TIDMJAN
RNS Number : 5597R
Jangada Mines PLC
09 March 2021
To view the announcement with the illustrative images please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/5597R_1-2021-3-8.pdf
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
9 March 2021
Jangada Mines plc
Additional Drilling Results at Pitombeiras Vanadium Project
Jangada Mines plc ('Jangada' or 'the Company'), a natural
resources company, is pleased to announce additional drill results
of the second phase drilling programme at its 100% owned
Pitombeiras Vanadium Project ('Pitombeiras Project' or 'the
Project'), located in Ceará State, Brazil. The 2,000-metre diamond
drilling ('DD') programme, which commenced in October 2020, is
underway to continue to evaluate the structural corridor associated
with the known vanadium titanomagnetite ('VTM') mineralisation,
including the Pitombeiras North, Pitombeiras South and Goela
anomalies.
Highlights:
-- 19 drill holes completed to date for a total of 1,157.10 linear-metres.
-- 15 holes intersected VTM mineralisation and 11 holes' results
have been received from laboratory.
-- Results recently received include:
o 21.59 metres at 0.65% vanadium pentoxide ('V(2) O(5) '),
12.19% titanium dioxide ('TiO(2) ') and 60.70% ferric oxide ('Fe(2)
O(3) '), including 4.01 metres at 0.82% V(2) O(5) , 15.37% TiO(2)
and 73.18% Fe(2) O(3)
o 33.45 metres at 0.48% V(2) O(5) , 9.23% TiO(2) and 46.82%
Fe(2) O(3) , including 4.77 metres at 0.73% V(2) O(5) , 13.59%
TiO(2) and 64.76% Fe(2) O(3)
o 8.00 metres at 0.50% V(2) O(5) , 9.64% TiO(2) and 51.58% Fe(2)
O(3)
-- Infill drilling results confirm continuity of the
mineralisation within existing deposit area and will be used for
category upgrade of current mineral resources.
Brian McMaster, Executive Chairman of Jangada, said: "The
ongoing 2,000-metre follow on programme is aimed at increasing and
upgrading the existing mineral resource. This set of infill
drilling further increases our confidence that the current inferred
mineral resource estimates can be converted to indicated or
measured mineral resource categories for inclusion into an upgraded
and expanded Mineral Resource Estimate and revised Preliminary
Economic Assessment ("PEA"), scheduled for completion in Q2 2021.
The drill rig will soon move to the Goela target, which is another
integral part of the overall project development. With a stronger
treasury following our recent placing, as well as the cash received
from the sale of the ValOre common shares, we are in a great
position to maintain the positive momentum behind the Project, and
I look forward to providing further updates as we make progress
with the several workstreams currently underway.
Further Information:
In total, 19 drillholes have been completed to date for a total
of 1,157.10 linear-metres, all located on the Pitombeiras North
target. The objective of the ongoing 2,000-metre follow on
programme is to increase and upgrade existing mineral resources.
Currently, the Pitombeiras North target has an Indicated Resource
of 705,508 tonnes grading 0.62% V(2) O(5) and an Inferred Resource
of 1.68 Mt grading 0.60% V(2) O(5) on a high-grade domain with an
additional Mineral Resource (Indicated + Inferred) of 2.61 Mt
grading 0.40% V(2) O(5) on a lower-grade domain.
Recently, the Company received positive assay results from
additional three infill drillholes, which returned intercepts of
33.45 metres at 0.48% V(2) O(5) , 9.23% TiO(2) and 46.82% Fe(2)
O(3) , including 4.77 metres at 0.73% V(2) O(5) , 13.59% TiO(2) and
64.76% Fe(2) O(3) on drillhole DD20PI39; 8.00 metres at 0.50% V(2)
O(5) , 9.64% TiO(2) and 51.58% Fe(2) O(3) on drillhole DD20PI40;
and 21.59 metres at 0.65% V(2) O(5) , 12.19% TiO(2) and 60.70%
Fe(2) O(3) , including 4.01 metres at 0.82% V(2) O(5) , 15.37%
TiO(2) and 73.18% Fe(2) O(3) from drillhole DD21P141 Step-out
drillhole DD20PI38 returned negative to a final depth of 95.85
metres.
These infill drill results demonstrate the continuity of the VTM
mineralisation within the deposit area, which will then be used for
category upgrade of current mineral resources. Additional
drillholes are planned to continually test the Pitombeiras North
mineralised area, before moving to Goela target.
Table 1: Recent drill intersection
HOLE_ID E.O.H. FROM (m) TO (m) LENGTH ** GRADES***
* (m) (m)
V(2) TiO(2) Fe(2)
O5 (%) (%) O(3)
(%)
DD21PI39 45.50 0.90 34.35 33.45 0.48 9.23 46.82
------------ --------- ------- ---------- -------- ------- ------
(including) 9.00 13.77 4.77 0.73 13.59 64.76
DD21PI40 40.20 0.00 8.00 8.00 0.50 9.64 51.58
DD21PI41 51.05 0.00 9.08 9.08 0.73 13.85 67.53
------------ --------- ------- ---------- -------- ------- ------
14.16 35.75 21.59 0.65 12.19 60.70
------------ --------- ------- ---------- -------- ------- ------
(including) 24.24 28.25 4.01 0.82 15.37 73.18
------------ --------- ------- ---------- -------- ------- ------
36.65 38.41 1.76 0.36 7.73 39.49
------------ --------- ------- ---------- -------- ------- ------
39.62 41.31 1.69 0.34 7.01 37.09
------------ --------- ------- ---------- -------- ------- ------
42.98 43.46 0.48 0.42 8.59 42.20
------------ --------- ------- ---------- -------- ------- ------
Notes:
(*) E.O.H means "End of hole"
(**) length do not represent the true widths
(***) V(2) O(5) , TiO(2) and Fe(2) O(3) grades are uncut
Figure 1: Drill plan and actual V(2) O(5) intersections -
Pitombeiras North - See PDF
Quality Assurance & Quality Control
All drill core 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, MnO, Na(2) O, P(2) O(5) , 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 the laboratory. 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 +35
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.
**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 Beth Melluish 1177
(Financial PR)
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