TIDMJAN
RNS Number : 8887V
Jangada Mines PLC
05 December 2019
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
5 December 2019
Jangada Mines plc
('Jangada' or the 'Company')
ValOre Metals Corp. Announcement on Pedra Branca
Jangada Mines plc, a natural resources company, notes the
announcement published today by ValOre Metals Corp. (TSX--V: VO)
("ValOre"), in which Jangada currently holds a 25% interest,
highlighting PGM+Gold mineralisation in all rock samples at a new
exploration target ('C04') at the Pedra Branca project located in
Brazil.
Overview
-- Exploration targeting methodology successfully implemented;
-- Database-wide review of recently reprocessed magnetic
anomalies (Anglo American's airborne survey, 2013) combined with
priority chromitite and ultramafic targets from satellite imagery
(WorldView data, 2019);
-- Field identification of chromitite mineralisation and other
coarse-grained cumulate ultramafic rocks at the C04 anomaly;
-- All four grab samples from C04 returned compelling platinum
group metals and gold ("PGM+Gold") assay results;
-- ValOre crew now identifying optimal drill hole locations for
a 2020 resource expansion and exploration drilling programme;
-- At Pedra Branca, the five distinct PGM deposit areas hosting
the NI 43-101 inferred resource estimate are road or dirt track
accessible. The project area is a 4-hour drive on paved highways
from the city of Fortaleza.
Jangada Mines Chairman, Brian McMaster, said; "ValOre's team is
making excellent progress at Pedra Branca, which its Chairman
described as a 'target-rich environment', hosting a 'discovery
pipeline'. We are delighted to continue to support ValOre as it
looks to realise significant value for shareholders, whilst we
focus on advancing the exciting Pitombeiras West vanadium deposit
in north eastern Brazil."
Full ValOre Announcement
Vancouver, B.C. ValOre Metals Corp. (TSX--V: VO) ("ValOre")
today announced receipt of grab sample assay results from the
newly-defined "C04" exploration target, as well as high-quality 3D
magnetic inversion models for all five National Instrument 43-101
("NI 43-101") deposit areas at the Pedra Branca project located in
Brazil.
Key Point Summary:
-- Exploration targeting methodology successfully implemented;
-- Database-wide review of recently reprocessed magnetic
anomalies (Anglo American's airborne survey, 2013) combined with
priority chromitite and ultramafic targets from satellite imagery
(WorldView data, 2019);
-- Field identification of chromitite mineralization and other
coarse-grained cumulate ultramafic rocks at the C04 anomaly;
-- Four of four grab samples from C04 returned compelling
platinum group metals and gold ("PGM+Gold") assay results;
-- ValOre crew now identifying optimal drill hole locations for
a 2020 resource expansion and exploration drilling program;
-- At Pedra Branca, the five distinct PGM deposit areas hosting
the NI 43-101 inferred resource estimate are road or dirt track
accessible. The project area is a 4-hour drive on paved highways
from the city of Fortaleza.
ValOre's Chairman and CEO, Jim Paterson commented: "ValOre's
technical team has made tremendous progress in organizing,
reviewing, and understanding a literal 'treasure trove' of data
generated at Pedra Branca by previous exploration groups. It is
very exciting to recognize that, in the case of C04, we have an
exploration methodology that works so efficiently and effectively.
We believe Pedra Branca is a target-rich environment which hosts a
'discovery pipeline' with the potential to add significant value
for our shareholders."
Four grab samples were submitted to SGS Canada for analysis, and
all returned compelling PGM+Gold results of up to 7.945 g/t. Assay
results for all submitted samples are summarized in the following
table:
Sample Au (ppb) Pt (ppb) Pd (ppb) PGM+Gold PGM+Gold
(ppb) (g/t)
B-C4-11-A 23 7616 306 7945 7.945
--------- --------- --------- --------- ---------
B-C4-11-B 13 2039 338 2390 2.390
--------- --------- --------- --------- ---------
B-C4-11-C 52 2125 142 2319 2.319
--------- --------- --------- --------- ---------
B-C4-11-D 13 2722 301 3036 3.036
--------- --------- --------- --------- ---------
Summary of assay results from four submitted grab samples at the
C04 exploration target, Pedra Branca project (SGS Canada Inc.)
C04 was the inaugural test case of pure greenfields targeting
for ValOre at Pedra Branca, involving investigations of discrete
reduced to pole (RTP) magnetic anomalies, derived from
re-processing of Anglo American's airborne magnetic survey,
combined with targeting priorityclasses of spectral chromitite and
ultramafics, which were derived from 2019 WorldView satellite data.
This led to the field identification of chromitite mineralization
and other coarse-grained cumulate ultramafic rocks at the C04
anomaly located approximately 5 km north of the Esbarro Deposit
(2019 NI 43-101 resource of 394 Koz PGM+Gold; see ValOre news
release, July 23, 2019) in rolling brush-covered terrain. The four
samples were collected at surface from the center of the C04
magnetic anomaly which coincided with the multi-class WorldView
spectral chromitite targets.
ValOre's identification of C04 is significant, as there were no
mapped ultramafic rocks, and no historical soil, rock or stream
sediment data related to this target area in the existing database.
The chromitite discovery was achieved solely by using ValOre's
re-processed RTP aeromagnetic and WorldView spectral data, thus
successfully confirming ValOre's exploration methodology. ValOre
geologists encountered evidence of historical exploration at C04
that predates the existing database: a 2m x 2m x 4m pit, and
adjacent trench. It is likely that this historical work was
performed by Gencor in the late 1980s, and never incorporated into
the existing database. Given the encouraging assay results returned
from C04, it will be added to the list of exploration targets
selected for 3D magnetic inversion modelling and potential
subsequent drill testing.
This sets the stage for the follow-up of numerous other pure
greenfields targets in the region, with significant implications
for expanding the exploration and development potential of Pedra
Branca. ValOre is acquiring WorldView data for 643 km2 of
highly-prospective terrain - a dataset that is now proven effective
at PGM+Gold discovery when paired with the recently re-processed
652 km2 airborne magnetic data.
Further, ValOre broadened its geophysical dataset by procuring
and re-processing raw data from 39 historical ground magnetics
surveys. This includes multiple target areas outside of the
airborne block and facilitates the merging of airborne and ground
magnetic datasets to yield a highly-refined geophysical targeting
product.
ValOre has also just received detailed 3D magnetic inversion
models for all five NI 43-101 PGM+Gold deposit areas. High-quality
merged airborne and ground magnetic data facilitated modeling and
interpretation to a 10m x 10m x 10m cell size, and multiple
un-drilled resource expansion targets have been identified at all
five deposits. Fifteen additional high-priority exploration targets
(external to the NI 43-101 resource) have been selected and
submitted for detailed 3D magnetic inversion modelling.
A ValOre crew is currently on site with a goal of identifying
optimal drill hole locations for a 2020 resource expansion and
exploration drilling program. Details on the drill program size and
budget will be announced in Q1 2020.
The Pedra Branca project is a Platinum Group Metals ("PGM")
District located in northeastern Brazil covering a total area of
38,940 hectares (96,223 acres) that includes 38 exploration
licenses. The independent NI 43-101 resource estimate (See ValOre
news release July 23, 2019) is comprised of 5 distinct deposit
areas which host, in aggregate, an inferred resource of 1,067,000
ounces PGM+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) in 27.2
million tonnes ("Mt") grading 1.22 grams PGM+Gold per tonne ("g
PGM+Au/t"). PGM mineralization outcrops at surface and all of the
known inferred resources are potentially mineable by open pit
methods.
The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements set out in NI
43-101 and reviewed and approved by Colin Smith, P.Geo., who
oversees New Project Review for ValOre.
Grab samples are collected from field sites with coordinate data
captured by handheld GPS and subsequently stored in a secure ValOre
facility in Capitão Mór, Ceara, Brazil. The samples are thereafter
sent with an ensured chain of custody to SGS Canada Inc. in
Lakefield, Ontario for analysis, which is accredited mineral
analysis laboratory. All samples are analyzed for PGM+Gold (Pd, Pt,
Rh, Au) content using standard 50g Fire Assay and ICP-AES
techniques. If Pt and/or Pd is over 1%, the sample is analyzed for
Rh using NiS Fire Assay-ICP-MS techniques. Cr values that exceed 5%
are redirected to ore grade pyrosulfate fusion and XRF techniques.
Certified PGM ore reference standards, blanks and field duplicates
are inserted as a part of ValOre's quality control/quality
assurance program (QAQC). No QAQC issues were noted with the
results reported herein.
Please visit ValOre's website to view an updated corporate
presentation and project summary:
http://www.valoremetals.com/investors/presentations-downloads/
S
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 Isabel de Salis Tel: +44 (0)20 7236
Ltd David Penson 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.
END
MSCQELFBKLFZFBL
(END) Dow Jones Newswires
December 05, 2019 11:45 ET (16:45 GMT)
Grafico Azioni Jangada Mines (LSE:JAN)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Jangada Mines (LSE:JAN)
Storico
Da Mar 2023 a Mar 2024