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Exploration Programme for Pitombeiras Project

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RNS Number : 0625S
Jangada Mines PLC
04 November 2019
 

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

4 November 2019

 Jangada Mines plc ('Jangada' or the 'Company')

Exploration Programme for Pitombeiras Vanadium Project

               

Jangada Mines plc, a natural resources company, is pleased to announce details of the ongoing exploration programme at its Pitombeiras Vanadium Project ("Pitombeiras" or "the Project"), located in the state of Ceará, Brazil.  The programme is based on the encouraging results of the recently completed Technical Report (the "Technical Report") as announced on 30 September 2019, which demonstrated a JORC (2012) Exploration Target at Pitombeiras of between 40 Mt to 60 Mt tonnes at 0.3% to 0.6% V2O5, 40% to 55% Fe2O3 and 8% to 10% TiO2.

 

The Technical Report concluded that Pitombeiras is a property of merit that can be quickly developed to define JORC-compliant Mineral Resources/Reserves, which will form the foundation of a Preliminary Economic Assessment ("PEA").

 

The Company has approved a multi-phase exploration programme which will include:

·     Exploration Grid along 43 N-S oriented-lines, using a 100 m line-spacing

Programme will cover the entire tenement area (1,093 hectares) with a total of 135 linear kilometres of gridlines

Infill zones will be carried out to better define the magnetic anomalies

·     Ground magnetic survey will be carried out along the 43 transversal lines (135 km), with continuous reading (3 seconds) along the lines

Magnetic anomalies identified on a 100m-spacing survey will be detailed using a 25 m-spacing survey

·     Soil geochemistry along the ground-magnetic grid with sampling stations 50m apart along the transversal lines, for a total of 2,700 samples collected. Soil samples will be analysed on site by Jangada's team using handheld portable XRF equipment

·     Detailed geological mapping covering the entire tenement area using a 1:10,000 scale overall and more detailed at 1:5,000 scale over the magnetic and soil anomalies

·     Minimum of 1,500 m of diamond drilling with 30 drill holes on a drill grid of 50 m x 100 m

·     Detailed topographic survey over the main mineralised areas

·     Petrographic study on eight core samples in order to characterise the mineralogy of the V-Ti-Fe mineralised zones

·     Bulk density analysis considering the mineralised layers and respective host lithologies

·     Bulk samples for metallurgical testwork

Total of three bulk samples (200 kg/sample) planned to be submitted to conventional metallurgical testwork in order to define the best process for the ore beneficiation

 

The programme will provide the necessary technical information to support the definition of a JORC compliant Mineral Resource estimate and a subsequent Preliminary Economic Assessment prepared by an independent engineering company.  Both of these activities are to be funded from existing Company resources.

 

Brian McMaster, Chairman of Jangada, said: "The extensive exploration programme is now at full steam at Pitombeiras following the highly encouraging results obtained so far, which highlighted the potential of this exciting vanadium, titanium, iron project.  We believe that at the end of the planned exploration schedule and along with the conclusions of the logistic study, we will have substantial information to prepare a robust preliminary economic assessment in Q1 2020.  We will continue to update the market as we receive the preliminary results from the field and advance our understanding of the Project."

 

Competent Person Statement

The information in this announcement is based on the Independent Technical Report on Pitombeiras Vanadium Project, Ceara State - Brazil, prepared 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  more than 34 years of experience in the mining industry, which is relevant to the div 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.

 

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

(Nominated & Financial Adviser)

James Spinney

Ritchie Balmer

Jack Botros

Tel: +44 (0)20 7409 3494







Brandon Hill Capital

(Broker)

Jonathan Evans

Oliver Stansfield

Tel: +44 (0)20 3463 5000




St Brides Partners Ltd

(Financial PR)

Isabel de Salis

 

Tel: +44 (0)20 7236 1177

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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