Shares in Jangada Mines PLC (AIM:JAN) rose 13% to 1.64p after the company signed a letter of intent to acquire 100% of the high-grade Molly Gold Project in Brazil’s Tapajós region, one of the country’s most prolific gold provinces.
The 6,656-hectare project hosts a JORC-compliant Inferred Mineral Resource of 130,000 ounces of gold at 2g/t, based on 2,857m of historical drilling.
Notable intercepts include 6.5m at 10.5g/t and 1m at 200g/t, with mineralisation identified from surface to depths of 150m across a 400m strike, and open in all directions.
Jangada will immediately begin a 2,000m diamond drill programme to test the western extension of the Molly 1 target, supported by mapping and geophysical data that indicate the system extends at least 500m beyond the defined resource.
The staged transaction includes initial payments of US$100,000 in cash and US$250,000 in shares, alongside future work commitments, with further payments linked to resource growth. Vendor BGold Mineração will retain a 2% net smelter royalty.
Chief executive Paulo Misk said Molly fits Jangada’s strategy of acquiring scalable, data-rich assets and building a multi-project gold portfolio in Brazil with long-term value potential.