TIDMJAN
RNS Number : 4042D
Jangada Mines PLC
28 October 2020
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
28 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 27 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-validates-exploration-methodology-with-drill-discovery-of-new-pge-zone-at-pedra-branca
ValOre Validates Exploration Methodology with Drill Discovery of
New PGE Zone at Pedra Branca
C-04 target: 5.29m @ 2.03 g/t within 24.95m @ 0.71 g/t 2PGE+Au
from 41.34m
Vancouver, B.C. ValOre Metals Corp. ("ValOre"; the "Company";
TSX -- V: VO; OTC: KVLQF; Frankfurt: KEQ0) today announced assay
results for the C-04, Cana Brava, Cedro, Esbarro East and Golden
Goat drill targets at ValOre's 100%-owned Pedra Branca Platinum
Group Element ("PGE") Project in northeastern Brazil.
"Our drill program continues to generate exciting results,
including a discovery of the C-04 Zone in addition to successfully
advancing the targets at Cana Brava and Cedro North," stated
ValOre's Chairman and CEO, Jim Paterson. "Our efficient and
cost-effective exploration methodology has now been validated by
the drill discovery of high-grade, near-surface PGE
mineralization."
Highlights from C-04, Cana Brava, Cedro, Esbarro East and Golden
Goat Targets
-- C-04 - New PGE-mineralized Zone discovered at the previously
undrilled target validates ValOre's WorldView-magnetic anomaly
targeting methodology (see news release dated December 4,
2019);
-- Cana Brava - Shallow mineralization extended with PGE
intercepts in three diamond drill holes ("DDH");
-- Cedro - PGE mineralization drilled from surface in both "Cedro North" drill holes;
-- Esbarro East - PGE mineralization drilled from surface;
-- Golden Goat - two drill holes targeting a geophysical anomaly
intercepted broad intervals (100-140m) of prospective ultramafic
(UM) intrusion.
Target Classes and Locations:
See ValOre RNS for Figure 1, a map of Phase 1 drill hole
locations and targets.
Table 1: Drill Core Assay Highlights for C-04, Cana Brava,
Cedro, Esbarro East and Golden Goat
Target # of holes Meters (m) Notes*
C-04 3 252.90 DD20CF01: 18.00m @ 0.58 g/t 2PGE+Au from 0.00m
(Discovery Drilling) 24.95m @ 0.71 g/t 2PGE+Au from 41.34m
incl. 0.73m @ 5.50 g/t 2PGE+Au from 53.50m
and 5.29m @ 2.03 g/t 2PGE+Au from 61.00m
DD20CF02: 21.60m @ 0.39 g/t 2PGE+Au from 0.00m
and 21.00m @ 0.27 2PGE+Au from 39.00m
DD20CF03: 8.68m @ 0.24 g/t 2PGE+Au from 11.92m
Cana Brava 4 199.60 DD20CB03: 15.20m @ 0.61 g/t 2PGE+Au from 0.00m
(Target Advancement)
DD20CB04: 14.00m @ 0.83 g/t 2PGE+Au from 10.00m
DD20CB05: 7.67m @ 1.07 g/t 2PGE+Au from 26.30m
Cedro 4 364.40 DD20CD95: 20.00m @ 0.38 g/t 2PGE+Au from 0.00m
(Target Advancement)
DD20CD96: 15.00m @ 0.49 g/t 2PGE+Au from 0.00m
Esbarro East 3 146.40 DD20ES44: 3.65m @ 0.92 g/t 2PGE+Au from 0.00m
(Discovery Drilling)
Golden Goat 2 347.10 DD20GG01: 1.00m @ 0.53 g/t 2PGE+Au from 68.00m
(Discovery Drilling)
DD20GG02: 0.80m @ 0.57 g/t 2PGE+Au from 35.00m
*Reported assay intervals are estimated to be 90-100% true
width
C-04 Drill Target - New PGE Discovery
A new PGE discovery was made at the previously undrilled C-04
WorldView-magnetic anomaly target, with 2PGE+Au mineralization
encountered in all three DDHs. See ValOre RNS for Figure 2, a cross
section of 2020 C-04 drilling. These results are significant, as
they validate ValOre's exploration methodology, namely pairing
WorldView spectral data to characterize the spectral signature of
ultramafic rocks with inversion of the magnetic data to model the
3D geometry and spatial extent of the highly magnetic ultramafic
bodies. C-04 was the inaugural test case of pure greenfields
targeting for ValOre at Pedra Branca in Q4 2019, whereby
investigations of discrete reduced to pole (RTP) magnetic
anomalies, derived from the re-processing of Anglo American's
airborne magnetic survey, were combined with targeting priority
classes of spectral chromitite and ultramafics derived from 2019
WorldView satellite data. The magnetic data was then inverted to
define the potential 3D geometry and spatial extent of the likely
ultramafic source body. This methodology led ValOre geologists
directly to a surface showing of mineralized UM intrusion grading
up to 7.95 g/t 2PGE+Au in grab sample (see news release dated
December 4, 2019).
-- Vertical drill hole DD20CF01 collared directly into
mineralized UM rocks from surface down to a depth of 67.22m. The
intrusion was dominated by chromite-bearing peridotites and
dunites, with a basal pyroxenite and amphibolite schist. Assay
highlights include 5.29m @ 2.03 g/t 2PGE+Au from 61.00m within a
broad interval of 24.95m @ 0.71 g/t from 41.34m, and 18.00m @ 0.58
g/t 2PGE+Au from 0.00m;
-- Drill hole DD20CF02 was an inclined hole drilled at -60
degrees to a southern azimuth (180 ) from the same pad at DD20CF01,
to better constrain the intrusion geometry. Mineralized UM rocks
were again encountered from surface to a depth of 76.53m. Assay
highlights from DD20CF02 include: 21.60m @ 0.39 g/t 2PGE+Au from
0.00m and 21.00m @ 0.27 2PGE+Au from 39.00m;
-- Drill hole DD20CF03 stepped 45m to the east-southeast of
DD20CF01 and DD20CF02, and targeted the intrusion with an
additional -60 degree hole drilled to the south, and encountered
intervals of UM intrusion and UM schists from 12.20m to 60.60m
depth. Core axis angles suggested pierce points near to the
easterly intrusion margin; however, this could be resulting from
localized structural crenulation, and mineralization and
ultramafics remain open to the east.
The exciting results from ValOre's first three drill holes at
C-04 warrant follow-up drilling in 2021, with PGE mineralization
remaining fully open in all strike directions. Field mapping and
drill core interpretations suggest a thickening of the PGE-bearing
intrusion to the south and southwest of current drilling, and these
areas will be the focus of drill targeting in 2021. Further, these
drill results serve to substantiate ValOre's WorldView-magnetic
targeting methodology, which is now being applied property wide at
large, unexplored PGE targets (see news releases dated July 7, 2020
and October 19, 2020).
Cana Brava Drill Target - Extension of Mineralization
The Cana Brava target is an at-surface pre-resource PGE showing
situated within a 3km radius of the Esbarro (394,000oz 2PGE+Au at
1.23 g/t), Curiu (100,000oz 2PGE+Au at 1.93 g/t) and Cedro
(151,000oz 2PGE+Au at 1.10 g/t) NI 43-101 PGE deposits, (see
ValOre's July 23, 2019 news release) along the same structural
contact. Historical Cana Brava grab samples grade up to 15.4 g/t
2PGE+Au, and the outcropping ultramafic and chromitite showings
have well-defined PGE-in-soils and magnetic anomalies . Anglo
American drilled two holes at Cana Brava in 2010, and the southern
hole (DD10CB02) intercepted mineralized intrusion from surface to
27.55m, including 2.30 g/t 2PGE+Au over 6.00m from 3.00m depth.
This drill hole did not receive any follow up exploration until
ValOre's 2020 drill program.
ValOre targeted Cana Brava with four vertical DDHs in 2020
spaced 50-60m apart, stepping out from DD10CB02 both along strike
to the north and south, and down-dip to the east. At- or
near-surface PGE mineralization was encountered in three of four
drill holes, and mineralization remains open to the west, south,
southwest, northeast. The ultramafic package is also thickening to
the west. See ValOre RNS for Figures 3A and 3B, cross sections of
2020 Cana Brava drilling .
-- Drill hole DD20CB03 collared into mineralized ultramafic
intrusion from surface to 23.30m, characterized by weathered
serpentinites, peridotites and dunites, and basal interlayers of
pyroxenites, schists and country rock. Assay highlight from
DD20CB03 includes: 15.20m @ 0.61 g/t 2PGE+Au from 0.00m.
-- Drill hole DD20CB04 collared into mineralized ultramafic
intrusion from surface to 26.65m and drilled a correlative
lithological sequence to DD20CB03. Assay highlight from DD20CB04
includes: 14.00m @ 0.83 g/t 2PGE+Au from 10.00m.
-- Drill hole DD20CB05 collared into mineralized ultramafic
intrusion from surface to 32.42m. Ultramafic rocks consisted of
weathered UM schists and serpentinites, underlain by lower
pyroxenites, schists with a basal banded iron formation ("BIF")
before entering basement at 33.97m. Assay highlight from DD20CB05
includes: 7.67m @ 1.07 g/t 2PGE+Au from 26.30m.
-- Drill hole DD20CB06 did not intersect ultramafic rock.
The shallow mineralized drill intercepts from three of four 2020
holes at Cana Brava warrant additional drill testing of the
ultramafic intrusion which seems to thicken to the west. An
additional showing, characterized by high-grade historical rock
samples and a PGE-in-soils anomaly, is situated approximately 385m
to the north-northwest. This target remains un-drilled.
Cedro Drill Target - At-Surface PGE Mineralization
Four 2020 drill holes were completed at the Cedro deposit area
(151,000oz 2PGE+Au at 1.10 g/t), targeting both historical DDH
(non-resource) PGE intercepts, and untested 3D magnetic inversion
model targets.
The northern two drill holes, DD20CD95 and DD20CD96, are
situated 150m east of an existing NI 43-101 resource and were
designed to follow up historical drill hole DD07CD26, which
intersected PGE-bearing UMs from surface to 35.00m (including 3.9
g/t over 1.6m from 19.40m). See ValOre RNS for Figure 4, a cross
section of the two northern 2020 drill holes at Cedro .
-- Both DD20CD95 and DD20CD96, collared into weathered
mineralized ultramafic rocks (peridotites, serpentinites, and
amphibolites) from surface to 25.75m and 17.00m, respectively.
-- Drill hole DD20CD95 returned an assay of 20.00m @ 0.38 g/t 2PGE+Au from 0.00m.
-- Drill hole DD20CD96 retuned an assay of 15.00m @ 0.49 g/t 2PGE+Au from 0.00m.
-- The mineralized ultramafic remains open and is thickening to
the south, with the three positive drill holes (two 2020 holes and
one historical hole) exhibiting intrusion thicknesses of 17.00m,
25.75m and 35.00m, from north to south.
Two additional holes (DD20CD97 and DD20CD98) were drilled at
Cedro, targeting large (400m x 120m), north-northwest
south-southeast trending 3D magnetic isoshell bodies, one situated
in central Cedro and the other in southern Cedro. Coarse-grained
granites and gneisses were intersected from surface to end of holes
("EOHs"), with DD20CD98 transecting a thin (3m), barren interval of
UM-derived rock from 78.00m depth.
Esbarro East Drill Target - At-Surface PGE Mineralization
The Esbarro East target is a surface chromitite showing situated
500m due east of the Esbarro deposit (394,000oz 2PGE+Au at 1.23
g/t). This previously un-drilled target hosts historical and ValOre
grab samples that graded up to 5.10 g/t 2PGE+Au, collected from a
subcrop of chromitite and weathered ultramafic rocks, with a
coincident at-surface 3D magnetic inversion anomaly. Three DDHs
were drilled in 2020, with one of the three returning an at-surface
PGE intercept (DD20ES44). See ValOre RNS for Figure 5, a cross
section of 2020 drilling at Esbarro East.
-- Drill hole DD20ES44 collared directly into the chromitite
showing and 3D magnetic inversion target, and intersected
mineralized weathered ultramafic rocks from surface to 2.95m, and
returned an assay of 3.65m @ 0.92 g/t 2PGE+Au. Coarse-grained
granites with local pegmatitic textures ensued until EOH.
-- Drill holes DD20ES45 and DD20ES46 sought to test the
southerly down-dip and westerly on-strike extensions. No UM rocks
were encountered in either hole.
Golden Goat Target - Broad (>100m) Ultramafic Drill
Intercepts Encountered
The previously un-drilled Golden Goat target is situated
approximately 1km east-southeast of the Esbarro deposit (394,000oz
2PGE+Au at 1.23 g/t), and is characterized by a strong magnetic
anomaly (480m x 370m), historical spectral serpentinization data,
and highly anomalous Au- and Cr-in-stream sediment samples situated
on a drainage that flows from the mag high. Two vertical 2020 drill
holes were targeted into the core of the geophysical anomaly, and
both holes intersected broad (100-140m) intervals of prospective
ultramafic rocks. See ValOre RNS for Figure 6, a cross section of
the 2020 drilling at Golden Goat .
-- Drill hole DD20GG01 entered ultramafic intrusion at 9.12m
depth and remained in the intrusion until 154.54m. Coarse to medium
grained pyroxenites dominated the sequence before ending the hole
in a laminated and schistose metasedimentary package. DD20GG01
returned thin, weakly anomalous assays, including: 1.00m @ 0.53 g/t
2PGE+Au from 68.00m.
-- Drill hole DD20GG02 entered ultramafic intrusion at 33.45m
depth and remained in the intrusion until 132.40m. The geology was
correlative to DD20GG01, with coarse to medium grained pyroxenites
dominating the sequence before ending the hole in metasedimentary
rocks. DD20GG02 returned thin, weakly anomalous assays, including:
0.80m @ 0.57 g/t 2PGE+Au from 35.00m.
Quality Control/Quality Assurance ("QA/QC") and Grade Interval
Reporting
As part of ValOre's QA/QC protocol, a total of seven quality
control samples are inserted in each batch of 50 samples. These
include the insertion of blanks, standards, and duplicates
according to a logical sequence that follows strict industry
standards. The seven quality control samples comprise: (i) two
coarse blanks sampled from barren quartz vein outcrops in the area
(4% of the batch); (ii) three certified reference materials
("CRMs", 4% of the batch) with pre-determined PGE and Au grades
produced by CDN Resource Laboratories; (iii) and three duplicate
samples (2% of the batch each), including one coarse reject
duplicate and one pulp duplicate (both prepared at SGS laboratory
following ValOre's instructions) and one 1/4 core duplicate,
prepared at ValOre's core logging facility in Capitão Mor. Assay
results are systematically checked upon receipt and a specific
batch is accepted if results are in accordance with a QA/QC failure
chart. All samples are sent with an ensured chain of custody to SGS
Geosol Laboratórios Ltda. ("SGS Geosol", an accredited mineral
analysis laboratory) in Vespasiano, Minas Gerais, Brazil for
analysis.
Grading intervals are reported from continuous drill
intersections of favorable ultramafic intrusion that return
anomalous 2PGE+Au values throughout, with sample widths averaging
1.0 metres in length throughout the mineralized zone.
Analytical Procedures, SGS Geosol
Once a core sample consignment is received and verified by SGS
Geosol, all core samples undergo density calculation by water
immersion method on the raw samples wrapped in PVC film. The
samples are subsequently prepared for analyses by means of drying,
crushing (with 75% passing 3 mm), homogenization, quartering and
pulverizing 250 - 300 g of sample in a 95% steel mill at 150 mesh.
Multielement analyses is then performed by Sodium Peroxide Fusion
followed by a multielement combined ICP-OES and ICP-MS scan for
base metals, trace, and lithological elements. Chromium values that
exceeded 5% are redirected to ore-grade pyrosulfate fusion and XRF
techniques to determine %Cr2O3. Samples are then analyzed for
2PGE+Gold (Pd, Pt, Au) content using standard Fire Assay
techniques.
Certified PGE ore reference standards, blanks and field
duplicates were inserted as a part of ValOre's QA/QC protocol. No
QA/QC issues were noted with the results reported herein.
SGS Geosol is an accredited mineral analysis laboratory founded
in Brazil from a joint venture between SGS do Brasil and Geosol
Geologia e Sondagens. It concentrates its activities on geochemical
analysis of soils, rocks, ores, concentrates and metallurgical
tests, as well as environmental analyzes of water, effluents, and
industrial waste.
SGS Geosol is internationally recognized by its extensive
experience throughout industry, with technical teams formed by
highly qualified professionals. SGS Geosol's Integrated Management
System ensures an excellent level of quality, safety, occupational
health, respect for the environment and social responsibility.
The lab is Certified ISO 9001, which provides quality services
in analytical chemistry, in compliance with all applicable
environmental requirements, and so it is also certified ISO 14001.
SGS Geosol has advanced laboratories and the latest technological
equipment, which enables its supply of analytical services with
security and excellent quality control.
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)
-- 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.
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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