TIDMJAN
RNS Number : 7641Y
Jangada Mines PLC
14 September 2020
To view the announcement with the illustrative maps and
diagrams, please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/7641Y_1-2020-9-11.pdf
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
14 September 2020
Jangada Mines plc
Preliminary Economic Assessment Study Commissioned
on the Pitombeiras Vanadium Project & Drilling Update
Jangada Mines plc ('Jangada' or 'the Company'), a natural
resources company, is pleased to announce that it has commissioned
GE21 Consultoria Mineral ('GE21') to produce a Preliminary Economic
Assessment report (the 'PEA') on the Company's 100%-owned
Pitombeiras Vanadium Project ('Pitombeiras' or 'the Project'),
Ceara State, Brazil. The Company has previously worked with GE21 on
the Pedra Branca project, and the PEA will be funded out of
existing cash resources.
Highlights
-- Increasing confidence in fast-track approach to production
following review of results achieved to date
-- Proceeding with additional metallurgical tests concomitant to
the drilling programme expected to start later in September
2020
-- Drilling contract and planning being finalised to include a
minimum of 2,000 linear metres - designed to delineate a further
approximately 10 million tonnes at key targets
-- Undertaking additional tests for technological
characterisation of the Pitombeiras' ore to define a dry magnetic
separation flowsheet to produce a Ferrovanadium concentrate along
with an ilmenite concentrate
Brian McMaster, Executive Chairman of Jangada, said: "Since the
initial drilling results, our strategy for the Pitombeiras Vanadium
Project has been guided towards the development of the Project to
production. For this reason, we have been working on the key
aspects of project development encompassing logistics, resource
development, metallurgy, and processing route. The results and
findings to date have been constructive for the preparation of a
robust PEA, which has now been commissioned. We are looking forward
to reporting further on our developments, starting with the third
phase of the drilling programme in late September 2020."
PEA
Further review of the results achieved to date, including
drilling and initial mineral resources, preliminary metallurgical
tests and logistic options, which include free-trade zone areas at
the Pecém and Fortaleza seaports in Ceará State, Jangada and its
consultants are encouraged that a fast-track approach to production
can be planned. As a result, management has decided to proceed with
additional metallurgical tests concomitant to the drilling
programme expected to start in September 2020. The objective is
that, by the time the drilling programme is completed, and expanded
mineral resources are estimated, metallurgical tests will be
readily available for the preparation of the PEA.
As announced on 26 September 2019, the mass recovery of the
magnetic fractions from two samples using Davis Tube Recovery
('DTR') metallurgical tests returned 59% and 62% recoveries of the
magnetic fraction with vanadium grades of over 1.26% and 1.23% V(2)
O(5) plus 95.4% and 94.2 Fe(2) O(3) , respectively. The
non-magnetic fraction returned enriched titanium dioxide with 33.8%
and 33.7% TiO(2) . Jangada will undertake additional tests for
technological characterisation of the Pitombeiras' ore with the
intent to define a dry magnetic separation flowsheet to produce a
Ferrovanadium concentrate along with an ilmenite concentrate
(FeO-TiO(2) ), which is widely used in industries such as
automotive, packaging, construction, and also very efficiently
applied for blast furnace crucible protection.
Drilling Programme Update:
Jangada elected Servdrill Perfuração e Sondagem Ltda
("Servdrill"), a company with extensive experience in Brazil, as
the drilling company to conduct the next phase of diamond drilling
programme on Pitombeiras Project. Servdrill is preparing to
mobilise a drill rig to start the drilling on the last week of
September.
The drilling contract is being finalised and will include a
minimum of 2,000 linear metres, with drill holes planned with
inclinations between 50 to 90 degrees in relation to the surface
level and to depths ranging from 40m to 60m. The oxide zone will be
drilled at an HQ diameter (63.5 mm) and will be reduced to a NQ2
diameter (50.6mm) on the fresh rock interface.
Jangada's exploration crew is currently working on drilling
planning. The drilling programme will start on Pitombeiras North
where a total of 28 shallow drill holes have already been planned
to test the lateral continuity of the VTM mineralisation and
improve the actual mineral resource categories. Subsequent to
Pitombeiras North, the drilling will be moved to Pitombeiras South
and Goela targets.
This follow-on 2,000 metre drilling programme is planned to
increase the overall size of the resource at these targets, as well
as improve the resource categorisation of the results. The
objective is to potentially delineate a further approximately 10
million tonnes at these targets.
Figure 1. Selected Drilling Step-Out Targets at Pitombeiras
North Target - See PDF
Qualified/Competent 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 the
Australasian Institute of Mining and Metallurgy (MAusIMM #223453).
Mr. Brito is a senior professional 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 competent 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)
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