TIDMJAN
RNS Number : 1254N
Jangada Mines PLC
18 May 2020
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
18 May 2020
Jangada Mines plc ('Jangada' or the 'Company')
Additional Drilling Results from Pitombeiras North Target
Jangada Mines plc ('Jangada' or 'the Company'), a natural
resources company, is pleased to announce additional drilling assay
results from its diamond drilling ('DD') programme at its
Pitombeiras Vanadium Project ('Pitombeiras' or 'the Project') in
Brazil. The programme has evaluated the structural corridor
associated with the known vanadium titanomagnetite ('VTM')
mineralisation, which includes the Pitombeiras North and
Pitombeiras South anomalies and the newly discovered Goela VTM
targets.
To view the announcement with the illustrative maps and diagrams
please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/1254N_1-2020-5-17.pdf
Highlights
-- Highest V(2) O(5) grade intercept received to date at 0.75%
-- Results recently received include:
o 45.83 metres at 0.50% vanadium pentoxide (V(2) O(5) ), 9.64%
titanium dioxide (TiO(2) ) and 48.64% ferric oxide (Fe(2) O(3) ),
including 5.21 metres at 0.75% V(2) O(5) , 14.71% TiO(2) and 68.76%
Fe(2) O(3) on drillhole DD20PI18
o 29.64 metres at 0.53% V(2) O(5) , 10.66% TiO(2) and 53.02%
Fe(2) O(3) on drillhole DD20PI17
-- Dry density measurements on core samples concluded
Brian McMaster, Chairman of Jangada, said, "Since we have
completed our 2020 drilling campaign and demobilised the diamond
drill rig and drilling crew from the field, we have been able to
log and ship all the samples to SGS-Geosol laboratory, located in
Belo Horizonte, Brazil. There remain assay results of 11 drill
holes to be received, which we expect will take up until the end of
June 2020. The results of these two newly received holes not only
continue to show consistent Vanadium-Titanium-Iron grades and
widths but has also returned the highest-grade intercept so far at
0.75% V(2) O(5) . On average, the Pitombeiras North Target has
shown grades of 0.51% V(2) O(5) over 30.46 metres thickness, mostly
starting on or near surface, on a grid of 50 metres by 100 metres,
which brings the level of confidence necessary to delineate our
first initial JORC mineral resource estimate in due course."
Further Information
19 DD holes have been completed for a total of 1,360.80 metres,
including 1,058.85 metres at the Pitombeiras North target and
301.95 metres at the Goela target. 16 of these intersected VTM
mineralisation.
Assay results have been received for 7 DD holes, including newly
received Hole DD20PI17, which intersected 29.64 metres at 0.53%
V(2) O(5) , 10.66% TiO(2) and 53.02% Fe(2) O(3) , and Hole
DD20PI18, which intersected 45.83 metres at 0.50% V(2) O(5,) 9.64%
TiO(2) and 48.64% Fe(2) O(3) , including 5.21 metres at 0.75% V(2)
O(5) , 14.71% TiO(2) and 68.76% Fe(2) O(3.)
Upon receipt of the assay results for the remaining 11
drillholes, 8 of them from the Goela Target, the Company will have
sufficient data (20 VTM mineralised holes, including 2019 and 2020
drilling) to determine initial mineral resources and continue with
a preliminary economic assessment ('PEA') and JORC resource
estimate. Currently, the Company has 299 drill samples (including
QA/QC samples) under analysis on the SGS-Geosol laboratory.
The Company also completed the dry density measurements on a
total of 305 core samples, including the VTM mineralised intervals
and their respective host lithologies.
The concluded 2020 drilling programme is a follow-on from the 5
drill holes campaign executed in 2019. With the addition of the
recently received Holes DD20PI17 and DD20PI18, the intersected
weighted average grades and widths for all 11 mineralised holes
stands at 0.51% V(2) O(5,) 10.13% TiO(2) and 54.83% Fe(2) O(3) as
set out on Table 1 and Figure 1.
Table 1
HOLE_ID E.O.H. FROM (m) TO (m) APPARENT GRADES****
** (m) WIDTH (m)
***
V(2) TiO(2) Fe(2)
O(5) (%) O(3) (%)
(%)
------ ------- ----------
DD19PI07
* 100.20 0.00 28.00 28.00 0.45 9.49 47.29
------------- --------- ------- ----------- ------ ------- ----------
DD19PI08
* 59.80 0.00 41.05 41.05 0.41 7.94 40.48
------------- --------- ------- ----------- ------ ------- ----------
DD19PI09
* 54.00 0.00 31.90 31.90 0.58 11.74 57.41
------------- --------- ------- ----------- ------ ------- ----------
DD19PI10
* 60.25 0.00 31.50 31.50 0.51 10.3 51.01
------------- --------- ------- ----------- ------ ------- ----------
DD20PI11
* 120.00 6.00 38.18 32.18 0.55 10.79 53.22
------------- --------- ------- ----------- ------ ------- ----------
(including) 11.60 24.85 13.25 0.74 14.63 70.01
------------- --------- ------- ----------- ------ ------- ----------
DD20PI12
* 120.00 0.00 38.00 38.00 0.56 11.31 54.90
------------- --------- ------- ----------- ------ ------- ----------
DD20PI13
* 120.00 0.00 5.35 5.35 0.70 12.96 65.42
------------- --------- ------- ----------- ------ ------- ----------
21.95 53.52 31.57 0.45 8.66 44.88
------------- --------- ------- ----------- ------ ------- ----------
(including) 21.95 38.00 16.05 0.56 10.31 53.22
------------- --------- ------- ----------- ------ ------- ----------
DD20PI14
* 120.00 6.04 8.25 2.21 0.67 12.85 60.72
------------- --------- ------- ----------- ------ ------- ----------
DD20PI14
* 23.50 41.50 18.00 0.49 10.02 49.61
------------- --------- ------- ----------- ------ ------- ----------
DD20PI16
* 120.00 1.00 36.66 35.66 0.56 11.04 54.39
------------- --------- ------- ----------- ------ ------- ----------
DD20PI17 120.00 0.00 29.64 29.64 0.53 10.66 53.02
------------- --------- ------- ----------- ------ ------- ----------
(including) 1.00 4.00 3.00 0.71 13.97 65.80
------------- --------- ------- ----------- ------ ------- ----------
DD20PI18 50.50 0.00 45.83 45.83 0.50 9.64 48.64
------------- --------- ------- ----------- ------ ------- ----------
(including
1) 0.00 24.50 24.50 0.57 10.44 53.32
------------- --------- ------- ----------- ------ ------- ----------
(including
2) 11.50 16.71 5.21 0.75 14.71 68.76
------------- --------- ------- ----------- ------ ------- ----------
47.30 49.40 2.10 0.41 7.43 39.05
------------- --------- ------- ----------- ------ ------- ----------
Notes:
(*) Holes DD19PI07-10 previously reported on NR dated March 11(th)
, 2029; Holes DD19PI11-12 previously reported on NR dated February
26(th) , 2020; Hole DD19PI13 previously reported on NR dated
March 27(th) , 2020, Holes DD19PI14 and DD19PI16 previously reported
on NR dated April 22(nd) , Holes DD19PI17 and DD19PI18 newly
reported
(**) E.O.H means "End of hole"
(***) intervals do not represent the true widths
(****) V(2) O(5) , TiO(2) and Fe(2) O(3) grades are uncut and
rounded to two decimal places
Figure 1: Plan view with drilling results from Pitombeiras North
target (including 2019 and 2020 drill intersections) - See PDF
The drilling programme is expected to provide the necessary
technical information to support the potential to define a JORC
compliant Mineral Resource estimate and subsequent Preliminary
Economic Assessment prepared by an independent engineering company
to be selected. Both of these activities are to be funded from
existing cash resources.
Quality Assurance & Quality Control
All drill samples have been prepared and analysed by SGS-Geosol
Laboratórios Ltda ('SGS-Geosol') based in Belo Horizonte, Brazil.
SGS-Geosol is ISO14001:2004 and ISO 9001:2008 accredited and is
independent of Jangada. The samples were analysed by fusion with
lithium tetraborate-XRF for Al(2) O(3) , CaO, Co, Fe(2) O(3) , K2O,
MgO, MnO, Na(2) O, P(2) O(5) , SiO(2) , TiO(2) , V(2) O(5) and
retained moisture (LOI) by multi-temperature.
QA/QC procedures include the submission by Jangada of systematic
duplicates, blanks and standard samples within every sample batch
submitted to SGS. In addition, SGS-Geosol inserts its own
standards, blanks and duplicate samples. The results from these
control samples indicate acceptable consistency of analysis.
Qualified Person Review
The technical information in this announcement has been reviewed
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 +35
years of experience in the mining industry, which is relevant to
the style of mineralisation 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. Mr. Brito has no
economic, financial or pecuniary interest in the Company and he
consents to the inclusion in this document of the matters based on
his technical information in the form and context in which it
appears.
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 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.
END
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