TIDMJAN
RNS Number : 6382Z
Jangada Mines PLC
21 September 2020
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
21 September 2020
Jangada Mines plc ('Jangada' or the 'Company')
ValOre Announcement
Jangada Mines plc, a natural resources company, is pleased to
note the recent announcement released on 21 September 2020 by TSX-V
listed ValOre Metals Corp. ('ValOre'), in which Jangada holds a
17.68 per cent interest.
The announcement has been reproduced exactly as reported below,
other than for the inclusion of images, and can be viewed in full
on ValOre's website using the following link:
http://valoremetals.com/news-media/news-releases/2020/valore-expands-fully-financed-exploration-program-at-pedra-branca-with-additional-drill-rig-and-new-geological-team-members
ValOre Expands Fully Financed Exploration Program at Pedra
Branca with Additional Drill Rig and New Geological Team
Members
Vancouver, B.C. ValOre Metals Corp. ("ValOre"; the "Company";
TSX -- V: VO; OTC: KVLQF; Frankfurt: KEQ0) today announced the
addition of a second drill rig to accelerate Phase 1 and Phase 2 of
the 2020 core drill program on the Company's 100%-owned Pedra
Branca Platinum Group Element (PGE) Project in northeastern Brazil.
ValOre has also augmented the on-site technical team to help
execute its newly expanded exploration program. With a CAD $500,000
increase to the existing unsecured revolving credit facility,
ValOre is completely funded to finish both Phase 1 and Phase 2
drill programs at Pedra Branca.
Pedra Branca Exploration Highlights:
-- Phase 1 drill program has tested six targets with 21 diamond
drill holes ("DDH") to date, totaling 2,210 metres ("m") of 2,875 m
planned. See Table 1 below for details;
-- Significant potential for expansion of current NI 43-101
resources has been corroborated by Phase 1 drilling at the Trapia 1
target;
-- Five new drill holes are planned to follow-up on DD20TU13
that yielded a 61.85 m PGE intercept, including 9.49 g/t 2PGE+Au
(Palladium, Platinum and Gold; Pd, Pt+Au) over 2.45 m, adding
another 985 m of drilling in September at Trapia 1. The additional
drill holes at Trapia 1 will step out along strike of the 1
kilometre ("km") long magnetic inversion feature located
immediately south of the existing NI 43-101 resource;
-- Prospective ultramafic ("UM") rocks were intercepted in all
three holes at C-04, both holes at Golden Goat, four of five holes
at Cana Brava, three of four holes at Cedro and one of three holes
at Esbarro East (see Tables 1 and 2 below);
-- 1,062 samples have been sent to SGS Vespasiano, with results
from five holes (444 samples) at Trapia released (see releases
dated August 25 and 31, 2020). Assays are pending from Cedro,
Golden Goat, Esbarro East, Cana Brava, and C-04 targets;
-- Phase 2 drill program (3,035 m) is fully-funded with the
second drill rig arriving in early October to facilitate follow-up
drilling of high-priority targets;
-- Phase 2 completion will be accelerated by at least two months
with a reduction in costs due to efficiencies and economies of
scale;
-- Additions to geological team to boost property wide
exploration and discovery program include:
o Three new experienced Brazilian geologists and one Brazilian
mining technician;
o Focused on property wide discovery pipeline, the bolstered
team will execute soil sampling, prospecting, and mapping campaigns
at Trapia, Mendes North, and Santo Amaro and trenching select areas
near existing resource zones;
-- Metallurgical test work continues at SGS Lakefield and timing
of results will be staged throughout Q4, 2020.
" Phase 1 drilling at Pedra Branca has successfully demonstrated
the potential to expand the currently defined Trapia 1 resource
area and assays are still pending from drilling at five additional
target zones, " stated ValOre's Chairman and CEO, Jim Paterson.
"With Phase 2 fully-funded and now benefiting from the addition of
new team members and a second drill rig, our productivity should
increase dramatically and the receipt of assay results and related
news flow will be greatly accelerated. We look forward to sharing
further exploration successes from the project with our
shareholders and we are proud to note the continued high levels of
vigilance maintained by our employees and contractors to keep
everyone safe in Capitão Mor and the communities surrounding the
Pedra Branca project."
Table 1: Summary of Phase 1 Drill Program (To Date)
TARGET HOLES METERS DDH with TARGET TYPE
UM
Trapia 1 5 899.6 5 of 5 Resource Expansion
------- ------- --------- --------------------
C-04 3 252.9 3 of 3 New Discovery
------- ------- --------- --------------------
Golden Goat 2 347.1 2 of 2 New Discovery
------- ------- --------- --------------------
Cana Brava 4 199.6 4 of 5 Target Advancement
------- ------- --------- --------------------
Resource Expansion,
Cedro 4 364.4 3 of 4 New Discvoery
------- ------- --------- --------------------
Esbarro East 3 146.4 1 of 3 New Discovery
------- ------- --------- --------------------
6 TARGETS 21 DDH 2210 m 18 of 22
------- ------- --------- --------------------
Trapia and Cedro represent two of the five currently known PGE
deposit areas which host NI 43-101 resources at Pedra Branca.
ValOre reported a NI 43-101 inferred resource estimate for Pedra
Branca in August, 2019, which totaled 1,067,000 ounces 2PGE+Au
contained in 27.2 million tonnes grading 1.22 g/t 2PGE+Au. PGE
mineralization for all five of the resource deposit areas outcrops
at surface, making these inferred resources prospective for open
pit mining. Figure 1, shows the location of the five NI 43-101
deposit areas, ValOre's proposed 2020 drill holes, and the Phase 1
drill totals (to date).
Figure 1: Summary Map of Phase 1 Drill Program (To Date)
Pedra Branca 2020 Drill Program
Please see ValOre's news release from August 25, 2020 for
detailed information regarding:
-- Pedra Branca 2020 Drill Program (Phase 1 and Phase 2)
-- Quality Control/Quality Assurance ("QA/QC") and Grade Interval Reporting
-- Analytical Procedures, SGS Geosol
-- About Servitec Foraco Sondagem SA
-- ValOre and Servitec Foraco COVID-19 Protocols
http://valoremetals.com/news-media/news-releases/2020/
Increase and Extension to Financing
As announced April 27, 2020, ValOre entered into an unsecured
revolving credit facility, allowing the Company to borrow up to CAD
$1.2 million from Jim Paterson, ValOre's Chairman and CEO. Mr.
Paterson has now agreed to advance an additional CAD $500,000 to
ValOre on similar terms, and ValOre has agreed to use commercially
reasonable efforts to complete an equity financing prior to March
31, 2021 (vs December 31, 2020 as previously agreed) in an amount
sufficient to repay amounts borrowed under the loan facility.
About ValOre Metals Corp.
ValOre Metals Corp. (TSX -- V: VO) is a Canadian company with a
portfolio of high -- quality exploration projects. ValOre's team
aims to deploy capital and knowledge on projects which benefit from
substantial prior investment by previous owners, existence of
high-value mineralization on a large scale, and the possibility of
adding tangible value through exploration, process improvement, and
innovation.
In May 2019, ValOre announced the acquisition of the Pedra
Branca Platinum Group Elements (PGE) property, in Brazil, to
bolster its existing Angilak uranium, Genesis/Hatchet uranium and
Baffin gold projects in Canada.
The Pedra Branca PGE Project comprises 38 exploration licenses
covering a total area of 38,940 hectares (96,223 acres) in
northeastern Brazil. At Pedra Branca, five distinct 2PGE+Au deposit
areas host, in aggregate, a NI 43-101 Inferred Resource of
1,067,000 ounces 2PGE+ Au contained in 27.2 million tonnes grading
1.22 g 2PGE+Au/t (see ValOre's July 23, 2019 news release). PGE
mineralization outcrops at surface and all of the currently known
inferred resources are potentially open pittable.
Comprehensive exploration programs have demonstrated the
"District Scale" potential of ValOre's Angilak Property in Nunavut
Territory, Canada that hosts the Lac 50 Trend NI 43 -- 101 Inferred
Resource of 2,831,000 tonnes grading 0.69% U(3) O(8) , totaling
43.3 million pounds U(3) O(8) . For disclosure related to the
inferred resource for the Lac 50 Trend uranium deposits, please
refer to ValOre's news release of March 1, 2013.
ValOre's team has forged strong relationships with sophisticated
resource sector investors and partner Nunavut Tunngavik Inc. (NTI)
on both the Angilak and Baffin Gold Properties. ValOre was the
first company to sign a comprehensive agreement to explore for
uranium on Inuit Owned Lands in Nunavut Territory and is committed
to building shareholder value while adhering to high levels of
environmental and safety standards and proactive local community
engagement.
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.
On behalf of the Board of Directors,
"Jim Paterson"
James R. Paterson, Chairman and CEO
ValOre Metals Corp.
For further information about, ValOre Metals Corp. or this news
release, please visit our website at valoremetals.com or contact
Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or
by email at contact@valoremetals.com .
ValOre Metals Corp. is a proud member of Discovery Group. For
more information please visit: discoverygroup.ca
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release contains "forward-looking statements" within
the meaning of applicable securities laws. Although ValOre believes
that the expectations reflected in its forward-looking statements
are reasonable, such statements have been based on factors and
assumptions concerning future events that may prove to be
inaccurate. These factors and assumptions are based upon currently
available information to ValOre. Such statements are subject to
known and unknown risks, uncertainties and other factors that could
influence actual results or events and cause actual results or
events to differ materially from those stated, anticipated or
implied in the forward-looking statements. A number of important
factors including those set forth in other public filings could
cause actual outcomes and results to differ materially from those
expressed in these forward-looking statements. Factors that could
cause the actual results to differ materially from those in
forward-looking statements include the future operations of the
Company and economic factors. Readers are cautioned to not place
undue reliance on forward-looking statements. The statements in
this press release are made as of the date of this release and,
except as required by applicable law, ValOre does not undertake any
obligation to publicly update or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise. ValOre undertakes no obligation to
comment on analyses, expectations or statements made by third
parties in respect of ValOre, or its financial or operating results
or (as applicable), their securities.
ValOre Metals Corp.
Suite 1020
800 West Pender St
Vancouver, BC | V6C 2V6
contact@valoremetals.com
valoremetals.com
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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