Jangada Mines PLC (AIM:JAN, FRA:JMU) reported a 45% jump in estimated resources at its Pitombeiras ferrovanadium project in Brazil.
The total mineral resource estimate was increased to 8.26 million tonnes and comprises of results from three exploration target areas: Pitombeiras North, Pitombeiras South and the newly completed drilling programme at Goela.
About 62% of the updated resource estimate is now classified at the higher confidence measured and indicated category and as a result Jangada has decided to issue a definitive feasibility study in the third quarter rather than a previously planned upgraded economic study.
The AIM-listed company said it is fully funded for its existing work programme and intends to proceed to mine development, with first production expected as early as the first half of 2022.
"Today's announcement represents another very positive step forward for Jangada,” said chairman Brian McMaster. “The resource expansion supports our business case and importantly the elevation of the bulk of our resource to measured and indicated gives us the confidence to expedite our plans towards mine development.”