TIDMJAN
RNS Number : 6665X
Jangada Mines PLC
01 September 2020
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
1 September 2020
Jangada Mines plc ('Jangada' or the 'Company')
ValOre Announcement
Jangada Mines plc, a natural resources company, is pleased to
note the recent announcement released on 31 August 2020 by TSX-V
listed ValOre Metals Corp. ('ValOre'), in which Jangada holds a
17.68 per cent interest.
The announcement has been reproduced exactly as reported below,
other than for the inclusion of images, and can be viewed in full
on ValOre's website using the following link:
http://valoremetals.com/news-media/news-releases/2020/valore-expands-pge-mineralization-at-pedra-branca-with-step-out-drilling-intersects-949-gt-2pgeau-over-245-metres
ValOre Expands PGE Mineralization at Pedra Branca with Step-Out
Drilling; Intersects 9.49 g/t 2PGE+Au over 2.45 metres
Vancouver, B.C. ValOre Metals Corp. ("ValOre"; the "Company";
TSX -- V: VO; OTC: KVLQF; FRANKFURT: KEQ0) today announced assay
results from the ongoing Phase 1 core drill program at ValOre's
100%-owned Pedra Branca Platinum Group Elements Project in
northeastern Brazil. Assay results for the final three of five
holes drilled at the Trapia 1 target are reported herein.
Highlights from ValOre's Initial Drilling at Trapia 1:
-- Drill hole DD20TU13
o Successfully expands Trapia 1 mineralization with 140 metre
step-out along strike to the south
o 9.49 g/t 2PGE+Au (Palladium, Platinum and Gold; Pd, Pt+Au)
over 2.45 metres (m) within a broad mineralized ultramafic ("UM")
unit 0.76 g/t 2PGE+Au over 61.85 m from 217.50 m downhole;
-- Drill hole DD20TU14
o Extends the down-dip mineralization at Trapia 1 in the
northern portion of the resource area, and shows a thickening of
the mineralized body at depth;
o 1.27 g/t 2PGE+Au over 5.00 m, within a broader interval of
0.60 g/t 2PGE+Au over 21.55 m from 118.80 m downhole;
-- Initial drill results indicate that the large 3D magnetic
inversion target extending approximately 1 kilometre from the
Trapia 1 resource represents an intact and mineralized
intrusion;
-- Mineralization remains open in all directions, with multiple
drill holes planned for immediate follow-up;
-- Trapia 1 orebody has been shown to be thickening with depth
across the entire width of the resource, and remains thick (61.85
m) in newly drilled areas south of the resource
ValOre's Chairman and CEO, Jim Paterson, stated: " Our Phase 1
drilling has successfully identified near surface mineralization in
the southern portion of the current Trapia 1 resource area;
extended and thickened the easterly down-dip mineralization across
the full width of the resource; and proven that the mineralized
ultramafic intrusion remains intact and open to expansion along a 1
kilometre geophysical target to the south. We plan to return to
Trapia 1 near the end of Phase 1 due to the considerable resource
expansion potential. "
Trapia Target Area and the 2019 NI 43-101 Resource
Trapia represents one of the five currently known PGE deposit
areas which host NI 43-101 resources at Pedra Branca. ValOre
reported a NI 43-101 inferred resource estimate for Pedra Branca in
August, 2019, which totalled 1,067,000 ounces 2 PGE+Au contained in
27.2 million tonnes ("Mt") grading 1.22 g/t 2PGE+Au. PGE
mineralization for all five of the resource deposit areas outcrops
at surface, making these inferred resources prospective for open
pit mining. See ValOre announcement for Figure 1, which shows the
location of the five NI 43-101 deposit areas and ValOre's proposed
2020 drill holes.
The Trapia resource is comprised of three separate deposit areas
within a 2-kilometre radius: Trapia 1, Trapia 2 and Trapia West.
Specifically, Trapia 1 represents 92,000 ounces of the aggregate
Trapia resource of 219,000 ounces at 1.1 g/t 2PGE+Au (6.2 Mt). See
ValOre announcement for Figure 2, which shows the location of the
Trapia target areas (Trapia 1, Trapia 2 and Trapia West), proposed
and drilled 2020 drill holes, and prospective 3D magnetic inversion
drill targets.
Trapia 1 was selected for Phase 1 of the 2020 drill program on
the merits of its strong resource expansion potential and high
prospectivity along strike to the south, which correlates with a 3D
magnetic inversion target extending approximately 1 kilometre from
the currently defined resource. A total of 900 metres were drilled
in five drill holes, testing both the PGE mineralization open at
depth to the east and the 3D magnetic inversion target. See ValOre
announcement for Table 1 and Figure 3, which present a summary of
2020 Phase 1 drilling at Trapia 1.
Figure 3: Trapia 1 Target with Location of 2020 Drill Holes,
Resource and 3D Mag Inversion Target - please refer to ValOre
announcement
Trapia 1 2020 Drilling Results
Ultramafic rocks were intercepted in all five drill holes at
Trapia 1 (DD20TU10 to DD20TU14), with four of the five holes
returning strong 2PGE+Au assay results. Drill hole DD20TU13
successfully expanded Trapia 1 mineralization by stepping out 140
metres along strike to the south along a 1 kilometre long 3D
magnetic inversion target. This drill hole was also critically
important in validating a robust geological and structural model
for the southern resource expansion target, demonstrating a 50
metre down-stepping of the mineralized intrusion. In addition,
drill hole DD20TU14 targeted the down-dip extension of
mineralization in the northern Trapia 1 resource area, and
successfully doubled the thickness of mineralized intrusion from
the most proximal up-dip historical drill hole, DD09TU08. See
Figure 4 for cross sections through all five Phase 1 drill holes at
the Trapia 1 target area.
DD20TU13 targeted the southerly strike extension of Trapia 1
mineralization along the kilometre-scale long 3D magnetic inversion
target, 140 metres south of the nearest mineralized intercept,
DD20TU12. ValOre geologists identified an Ultramafic "Marker"
Horizon in the upper sections of historical Trapia 1 resource holes
to the north, as well as in DD20TU12 (from 31.95 to 36.85 metres)
and DD20TU14 (from 121.00 to 140.35 metres). This stratigraphically
significant marker unit was also encountered in DD20TU12; however,
the anticipated target depth was encountered approximately 50
metres deeper down hole than expected. As such, it was interpreted
that the entire, intact geological package associated with the
Trapia 1 resource to the north had also been stepped down 50
metres. DD20TU13 was accordingly extended past the original planned
length, and intersected 61.85 metres of mineralized ultramafic
intrusion, grading 0.76 g/t 2PGE+Au from 217.15 m downhole,
including 9.49 g/t 2PGE+ Au over 2.45 metres from 221.20 m. The
down-stepped structural and geological model for the target area
south of the resource was substantiated by the intercept in
DD20TU13, which transected a stratigraphically-intact, mineralized,
Trapia 1 resource-associated orebody that was approximately 50
metres deeper than the anticipated target depth.
The implications of this geological model are significant for
DD20TU11, which aimed to target mineralization immediately south of
the Trapia 1 resource, 140 m northwest of DD20TU13, and within the
same 1 kilometer long magnetic target. The drilling and analysis of
DD20TU11 preceded the now validated down-stepped structural model,
and consequently, it is believed that DD20TU11 (the only Phase 1
Trapia 1 drill hole which lacked grade) was stopped short of the
target intrusion, and thus remains open to a mineralized intercept
at depth.
DD20TU14 targeted the down-dip extension of mineralization in
the northern Trapia 1 resource area, and successfully doubled the
thickness of mineralized intrusion from the proximal up-dip
historical drill hole, DD09TU08. DD20TU14 returned 0.60 g/t 2PGE+Au
over 21.55 m from 118.80 m downhole, including 1.27 g/t 2PGE+Au
over 5.00 m from 132.00 m. For comparison, the up-dip, historical
resource drill hole, DD09TU08, intercepted 0.83 g/t 2PGE+Au over
11.30 m. PGE mineralization remains open at depth.
Trapia 1 PGE mineralization remains open down-dip to the east,
up-dip to the west along the isoshell, and along strike to the
north and south, with multiple drill holes planned for immediate
follow-up. 3D magnetic inversion target extending 1 kilometre from
Trapia 1 resource was shown in DD20TU13 to represent an intact,
mineralized, down-stepped resource-associated intrusion, previously
undrilled and untested. Consequently, DD20TU11 represents a
high-priority hole to re-enter and extend, with the 50-metre
stepped-down.
In summary, Phase 1 drilling at Trapia 1 has effectively brought
mineralization to surface in the southern resource area, extended
and thickened the easterly down-dip mineralization across the full
width of the resource that remains fully open at depth, and proven
that the mineralized ultramafic intrusion remains stratigraphically
intact and wide open to expansion at least 140 metres to the south
of DD20TU12, within a highly-prospective 1 kilometre long 3D
magnetic inversion target. High-priority follow up drill holes have
been planned for immediate execution at the end of Phase 1,
including stepping further out along strike from DD20TU13, along
the 1 kilometer long magnetic target, stepping west of DD20TU13 to
target a shallower 2PGE+Au intercept, re-entering and extending
DD20TU11 to depth (as directed by the down-stepped model), and
further extending the resource mineralization down-dip.
Table 2: Summary of Significant Core Assay Results from DD20TU13
and DD20TU14
Drill Hole Depth From (m) Depth To (m) Interval (m)* 2PGE+Au (g/t)
DD20TU13 217.05 279.00 61.85 0.76
Including 221.20 223.65 2.45 9.49
DD20TU14 118.80 140.35 21.55 0.60
Including 132.00 137.00 5.00 1.27
* Reported assay intervals are estimated to be 90-100% true
width
Figure 4: Cross Section Summary of Phase 1 Drilling at Trapia 1
- please refer to ValOre announcement
Pedra Branca 2020 Drill Program
Please see ValOre's news release from August 25, 2020 for
detailed information regarding:
-- Pedra Branca 2020 Drill Program (Phase 1 and Phase 2)
-- Quality Control/Quality Assurance ("QA/QC") and Grade Interval Reporting
-- Analytical Procedures, SGS Geosol
-- About Servitec Foraco Sondagem SA
-- ValOre and Servitec Foraco COVID-19 Protocols
http://valoremetals.com/news-media/news-releases/2020/
About ValOre Metals Corp.
ValOre Metals Corp. (TSX -- V: VO) is a Canadian company with a
portfolio of high -- quality exploration projects. ValOre's team
aims to deploy capital and knowledge on projects which benefit from
substantial prior investment by previous owners, existence of
high-value mineralization on a large scale, and the possibility of
adding tangible value through exploration, process improvement, and
innovation.
In May 2019, ValOre announced the acquisition of the Pedra
Branca Platinum Group Elements (PGE) property, in Brazil, to
bolster its existing Angilak uranium, Genesis/Hatchet uranium and
Baffin gold projects in Canada.
The Pedra Branca PGE Project comprises 38 exploration licenses
covering a total area of 38,940 hectares (96,223 acres) in
northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit
areas host, in aggregate, a NI 43-101 Inferred Resource of
1,067,000 ounces 2PGE+ Au contained in 27.2 million tonnes grading
1.22 g/t 2PGE+Au (see ValOre's July 23, 2019 news release). PGE
mineralization outcrops at surface and all of the currently known
inferred resources are potentially open pittable.
Comprehensive exploration programs have demonstrated the
"District Scale" potential of ValOre's Angilak Property in Nunavut
Territory, Canada that hosts the Lac 50 Trend having a NI 43 -- 101
Inferred Resource of 2,831,000 tonnes grading 0.69% U(3) O(8) ,
totaling 43.3 million pounds U(3) O(8) . ValOre's. For disclosure
related to the inferred resource for the Lac 50 Trend uranium
deposits, please refer to ValOre's news release of March 1,
2013.
ValOre's team has forged strong relationships with sophisticated
resource sector investors and partner Nunavut Tunngavik Inc. (NTI)
on both the Angilak and Baffin Gold Properties. ValOre was the
first company to sign a comprehensive agreement to explore for
uranium on Inuit Owned Lands in Nunavut Territory and is committed
to building shareholder value while adhering to high levels of
environmental and safety standards and proactive local community
engagement.
Qualified Person
The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements set out in NI
43-101 and reviewed and approved by Colin Smith, P.Geo., who
oversees New Project Review for ValOre.
On behalf of the Board of Directors,
"Jim Paterson"
James R. Paterson, Chairman and CEO
ValOre Metals Corp.
For further information about, ValOre Metals Corp. or this news
release, please visit our website at valoremetals.com or contact
Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or
by email at contact@valoremetals.com .
ValOre Metals Corp. is a proud member of Discovery Group. For
more information please visit: discoverygroup.ca
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release contains "forward-looking statements" within
the meaning of applicable securities laws. Although ValOre believes
that the expectations reflected in its forward-looking statements
are reasonable, such statements have been based on factors and
assumptions concerning future events that may prove to be
inaccurate. These factors and assumptions are based upon currently
available information to ValOre. Such statements are subject to
known and unknown risks, uncertainties and other factors that could
influence actual results or events and cause actual results or
events to differ materially from those stated, anticipated or
implied in the forward-looking statements. A number of important
factors including those set forth in other public filings could
cause actual outcomes and results to differ materially from those
expressed in these forward-looking statements. Factors that could
cause the actual results to differ materially from those in
forward-looking statements include the future operations of the
Company and economic factors. Readers are cautioned to not place
undue reliance on forward-looking statements. The statements in
this press release are made as of the date of this release and,
except as required by applicable law, ValOre does not undertake any
obligation to publicly update or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise. ValOre undertakes no obligation to
comment on analyses, expectations or statements made by third
parties in respect of ValOre, or its financial or operating results
or (as applicable), their securities.
ValOre Metals Corp.
Suite 1020
800 West Pender St
Vancouver, BC | V6C 2V6
contact@valoremetals.com
valoremetals.com
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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