomalies
-- Ground magnetic survey will be carried out along the 43
transversal lines (135 km), with continuous reading (3 seconds)
along the lines
o Magnetic anomalies identified on a 100m-spacing survey will be
detailed using a 25 m-spacing survey
-- Soil geochemistry along the ground-magnetic grid with
sampling stations 50m apart along the transversal lines, for a
total of 2,700 samples collected. Soil samples will be analysed on
site by Jangada's team using handheld portable XRF equipment
-- Detailed geological mapping covering the entire tenement area
using a 1:10,000 scale overall and more detailed at 1:5,000 scale
over the magnetic and soil anomalies
-- Minimum of 1,500 m of diamond drilling with 30 drill holes on a drill grid of 50 m x 100 m
-- Detailed topographic survey over the main mineralised areas
-- Petrographic study on eight core samples in order to
characterise the mineralogy of the V-Ti-Fe mineralised zones
-- Bulk density analysis considering the mineralised layers and respective host lithologies
-- Bulk samples for metallurgical testwork
o Total of three bulk samples (200 kg/sample) planned to be
submitted to conventional metallurgical testwork in order to define
the best process for the ore beneficiation
The programme will provide the necessary technical information
to support the definition of a JORC compliant Mineral Resource
estimate and a subsequent Preliminary Economic Assessment prepared
by an independent engineering company. Both of these activities are
to be funded from existing Company resources.
Brian McMaster, Chairman of Jangada, said: "The extensive
exploration programme is now at full steam at Pitombeiras following
the highly encouraging results obtained so far, which highlighted
the potential of this exciting vanadium, titanium, iron project. We
believe that at the end of the planned exploration schedule and
along with the conclusions of the logistic study, we will have
substantial information to prepare a robust preliminary economic
assessment in Q1 2020. We will continue to update the market as we
receive the preliminary results from the field and advance our
understanding of the Project."
Competent Person Statement
The information in this announcement is based on the Independent
Technical Report on Pitombeiras Vanadium Project, Ceara State -
Brazil, prepared 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 more than 34 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 qualified person under the AIM Note for Mining, Oil and Gas
Companies.
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 Isabel de Salis Tel: +44 (0)20 7236
Ltd 1177
(Financial PR)
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END
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