TIDMJAN
RNS Number : 0054C
Jangada Mines PLC
16 June 2021
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
16 June 2021
Jangada Mines plc ('Jangada' or 'the Company')
Updated Resource Estimate at Pitombeiras North and South
Targets
Measured and Indicated Resources increased by 221%
Jangada Mines plc, a natural resources company, is pleased to
report an updated National Instrument 43-101 ('NI 43-101')
compliant Mineral Resource Estimate ('MRE') for the Pitombeiras
North and South targets at its 100%-owned Pitombeiras Vanadium
Project ('Pitombeiras' or 'the Project'), Ceará State, Brazil.
Highlights
-- 221% increase in Measured and Indicated Resources ('M&I')
based on two of eight identified targets:
o M&I Resources of 5.10Mt at 0.46% V2O5, 9.04% TiO2 and
46.06% of Fe2O3
o Inferred Resource of 2.33Mt at 0.41% V2O5, 8.26% TiO2 and
43.18% of Fe2O3
-- Exploration potential remains open along strike and at depth
- Jangada has established a target to potentially delineate 10Mt of
total mineral resources
-- Drilling programme at Goela target started in late April 2021
and expected to be concluded by end of June 2021
-- Updated Preliminary Economic Assessment ('PEA') to be
completed following the delivery of the updated mineral resources
for both Pitombeiras' and Goela, which will include new
metallurgical tests
Brian McMaster, Executive Chairman of Jangada, said, "We are
thrilled by these results as they sit firmly within expectations
and bode well for future development as we look to fast-track plans
to take the Project to production. The updated Mineral Resources
Estimate for Pitombeiras North confirms our expectations of a
well-defined deposit with about 71% within the Measured and
Indicated categories, which brings a higher level of confidence to
an already robust PEA. The Goela target drilling is now underway,
and we are confident it will add to our previously disclosed
resources. While we await the conclusion of the works at Goela, our
team has advanced many other workstreams, including new
metallurgical tests, that will be part of the updated PEA,
scheduled for completion in Q3 2021. I look forward to updating our
stakeholders further as we continue to rapidly progress with our
plans in the weeks and months ahead."
Details
The Company is focused on developing the Pitombeiras Vanadium
Project towards commencing production in 2022, subject to sourcing
the necessary construction financing. Accordingly, work is ongoing
to strengthen the results of an initial PEA announced on 16
February 2021, which confirmed that Pitombeiras has robust
economics and excellent potential to become a profitable producer
of Ferrovanadium concentrate (62%/65% Fe, plus V2O5 credit). The
revised PEA is expected to be completed in Q3 2021 and will
incorporate the results of the current ongoing drilling programme,
which is focused on expanding the Project's mineral resource base,
as well as the results from metallurgical testing.
A diamond drilling ('DD') programme is currently underway to
evaluate the structural corridor associated with the known vanadium
titanomagnetite ('VTM') mineralisation, including the Pitombeiras
North, Pitombeiras South and Goela deposits; these are part of the
eight ground magnetic priority anomalies identified with VTM
signatures over a total area of 1,068.89 hectares.
38 diamond drill holes have been completed for a total of
2,875.9 metres, including 2,704.80 metres at Pitombeiras North and
171.1 metres at Pitombeiras South; a total of 29 drillholes
intersected VTM mineralisation. Accordingly, an updated National
Instrument 43-101 ('NI 43-101') compliant MRE has been published,
expanding the resource footprint, and upgrading resources from the
Inferred category.
The MRE includes M&I Resources of 5.10Mt at 0.46% V2O5,
9.04% TiO2 and 46.06% of Fe2O3, and Inferred Resources of 2.33Mt at
0.41% V2O5, 8.26% TiO2 and 43.18% of Fe2O3. 71% of total MRE is now
classified at the higher confidence M&I Resources category
against the previous 29% estimate.
Table 1. Pitombeiras North and South targets, 31 May 2021
MRE
(0.25% V(2) O(5) cut-off) - by geological VTM domain
Resource Mineralisation Tonnes Average Grade % Metal Content t
Classification Type
Fe(2) V(2) TiO(2) Fe(2) V(2) TiO(2)
O(3) O(5) O(3) O(5)
====== ====== ======= ========== ======= ========
Measured
+ Indicated Oxide 586,001 51.63 0.53 10.11 302,574 3,079 59,267
================= ================ ========== ====== ====== ======= ========== ======= ========
Transition 1,588,061 45.99 0.45 8.97 730,311 7,223 142,441
================================== ========== ====== ====== ======= ========== ======= ========
VTM HG 1,045,334 62.15 0.65 12.44 649,631 6,819 130,038
================================== ========== ====== ====== ======= ========== ======= ========
VTM LG 1,880,908 35.45 0.34 6.88 666,716 6,318 129,464
================================== ========== ====== ====== ======= ========== ======= ========
Total 5,100,303 46.06 0.46 9.04 2,349,232 23,439 461,210
================================== ========== ====== ====== ======= ========== ======= ========
Inferred Oxide 499,821 46.16 0.45 9.09 230,723 2,225 45,451
================= ================ ========== ====== ====== ======= ========== ======= ========
Transition 491,446 42.11 0.41 8.44 206,964 2,031 41,485
================================== ========== ====== ====== ======= ========== ======= ========
VTM HG 404,446 60.91 0.62 11.71 246,342 2,527 47,346
================================== ========== ====== ====== ======= ========== ======= ========
VTM LG 940,081 34.53 0.30 6.25 324,589 2,864 58,726
================================== ========== ====== ====== ======= ========== ======= ========
Total 2,335,794 43.18 0.41 8.26 1,008,618 9,647 193,007
================================== ========== ====== ====== ======= ========== ======= ========
Table 2. Pitombeiras North and South Total Mineral Resources
(0.25% V(2) O(5) cut-off)
Resource Classification Tonnes Average Grade % Metal Content t
Fe(2) V(2) TiO(2) Fe(2) V(2) TiO(2)
O(3) O(5) O(3) O(5)
====== ====== ======= ========== ======= ========
Measured 1,750,336 47.79 0.48 9.47 836,455 8,339 165,751
========================= ========== ====== ====== ======= ========== ======= ========
Indicated 3,349,967 45.16 0.45 8.82 1,512,776 15,100 295,459
========================= ========== ====== ====== ======= ========== ======= ========
Measured + Indicated 5,100,303 46.06 0.46 9.04 2,349,232 23,439 461,210
========================= ========== ====== ====== ======= ========== ======= ========
Inferred 2,335,794 43.18 0.41 8.26 1,008,618 9,647 193,007
========================= ========== ====== ====== ======= ========== ======= ========
Notes to accompany Mineral Resource table for the Pitombeiras
Project: The Mineral Resource is limited to within the tenement
boundaries. Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability. There has been insufficient
exploration to define the Inferred Resources tabulated above as an
Indicated or Measured Mineral Resource. There is no guarantee that
any part of the mineral resources discussed herein will be
converted into a mineral reserve in the future. 38 diamond
drillholes were used in the resource estimate representing a total
of 2,875.9m of drilling. The mineral resource estimate follows
current CIM definitions and guidelines for mineral resources.
Mineral Resources are reported using a cut-off calculated assuming
only the blocks within a conceptual open pit shell optimizes by NPV
Scheduler that uses the following assumptions: iron ore
concentration (62%/65%Fe, +V(2) O(5) ) price of US$105.75/t, 80% of
global mass recovery of Fe to the concentrate, US$2.78/t of mining
cost (ROM), processing costs of US$6.00/t, mine dilution of 5%,
mine recovery 95%, and final slope angle of 56degto the open pit.
Mineral Resources have been reported on a dry tonnage basis.
Discrepancies may occur due to rounding. In Table 1 VTM HG
indicates high-grade vanadium-titanium-iron resources. VTM LG
indicates the remaining vanadium-titanium-iron resources and
amphibolite block resources. VTM Mineral Resources are reported
with an effective date of May 31(st) , 2021. The Qualified Person
for the estimate, as defined by NI 43-101, was Mauricio Prado, Msc.
Geo. MAIG.
The block models generated to estimate the Pitombeiras North and
South mineral resource used a parental block size of 25m by 25m by
2m. These block dimensions were selected based on the distance
between drill holes and the length selected for the composite
samples.
The modelling of the Pitombeiras North and South targets was
created based on geological description of the vanadium-bearing
layer geology codes, and the grades of V2O5, TiO2 and Fe2O3 were
estimated by ordinary kriging, using LeapFrog Geo+Edge
software.
The Mineral Resources are reported using a cut-off calculated
assuming only the blocks within a conceptual open pit shell
optimized by NPV Scheduler, which uses the following assumptions:
iron ore concentration (62%/65%Fe, +V2O5) price of US$105.75/t, 80%
of global mass recovery of Fe to the concentrate, US$2.78/t of
mining cost (ROM), processing costs of US$6.00/t, mine dilution of
5%, mine recovery 95%, and final slope angle of 56deg to the open
pit.
Jangada notes that the Pitombeiras North target continues to be
open on the north-north-eastern portion of the deposit for
resources expansion. Based upon the exploration results from the
Pitombeiras North, Pitombeiras South and Goela targets, Jangada has
established a target to potentially delineate 10Mt of total mineral
resources.
Drilling activities are now underway at the Goela target and
expected to be concluded by end of June 2021. A consolidated MRE
for Pitombeiras North, Pitombeiras South and Goela will follow when
laboratory results from the Goela target are available, expected
during Q3 2021.
Click on, or paste the following link into your web browser, to
view the associated PDF document with pictures included:
http://www.rns-pdf.londonstockexchange.com/rns/0054C_1-2021-6-15.pdf
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 Al2O3, CaO, Co, Fe2O3, K2O, MgO, MnO,
Na2O, P2O5, SiO2, TiO2, V2O5 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/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 AusIMM -
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.
The 31 May 2021 updated Mineral Resource Estimate of the
Pitombeiras North and South targets are the responsibility of Mr.
Mauricio Prado. MSc. Geo. MAIG, Qualified Person as defined by NI
43-101 guidelines, independent geological consultant contracted by
Jangada Mines Plc. Mr. Prado is an independent consultant based on
Goiânia, Brazil.
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) Georgia Langoulant
Brandon Hill Capital Jonathan Evans Tel: +44 (0)20 3463
(Broker) Oliver Stansfield 5000
St Brides Partners Isabel de Salis info@stbridespartners.co.uk
Ltd Charlie Hollinshead
(Financial PR)
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