Jangada Mines PLC Pitombeiras Update (0399W)
13 Aprile 2023 - 8:00AM
UK Regulatory
TIDMJAN
RNS Number : 0399W
Jangada Mines PLC
13 April 2023
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
13 April 2023
Jangada Mines plc ('Jangada' or 'the Company')
Pitombeiras Update
Successful Extraction of Titanium Dioxide & Vanadium
Pentoxide
Jangada Mines plc, a natural resources development company with
interests in Brazil and elsewhere, is pleased to announce that it
has received positive test results regarding the extraction of
high-grade titanium dioxide ('TiO2') and vanadium pentoxide
('V2O5') from its Pitombeiras vanadium titanomagnetite ('VTM')
project in Brazil ('Pitombeiras' or 'the Project').
The tests were carried out by Zambian consulting firm, YCS
Sustainable Solutions Limited, utilising the proprietary technology
developed by Fodere Titanium Limited ('Fodere'), in which Jangada
holds a 7.7% interest. The work is part of the Company's strategy
to optimise the value of the Project by applying innovative
processing technology while also improving its Environmental,
Social and Governance ('ESG') credentials.
By working closely with Fodere, the Board recognised that its
sustainable technology, initially developed to treat low-grade and
complex titanium-bearing feedstock, could be applied to and improve
the economic potential of Pitombeiras. The highly energy efficient
technology maximises resource recovery, improves processing
effectiveness, reduces costs compared to regular processing routes
and importantly, minimises waste improving environmental
credentials and enhancing ESG performance.
Five samples, delivered by Jangada from various locations at
Pitombeiras, were crushed, homogenised, and milled. The samples
were then subjected to magnetic separation. Preliminary test works
concentrated the Fe2O3, TiO2 and V2O5 with all upgrading well and
excellent recovery and purity rates reported, the highest recovery
rates being 86.73% TiO2, 91.19% Fe2O3, and 95.88% V2O5.
With the adaptation of Fodere's technology to successfully
process ore from Pitombeiras, Jangada is now preparing 25 tonnes of
material to be tested on a larger scale in order to finalise a
commercial flowsheet and provide in-depth economics for a
Preliminary Economic Assessment ('PEA') focussed on the extraction
of TiO2, V2O5 from Pitombeiras utilising Fodere's technology. This
is anticipated to improve the already robust economic studies
carried out on Pitombeiras that were announced on 21 April 2022
with headline figures of 100.3% post-tax Internal Rate of Return, a
US$96.5 million post-tax Net Present Value (8% discount rate), a
US$145.9 million post-tax undiscounted operating cash flow, and a
13-month payback.
The Company remains focused on commodities that are critical in
the energy transition and drive the
circular economy. The strategic investment in Fodere was enacted
as it represented an opportunity to capitalise on a new
environmentally improved solution that extracted TiO2 and V2O5, two
of the three major mineral components of the Company's Pitombeiras
project. The Board believes that these test results have vindicated
its investment decision. Importantly, Jangada also owns exclusive
rights to Fodere's IP for its application throughout South
America.
Continuing with the Company's investment strategy, the Company
continues to hold a 9.5% stake in Blencowe Resources Plc (LSE:
BRES) which is advancing the Orom-Cross graphite project in Uganda.
A recent research note, by Resolve Research Limited, stated that
"Orom-Cross is fast becoming a Tier 1 project at an inflection
point for graphite demand" and applies a 23p target price with a
"Strong Buy stance".
Brian McMaster, Executive Chairman of Jangada said, "Fodere's
successful extraction of high-grade vanadium and titanium from
material from the Pitombeiras project utilising cost efficient
environmentally sound technologies is a major boost to Jangada.
Furthermore, the adaptation of its technology to process mined
material rather than focus on waste materials offers increased
potential for its business; as shareholders in Fodere and holders
of its IP rights for South America, this is a very exciting
development.
"The transition to net zero is a key theme in resource
development and with energy efficient processes being applied we
not only potentially reduce our project OPEX but become more
attractive to development partners, who we remain in discussions
with. We will now look to upscale the test and deliver an
additional economic study to further explore the project
parameters.
"We are focussed on value creation through our own project
development and via investing in exciting opportunities in both
mining and technology. As mentioned, the advancement of Pitombeiras
has been dependant on the right pricing environment, particularly
with relevance to iron ore. However, with the application of
Fodere's technology we can improve the value of the titanium and
vanadium components, and thus the attractiveness of the
Project."
**ENDS**
For further information please visit www.jangadamines.com or
contact:
Jangada Mines plc Brian McMaster Tel: +44 (0) 20 7317
6629
Strand Hanson Limited Ritchie Balmer Tel: +44 (0)20 7409 3494
(Nominated & Financial James Spinney
Adviser) David Asquith
Tavira Securities Jonathan Evans Tel: +44 (0)20 7100 5100
Limited
(Broker)
St Brides Partners Ana Ribeiro jangada@stbridespartners.co.uk
Ltd Isabel de Salis
(Financial PR)
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