TIDMJAN
RNS Number : 4941J
Jangada Mines PLC
22 December 2020
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
22 December 2020
Jangada Mines plc ('Jangada' or 'the Company')
Year End Newsletter
Whilst 2020 has been a year of disruption globally, it has been
a year of significant progress for Jangada, which saw the inherent
value of our Pitombeiras Vanadium Project in Brazil significantly
increase from its value in 2019 as a result of our successful
exploration programme and project development initiatives.
Additionally, we were delighted with the positive progress made by
ValOre Metals Corp (TSX-V:VO), in which we hold a current 17.68%
interest, as it continues to develop a number of assets including
its flagship Pedra Branca PGM project, adjacent to our Pitombeiras
project.
At Pitombeiras, we started the year with a new drilling
programme to test three prospective magnetic anomalies targets
(Pitombeiras North, South, and the newly discovered Goela) over a
NE-SW structural trend and build upon the existing JORC Exploration
Target. While we scaled back the programme slightly to reduce costs
given the onset of Covid-19, we were still able to test the
boundaries of the anomaly at Pitombeiras North and Goela and
deliver some very exciting results during the first half of the
year, which all show ed consistent vanadium-titanium-iron grades
and widths.
Notably, the programme also highlighted the effectiveness of our
exploration approach of utilising airborne magnetic surveys to
delineate vanadium titanomagnetite ('VTM') drilling targets; we
believe that the VTM system will continue to grow as we expand our
drilling footprint, which is now being considered as part of our
ongoing development strategy.
In August, using this newly generated data as well as data
collected in 2019, we were able to report an initial National
Instrument 43-101 ('NI 43-101') compliant resource estimate for the
project:
-- Total Resource estimate of 5.70Mt at an average grade of
0.51% vanadium pentoxide (' V(2) O(5) '), 10.09% titanium dioxide
('TiO(2) ') and 50.42% of ferric oxide ('Fe(2) O(3) ') for a
contained resource of 28,990 tonnes V(2) O(5)
o Indicated Resource estimate of 1.47Mt at an average grade of
0.50% V(2) O(5) , 9.85 % TiO(2) and 49.78% of Fe(2) O(3) for a
contained resource of 7,297 tonnes V(2) O(5)
o Inferred Resource estimate of 4.23Mt at an average of 0.51%
V(2) O(5) , 10.17% TiO(2) and 50.64% of Fe(2) O(3) for a contained
resource of 21,693 tonnes V(2) O(5)
We were very encouraged with this initial resource and ore
quality, taking us to next phase of the exploration programme which
is now underway with the focus on upgrading and expanding . Given
the mineralisation is at or near surface, that the resource remains
open, and that to date only two out of 20 known targets have been
drilled, our target seems achievable. At this point, I should
mention that in November we identified a further 12 targets from a
ground magnetic survey at a new target area, Mocidade, located 3km
north of the Pitombeiras North and Goela targets from which the
aforementioned resource has been defined. Further exploration works
are underway in this area to refine drill targets, alongside a new
2,000 metres step out and infill drilling programme that started in
October targeting both the Pitombeiras North and Goela targets as
well as the currently untested Pitombeiras South target. The first
drill results from this follow-on programme were received earlier
this month, with six of the seven drill holes completed to date
intersecting VTM mineralisation. Additional results will be
received early 2021.
The next step is the completion of the Preliminary Economic
Assessment ("PEA"), which is being undertaken by GE21 Consultoria
Mineral and has a targeted release date of Q1 2021. This will be
another milestone in our fast-track approach to production and
will, we believe, validate the economic viability of the project.
As part of this, we are proceeding with additional metallurgical
tests concomitant to the drilling programme. Finally, I would like
to highlight that Jangada is fully funded to execute the current
drilling programme, along with associated project development
activities, through to the completion of the PEA.
Moving onto Pedra Branca, this advanced palladium, platinum and
nickel project continues to deliver. With a reported maiden NI
43-101 compliant inferred resource of 1,067,000 ounces PGE+Au at an
average grade of 1.22 g/t PGE+Au, ValOre's focus in 2020 was
twofold targeting resource increase as well as discovery drilling.
To this end, a 6,000 metre two phase diamond drill programme was
undertaken with the bulk aimed at expanding specific zones, which
form part of the inferred resource, namely Trapia (Trapia 1 and
Trapia 2) and Santo Amaro. About 80% of this programme is now
completed, although results have only been received from drilling
at Trapia 1 so far. ValOre's Management believes the ore body
thickens at depth and that mineralisation remains open in all
directions.
Furthermore, work related to mineralogy, processing and
metallurgy has provided very positive initial results and some
additional options which warrant immediate follow up. As ValOre
continues with a property-wide exploration programme at Pedra
Branca, expectations are for a steady flow of news in 2021.
Finally, in early H2 2020, we provided an update on our
investment in Fodere Titanium Limited, a UK registered clean
technology company that is developing environmentally sustainable
and highly innovative technology to extract high value metals from
the titanium, vanadium, iron, and steel industries.
This investment is key from the perspective of environmental
responsibility, in addition to being instrumental to Jangada in the
assessment of further optimisation of ore treatment and alternative
revenue sources. Having raised further capital and negotiated
offtake agreements, this trailblazing business is now building its
initial plant to commence operations. We look forward to receiving
further updates during 2021 as it builds both its market position
and reach.
Like PGMs, vanadium is increasingly playing a key role in the
fast-growing green economy given its emerging renewable use in
sustainable energy storage, amongst other applications. We are
therefore well placed to take advantage of this as we advance key
work streams during the year ahead to further position your Company
to make the transition from developer to producer.
On behalf of the Board of Directors and all the team at Jangada,
I wish all shareholders and stakeholders a very happy, healthy, and
prosperous New Year.
Brian McMaster
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 James Spinney Tel: +44 (0)20 7409
(Nominated & Financial Ritchie Balmer 3494
Adviser) Jack Botros
Brandon Hill Capital Jonathan Evans Tel: +44 (0)20 3463
(Broker) Oliver Stansfield 5000
St Brides Partners Charlotte Page Tel: +44 (0)20 7236
Ltd Beth Melluish 1177
(Financial PR)
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 rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGRBDDDXDDGGD
(END) Dow Jones Newswires
December 22, 2020 02:45 ET (07:45 GMT)
Grafico Azioni Jangada Mines (LSE:JAN)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Jangada Mines (LSE:JAN)
Storico
Da Apr 2023 a Apr 2024
