Jangada Mines plc (‘Jangada’ or ‘the Company’), a natural resources company, is pleased to announce the delineation of 12 highly prospective targets based on a recently completed ground magnetic (‘GMAG’) survey at the Mocidade Property (‘Mocidade’), a new target area at its 100%-owned Pitombeiras Vanadium Project (‘Pitombeiras’ or ‘the Project’), Ceara State, Brazil.
Highlights:
· Seven very high and five high priority areas identified at new target area following a GMAG survey
· Mocidade located 3km north of the Pitombeiras North and Goela targets, where 5.70Mt at an average grade of 0.51% vanadium pentoxide (‘V2O5’) has been defined to date
· Results confirm the strong potential to further extend the vanadium titanomagnetite mineralisation (‘VTM’) system across the wider Project area
· Further exploration works underway to refine drill targets – this will be performed alongside the 2,000m resource expansion drill programme underway at the Pitombeiras North, Pitombeiras South and Goela targets
· Programme is fully funded from available resources
Brian McMaster, Executive Chairman of Jangada, said: “Having established a strong initial resource at Pitombeiras, which has been derived solely from our Pitombeiras North and Goela targets, we are very excited to have identified and received positive exploration results from new targets, which clearly confirm the extensive potential of the VTM system over the Pitombeiras land package. To build on the positive GMAG findings at Mocidade we are adopting the same successful procedures that have delineated the drilling targets that subsequently were translated into mineral resources. This will be performed concurrently to the drill programme currently underway at the Pitombeiras North target, initial samples from which have been dispatched for laboratory analysis.”
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