TIDMJAN
RNS Number : 6453C
Jangada Mines PLC
20 October 2020
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
20 October 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 19 October 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-provides-pedra-branca-exploration-update-second-rig-arrives-to-commence-fully-funded-phase-2-drill-program
ValOre Provides Pedra Branca Exploration Update; Second Rig
Arrives to Commence Fully Funded
Phase 2 Drill Program
October 19, 2020
Vancouver, B.C. ValOre Metals Corp. ("ValOre"; the "Company";
TSX -- V: VO; OTC: KVLQF; Frankfurt: KEQ0) today provided an update
on the exploration program underway at ValOre's 100%-owned Pedra
Branca Platinum Group Element Project in northeastern Brazil,
including the completion of the: Phase 1 drill program; follow-up
soil sampling, mapping and prospecting at the Mendes North
exploration target area; mapping and sampling of two historical
trenches north of the Trapia 1 resource; and commencement of the
fully funded Phase 2 drill program with the addition of a second
drill rig.
"Our exploration program at Pedra Branca is gaining significant
momentum with the commencement of Phase 2 drilling and the addition
of a second drill rig," stated ValOre's Chairman and CEO, Jim
Paterson. "Within the next two weeks, we expect receipt of assays
from Phase 1 drilling at the C-04, Cana Brava, Cedro, Esbarro East
and Golden Goat zones and the recently completed follow-up soil
sampling campaign at Mendes North. In addition, we imminently
expect receipt of rhodium assay results from historical drill core
samples, as well as preliminary metallurgical results utilizing the
PLATSOL(TM) leaching process."
Highlights from 2020 Exploration Program at Pedra Branca
-- 775 core samples from 12 drill holes have been submitted for
assays from the Cedro, Golden Goat, Esbarro East, Cana Brava, and
C-04 targets;
-- Seven additional high priority follow-up drill holes are in
process or have been completed at the Trapia 1 zone;
-- Fully funded Phase 2 drill program, planned for 3,035 metres
("m"), has commenced with the arrival of a second drill rig;
-- Two drill rigs will complete Trapia 1 follow-up drilling,
followed by mobilization to test resource expansion of the Trapia 2
and Santo Amaro zones;
-- ValOre geologists have opened, mapped, and sampled two
historical trenches in the highly anomalous area north of the
Trapia 1 resource;
-- 532 soil samples and 37 rock samples from the follow-up
Mendes North prospecting program have been submitted for assay.
Mendes North Follow-Up Exploration Program
In Q2 2020, ValOre identified three WorldView+magnetic anomaly
PGE targets each >1 km in extent (collectively termed, "Mendes
North") and conducted immediate reconnaissance soil sampling,
mapping, and prospecting. The initial 598 soil samples defined
multiple well-defined, NE-SW-trending PGE anomalies, each >750
metres in length, spanning all three targets (see releases dated
March 12 and July 7, 2020). The anomalies remain open between
targets, suggesting potential continuity of a newly discovered
PGE-bearing belt >3km in length.
Results of the initial program warranted the execution of
immediate follow-up sampling, mapping, and prospecting to expand
and delineate the unconstrained PGE-in-soil anomalies. As such, 532
soil samples and 37 rock samples were collected and have been
received by SGS Vespasiano, Minas Gerais, for assay. Analytical
results are expected within two weeks. See Valore RNS for Figure 1A
and Figure 1B, showing composite geological, geochemical, and
sampling maps of the Mendes North exploration target area.
Phase 1 Drill Program Completed
Highly favorable results from the first five 2020 drill holes at
the Trapia 1 resources expansion target warranted the planning and
commencement of seven high priority follow-up drill holes,
targeting PGE mineralization open both up-dip to west and along
strike to south. The PGE-bearing ultramafic intrusion also remains
open and is thickening at depth (see release dated August 31 and
September 21, 2020). Trapia 1 follow-up drilling represents the
final target to be drilled in Phase 1.
All additional Phase 1 targets (Cedro, Esbarro East, Golden
Goat, Cana Brava and C-04) have been drilled, logged, sampled, and
submitted for assay to SGS Vespasiano, Minas Gerais. Analytical
results for these 775 drill core samples are expected in two weeks.
Below is Table 1, summarizing Phase 1 drilling to date.
Table 1: Phase 1 Drill Program Summary
TARGET DDHs METERS NOTES
-------------------------------------------------------------------------------------
Trapia 1 9* 1872.85* Assays received for first 5 DDHs, released Aug 31 and Sept 21; to date, 4 of 7
follow-up holes
have been drilled up-dip to west and along strike to south, results pending; Resource
Expansion
target
-------------------------------------------------------------------------------------
Cedro 4 364.40 Three separate targets drilled in mid-August; assays pending; Resource Expansion
target
-------------------------------------------------------------------------------------
Golden Goat 2 347.10 Drilled in late August; Assays pending; New target - previously undrilled
-------------------------------------------------------------------------------------
Esbarro East 3 146.40 Drilled in late August; Assays pending; New target - previously undrilled
-------------------------------------------------------------------------------------
Cana Brava 4 199.60 Drilled in early September; Assays pending; Target advancement; previously drilled
with mineralized
intercepts
-------------------------------------------------------------------------------------
C-04 3 252.90 Dilled in mid-September; Assays pending; New target - previously undrilled
-------------------------------------------------------------------------------------
6 Targets 21* DDH 3,183* m *Includes 4 holes and 907.50 m from Trapia 1 ongoing drilling follow-up
Phase 2 Drilling and Exploration Program Commences
Drilling has commenced for the Phase 2 drill program at Pedra
Branca with the arrival of a second drill rig, which will serve to
double productivity and expedite completion of ValOre's 2020 drill
program. Both drill rigs will work in tandem to maximize
efficiency, first completing follow-up drilling at Trapia 1, and
then mobilizing to resource expansion targets Trapia 2 and Santo
Amaro. Phase 2 drilling is slated to be completed by the end of
November, with all core logging, sampling, and sample shipments to
be concluded before year's end.
Metallurgical results from the on-going PLATSOL(TM) leaching
testwork are expected within 2 weeks, with the study aimed at
corroborating historical findings of this metallurgical processing
technique at the Pedra Branca project.
Rhodium assay results from samples using historical Pedra Branca
drill core pulps are also expected within 2 weeks. This study is
aimed at broadening ValOre's understanding of the distribution and
concentration of this valuable precious metal at the Pedra Branca
project.
Trapia 1 North Trench Mapping and Sampling
Two historical trenches in the highly anomalous area north of
the Trapia 1 resource have been mapped and sampled to better
understand the geological environment and potential for a northern
extension. Favorable easterly-dipping 10-12m intervals of
ultramafic rocks were encountered towards the west end of both
trenches, suggesting continuity of favorable geology north of the
Trapia 1 resource area. A total of 187 samples were submitted for
assay to SGS Vespasiano, Minas Gerais. See Valore RNS for Figure 2
to view the geological trench cross sections for the two re-mapped
and re-sampled Trapia 1 North trenches.
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.
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. Susan Lomas, P.Geo., of
LGGC is the Qualified Person, as defined in NI 43-101, responsible
for the Pedra Branca mineral resource estimates as reported herein.
She has read and approved the relevant technical portions of this
news release related to the mineral resource estimates for which
she is responsible.
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 ValOre
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.
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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