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Jangada Mines PLC (JAN)

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Monday 11 March, 2019

Jangada Mines PLC

Vanadium Drilling Update

RNS Number : 1618S
Jangada Mines PLC
11 March 2019
 

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

11 March 2019

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

Vanadium Drilling Update

 

Jangada Mines plc, a natural resources company developing Pedra Branca, South America's largest and most advanced platinum group metals ('PGM') and nickel project, and the Pitombeiras West vanadium project which is in close proximity to, but distinct from the PGM and nickel deposits within Pedra Branca, is pleased to provide an update on recently completed exploration activities at its Pitombeiras West vanadium deposit in north-eastern Brazil.

 

Highlights

·     Drill results confirm the presence of a high-grade deposit with potential for significant resource delineation

·     High-grade zone contains an average of 0.83% V2O5, 11.6% TiO2 and 48.4% Fe over a 12.8 m average downhole width

·     Total mineralised intersections range from 26 m to 46 m wide with average grades of 0.57% V2O5; 8.1% TiO2 and 37% Fe

·     High grade mineralisation commences at surface and remains open at depth and along strike

·     Preliminary metallurgical tests demonstrate that the material can be processed by conventional methods currently used for the ore type globally

 

Brian McMaster, Executive Chairman of Jangada, said, "The findings of this drill campaign are highly encouraging and further support our belief that we are discovering a potentially world class vanadium deposit.  The mineralisation is consistent in width and grade, with high grade mineralisation starting at surface, all of which are very positive indications.  The holes that we have drilled to date are shallow and have returned excellent results. The resource potential remains open at depth and along strike.  If we continue to replicate these results in future holes then we will likely be holding a very substantial deposit.  These results further confirm the breadth and potential scale of Pitombeiras West specifically, and Pedra Branca more widely."

 

Further Information on the drilling programme

The Company has completed an initial exploration drilling programme at the Pitombeiras West vanadium deposit comprising four holes totalling 300 m of diamond core drilling. All boreholes intersected high-grade, near surface vanadium and titanium mineralisation, consistent with expectations from the recently completed surface sampling campaign.  Preliminary grade results are summarised in the table below.

 

Drilling has confirmed the presence of a layered magnetite mineralised zone rich in vanadium, titanium and iron.  This geological model is consistent with other globally significant vanadium deposits currently being exploited in the north east of Brazil.

 

Approximately 70% of global vanadium resources are currently mined at in-situ grades of circa 0.25%. The Pitombeiras West drilling results indicate that it hosts a deposit with grades circa three times higher than 0.25% which compares very favourably with those demonstrated by existing high grade operations in Brazil and South Africa.

 

Borehole

Main Mineralised Intersection

Main Mineralised Ave Grade

Total Mineralised Intersection

Total Ave Grade

 

Meters

V2O5 %

TiO2 %

Fe %

Meters

V2O5 %

TiO2 %

Fe %

PI07

9.50

0.83

10.6

50

26.50

0.50

6.3

40

PI08

8.25

0.83

12.1

45

46.07

0.50

7.6

31

PI09

19.00

0.81

11.7

52

31.58

0.65

9.3

38

PI10

14.70

0.89

12.7

47

25.90

0.63

9.3

38

 

Samples have been analysed using an on-site x-ray fluorescence spectrometer and also submitted for laboratory analysis.  The laboratory results are expected before the end of H1 2019.

 

Background to the Pitombeiras West vanadium project

The Pitombeiras West vanadium deposit is associated with a large magnetic anomaly identified by Anglo American Platinum Exploration in 2015.  Geophysical modelling (3D inversion) of the data has shown the anomaly to be approximately 2 km long and 1 km wide. Previous metallurgical test results by Jangada demonstrated that the mineral responds well to magnetic separation and produced fractions rich in vanadium and iron; titanium was enriched in the non-magnetic fraction. The conventional commercial flowsheet for processing magnetic vanadium ore that is currently in use at 90% of operations globally uses magnetic separation to concentrate ore before milling, roasting, leaching, precipitation and fusion produce a saleable vanadium flake.   Accordingly, the test work conducted to date, indicates that a conventional processing route will be suitable for Pitombeiras West.

 

Competent Person

The information in this announcement has been reviewed by Mr Heinrich Müller, who is a geologist (Pri.Nat.Sci), a member of the Geological Society of South Africa and Chief Operating Officer of Jangada Mines plc. Mr Müller has sufficient relevant experience to the style of mineralisation to qualify as a Competent Person as defined in the JORC Code (2012). Mr Müller also meets the requirements of a qualified person under the AIM Note for Mining, Oil and Gas Companies.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

* 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

Gaby Jenner

Tel: +44 (0)20 7236 1177

 

 


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