TIDMJAN
RNS Number : 6580T
Jangada Mines PLC
18 November 2019
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
18 November 2019
Jangada Mines plc ('Jangada' or the 'Company')
New Target Zone Identified at Pitombeiras Vanadium Project
Jangada Mines plc, an AIM-quoted natural resources company, is
pleased to provide an update on its ongoing exploration programme
at its 100% owned Pitombeiras vanadium, titanium and iron project
('Pitombeiras' or 'the Project'), located in the state of Ceará,
Brazil.
Highlights
-- Extended the Project's footprint having identified a new target, Goela
-- Identified eight magnetic anomaly targets to follow up with further exploration work
-- Commencing a fully funded 2,500 m drilling campaign in January 2020
-- Renewed exploration license for additional three years
Brian McMaster, Chairman of Jangada, said: "We continue to be
highly encouraged with the results from the ongoing exploration
programme at Pitombeiras. Our recent work has discovered a new
target we call Goela, which adds substantial footprint to the
overall prospect beyond the previously announced JORC Exploration
Target. Excitingly, it is possible that Pitombeiras and Goela are
linked and form one large deposit. Our January 2020 drilling
campaign will look at the possible connection between these two
mineralised bodies. In total, we have identified eight magnetic
anomaly targets to follow up with further exploration work.
Additionally, our exploration license was extended for an
additional three years by the Brazilian mineral authority. Jangada
is entering a truly exciting phase."
Further Information
The Company commenced a new exploration programme at Pitombeiras
in October 2019? following an earlier programme which confirmed
continuous high-grade vanadium, titanium and iron grades at the
surface. This is progressing on schedule and has accomplished the
following:
Exploration Grid
The planned exploration grid was established covering the whole
Pitombeiras mineral property with N-S oriented lines using a
line-spacing of 100 m. A total of 135 linear kilometres has been
opened.
Ground Magnetic Survey ('GMAG Survey')
The first phase of the ground magnetic survey using 100 m
line-spacing has been completed as scheduled, covering a total area
of 1,309 hectares, with 43 lines totalling 134 linear-kilometres of
gridlines. A total of eight magnetic anomalies have been selected
to follow up using a 25 m line-spacing GMAG Survey including two
significant areas: the Pitombeiras anomaly and the new identified
Goela anomaly.
The Pitombeiras anomaly represents a set of two, north and
south, high-amplitude circular features. The Pitombeiras North
anomaly measures 520 m x 380 m over an area of approximately
170,000 square metres, while the Pitombeiras South anomaly measures
200 m x 150 m over an area of approximately 23,000 square metres.
Both anomalies are associated with the known vanadium
titanomagnetite ('VTM') mineralisation drilled by Jangada earlier
in 2019.
The Goela anomaly is a new discovery, which extends the prospect
area footprint. The anomaly is also interpreted as a high-amplitude
sub-circular feature. It measures 370 m x 300 m over an area of
approximately 80,000 square meters and is associated with a small
hill with outcropping VTM mineralisation.
Other smaller-size magnetic anomalies have been selected for the
second 25 m line-spacing infill ground magnetic phase. These
include the areas Cabra, Iris, Bisao, Conga and Pitombeiras
East.
Soil Geochemistry
A total of 1,020 soil samples, or about 38% of the planned
programme, has been collected along the exploration grid with
sampling stations 50 m apart along the transversal lines.
Preliminary results using handheld portable XRF (Delta)
equipment are being collected and will be announced at completion
of the programme.
Geological Mapping and Rock Sampling
Detailed mapping was concluded over Pitombeiras and Goela VTM
targets. Structural measurements on both areas indicated that
future drilling should use angle-holes with shallow angles (+/- 50
degrees) in a west direction. Semi-detailed mapping is in progress
on the surrounding areas.
Planned Activities
An extensive fully funded programme is planned to provide the
necessary technical information to support the potential to define
a JORC (2012) compliant Mineral Resource estimate and subsequent
Preliminary Economic Assessment. This will see pre-drilling
exploration concluded by the end of Q4 2019 and a three-month
drilling programme to commence in January 2020. The defined mineral
resource estimate is expected to be available in Q2 2020. The
programme includes:
-- Narrowing exploration grid at infill zones to better define the best magnetic anomalies.
-- Ground magnetic follow on using a detailed 25 m line-spacing
survey over the eight identified anomalies.
-- Completion of the soil geochemistry for a total of 2,709 samples collected.
-- Up to 2,500 m of diamond drilling with 30 drill holes on a drill grid of 50 m x 100 m.
-- Detailed topographic survey over the main mineralised areas.
-- Petrographic study on eight core samples in order to
characterise the mineralogy of the V-Ti-Fe mineralised zones.
-- Bulk density analysis considering the mineralised layers and respective host lithologies.
-- Bulk samples for metallurgical testwork - three bulk samples
(200 kg/sample) planned to be submitted to conventional
metallurgical testworks in order to define the best process for the
mineral beneficiation.
Competent Person Statement
The information in this announcement is based on the Independent
Technical Report on Pitombeiras Vanadium Project, Ceara State -
Brazil, prepared by Mr. Paulo Ilidio de Brito, who is a member of
the Australian Institute of Geoscientists (MAIG # 5173) and a
member of AusIMM - The Australasian Institute of Mining and
Metallurgy (MAusIMM # 223453). Mr. Brito is a professional senior
geologist with +34 years of experience in the mining industry,
which is relevant to the style of mineralization and type of
deposit under consideration and to the activity which he has
undertaken to qualify as a Competent Person as defined in the 2012
edition of the JORC Code. Mr. Brito also meets the requirements of
a qualified person under the AIM Note for Mining, Oil and Gas
Companies.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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 David Penson 1177
(Financial PR)
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END
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