08:22 Tue 21 Jan 2020
Jangada Mines PLC - 2,500m Drilling Programme Started at Pitombeiras
To view the announcement with the illustrative maps and diagrams, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/4339A_1-2020-1-21.pdf
2,500-meter Drilling Programme Started at
Highlights:
· 2,500-metre drilling programme commenced at
· Drilling at a rate of 10 hours per day is underway and is scheduled to be completed in ±90 days
· Programme will test the three most prospective magnetic anomalies over a NE-SW structural trend
· Drilling results will be released progressively throughout the campaign
· Programme is fully funded from available resources
Further Information:
The objective of the drilling programme is to evaluate 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 magnetic anomaly (figure 1).
Drill rig and crew are now on site to execute a minimum of 2,500m of diamond drilling, which represents 25 to 30 drill holes on a drilling grid of 100m by 50m. All planned holes will be drilled with an inclination of between 50 to 60 degrees in relation to the surface level and to a depth ranging from 80m to 150m. The oxide zone will be drilled at an HQ diameter (63.5 mm) and will be reduced to a NQ2 diameter (50.6mm) on the fresh rock interface. The drilling programme will be conducted by Servdrill Perfuração e Sondagem Ltda ("Servdrill"), a contract company with extensive drilling experience in
Figure 1 - Location of drill targets.
Figure 2 - Drill rig (UDR-200) on site (Pitombeiras North target).
The Pitombeiras North magnetic anomaly measures 520 m x 380m over an area of approximately 170,000 square metres, while the Pitombeiras South magnetic anomaly measures 200m x 150m over an area of approximately 23,000 square metres. The Goela target is a new discovery, which extends the prospect area footprint. Goela is defined by a 370m x 300m magnetic anomaly covering an area of approximately 80,000 square meters and is associated with a small hill with outcropping VTM mineralisation. Jangada is also evaluating the option to drill other targets, which have shown prospective results from a geophysical, geochemical and geological point of view.
Jangada has established written procedures for the drilling programme, which includes;
· Safety, health and environment rules;
· Daily drillhole collar check;
· Core recovery control;
· Geo-structural logging;
· Magnetic susceptibility readings;
· On site XRF analyses (hand held equipment);
· Density measurements;
· Core photographic archive;
· Core splitting and sampling with appropriate QA/QC;
· Chemical analyses by an independent commercial laboratory;
· Data entry on a drilling database;
A preliminary JORC (2012) Exploration Target has been projected from drilling, magnetic survey and rock chip geochemistry to range between 40 Mt to 60 Mt tonnes at 0.3% to 0.6% V2O5, 40% to 55% Fe2O3 and 8% to 10% TiO2.
The drilling campaign is expected to provide the necessary technical information to support the elaboration of a JORC compliant Mineral Resource estimate and a Preliminary Economic Assessment prepared by independent engineering company.
Competent Person Statement
The information in this announcement has been reviewed by Mr.
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:
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Tel: +44 (0) 20 7317 6629 |
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Strand (Nominated & Financial Adviser) |
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Tel: +44 (0)20 7409 3494 |
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(Broker) |
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Tel: +44 (0)20 3463 5000 |
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(Financial PR) |
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Tel: +44 (0)20 7236 1177 |
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