TIDMJAN
RNS Number : 4759K
Jangada Mines PLC
22 April 2020
To view the announcement with the illustrative maps and diagrams
please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/4759K_1-2020-4-22.pdf
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
22 April 2020
Jangada Mines plc ('Jangada' or the 'Company')
Drilling Programme Completion
Jangada Mines plc ('Jangada' or 'the Company'), a natural
resources company, is pleased to announce additional drilling assay
results and report that it has concluded its diamond drilling
('DD') programme at its Pitombeiras Vanadium Project ('Pitombeiras'
or 'the Project') in Brazil. The programme evaluated 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 VTM
targets.
Highlights:
-- 19 drillholes have been concluded for a total of 1,360.80 metres
-- Two additional assay results received:
o 18.00 metres at 0.49% vanadium pentoxide ('V(2) O(5) '),
10.02% titanium dioxide (' TiO(2) ') and 49.61% ferric oxide
('Fe(2) O(3) ')
o 35.66 metres at 0.56% V(2) O(5) , 11.04% TiO(2) and 54.39%
Fe(2) O(3)
-- Successfully tested VTM anomaly boundaries and remaining
assays for 11 mineralised drillholes to be received in order to
complement data base for initial JORC mineral resource estimate
Brian McMaster, Chairman of Jangada, said: "We have successfully
completed our drilling campaign at Pitombeiras and the diamond
drill rig and drilling crew have now been demobilised from the
field, which brings us comfort in these challenging times caused by
COVID-19. In total, 16 drillholes intersected significant VTM
mineralisation and we have seen consistent Vanadium-Titanium-Iron
grades and widths from the 9 drillhole assay results we have
received so far. Upon receiving the remaining 11 drillhole results,
we will be ready to calculate and report our initial JORC mineral
resource estimate, followed by a Preliminary Economic Assessment. I
would like to thank our exploration team for having accomplished
our programme on time and on budget and we look forward to the next
phase of development."
Further Information
A total of 19 DD holes have been completed for a total of
1,360.80 metres, including 1,058.85 metres at the Pitombeiras North
target and 301.95 metres at the Goela target. The drill rig has now
been demobilised. 16 from a total of 19 drillholes intersected VTM
mineralisation.
Assay results have been received for 5 DD holes, including newly
received Hole DD20PI14, which intersected 18.00 meters at 0.49%
V(2) O(5) , 10.02% TiO(2) and 49.61% Fe(2) O(3) , and Hole
DD20PI16, which intersected 35.66 metres at 0.56% V(2) O(5) ,
11.04% TiO(2) and 54.39% Fe(2) O(3.)
With the conclusion of the drilling programme, Jangada has now
tested the boundaries of the anomaly as required and, upon receipt
of the assay results for the remaining 11 drillholes, the Company
will have sufficient data (20 VTM mineralised holes, including 2019
and 2020 drilling) to determine an initial JORC mineral resources
estimate and continue with a preliminary economic assessment
('PEA'), which will be prepared by an independent engineering
company to be selected. Both of these activities are to be funded
from existing cash resources.
The concluded 2020 drilling programme is a follow-on from the
four drill hole campaign executed in 2019. With the addition of the
recently received Holes DD20PI14 and DD20PI16, the intersected
weighted average grades and widths for all 9 mineralised holes
stands at 0.51% V(2) O(5,) 10.15% TiO(2) and 50.36% Fe(2) O(3) as
set out on Table 1 and Figure 1.
Table 1:
HOLE_ID E.O.H. FROM (m) TO (m) APPARENT GRADES****
** (m) WIDTH (m)
***
V(2) TiO(2) Fe(2)
O(5) (%) O(3) (%)
(%)
------ ------- ----------
DD19PI07
* 100.20 0.00 28.00 28.00 0.45 9.49 47.29
-------- --------- ------- ----------- ------ ------- ----------
DD19PI08
* 59.80 0.00 41.05 41.05 0.41 7.94 40.48
-------- --------- ------- ----------- ------ ------- ----------
DD19PI09
* 54.00 0.00 31.90 31.90 0.58 11.74 57.41
-------- --------- ------- ----------- ------ ------- ----------
DD19PI10
* 60.25 0.00 31.50 31.50 0.51 10.3 51.01
-------- --------- ------- ----------- ------ ------- ----------
DD20PI11
* 120.00 6.00 38.18 32.18 0.55 10.79 53.22
-------- --------- ------- ----------- ------ ------- ----------
(including) 11.60 24.85 13.25 0.74 14.63 70.01
--------- ------- ----------- ------ ------- ----------
DD20PI12
* 120.00 0.00 38.00 38.00 0.56 11.31 54.90
-------- --------- ------- ----------- ------ ------- ----------
DD20PI13
* 120.00 0.00 5.35 5.35 0.70 12.96 65.42
-------- --------- ------- ----------- ------ ------- ----------
21.95 53.52 31.57 0.45 8.66 44.88
-------- --------- ------- ----------- ------ ------- ----------
(including) 21.95 38.00 16.05 0.56 10.31 53.22
--------- ------- ----------- ------ ------- ----------
DD20PI14
* 120.00 6.04 8.25 2.21 0.67 12.85 60.72
-------- --------- ------- ----------- ------ ------- ----------
DD20PI14
* 23.50 41.50 18.00 0.49 10.02 49.61
-------- --------- ------- ----------- ------ ------- ----------
DD20PI16
* 120.00 1.00 36.66 35.66 0.56 11.04 54.39
-------- --------- ------- ----------- ------ ------- ----------
Notes:
(*) Holes DD19PI07-10 previously reported on NR dated March 11(th)
, 2029; Holes DD19PI11-12 previously reported on NR dated February
26(th) , 2020; Hole DD19PI13 previously reported on NR dated
March 27(th) , 2020, Holes DD19PI14 and DD19PI16 newly reported
(**) E.O.H means "End of hole"
(***) intervals do not represent the true widths
(****) V(2) O(5) , TiO(2) and Fe(2) O(3) grades are uncut and
rounded to two decimal places
Figure 1: Plan view with drilling results from Pitombeiras North
target (including 2019 and 2020 drill intersections) - see PDF
link.
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) , K(2)
O, MgO, Mn, Na(2) O, P, 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 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 professional senior geologist with +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. 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.
**S**
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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contact rns@lseg.com or visit www.rns.com.
END
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