Jangada Mines PLC Vanadium Drilling Update (1618S)
11 March 2019 - 6:00PM
UK Regulatory
TIDMJAN
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% V(2) O(5) ,
11.6% TiO(2) 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% V(2) O(5) ; 8.1% TiO(2) 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 Main Mineralised Total Mineralised Total Ave Grade
Intersection Ave Grade Intersection
Meters V(2) TiO(2) Fe Meters V(2) TiO(2) Fe
O(5) % % O(5) % %
% %
----------------- ------- ------- --- ------------------ ------ ------- ---
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 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 Gaby Jenner 1177
(Financial PR)
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END
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