Jangada Mines plc (‘Jangada’ or ‘the Company’), a natural resources company, is pleased to announce additional drill results of the second phase drilling programme at its 100% owned Pitombeiras Vanadium Project (‘Pitombeiras Project’ or ‘the Project’), located in Ceará State, Brazil. The 2,000-metre diamond drilling (‘DD’) programme, which commenced in October 2020, is underway to continue to evaluate the structural corridor associated with the known vanadium titanomagnetite (‘VTM’) mineralisation, including the Pitombeiras North, Pitombeiras South and Goela anomalies.
Highlights:
· 19 drill holes completed to date for a total of 1,157.10 linear-metres.
· 15 holes intersected VTM mineralisation and 11 holes’ results have been received from laboratory.
· Results recently received include:
o 21.59 metres at 0.65% vanadium pentoxide (‘V2O5’), 12.19% titanium dioxide (‘TiO2’) and 60.70% ferric oxide (‘Fe2O3’), including 4.01 metres at 0.82% V2O5, 15.37% TiO2 and 73.18% Fe2O3
o 33.45 metres at 0.48% V2O5, 9.23% TiO2 and 46.82% Fe2O3, including 4.77 metres at 0.73% V2O5, 13.59% TiO2 and 64.76% Fe2O3
o 8.00 metres at 0.50% V2O5, 9.64% TiO2 and 51.58% Fe2O3
· Infill drilling results confirm continuity of the mineralisation within existing deposit area and will be used for category upgrade of current mineral resources
Brian McMaster, Executive Chairman of Jangada, said: “The ongoing 2,000-metre follow on programme is aimed at increasing and upgrading the existing mineral resource. This set of infill drilling further increases our confidence that the current inferred mineral resource estimates can be converted to indicated or measured mineral resource categories for inclusion into an upgraded and expanded Mineral Resource Estimate and revised Preliminary Economic Assessment (“PEA”), scheduled for completion in Q2 2021. The drill rig will soon move to the Goela target, which is another integral part of the overall project development. With a stronger treasury following our recent placing, as well as the cash received from the sale of the ValOre common shares, we are in a great position to maintain the positive momentum behind the Project, and I look forward to providing further updates as we make progress with the several workstreams currently underway.
Further Information:
In total, 19 drillholes have been completed to date for a total of 1,157.10 linear-metres, all located on the Pitombeiras North target. The objective of the ongoing 2,000-metre follow on programme is to increase and upgrade existing mineral resources. Currently, the Pitombeiras North target has an Indicated Resource of 705,508 tonnes grading 0.62% V2O5 and an Inferred Resource of 1.68 Mt grading 0.60% V2O5 on a high-grade domain with an additional Mineral Resource (Indicated + Inferred) of 2.61 Mt grading 0.40% V2O5 on a lower-grade domain.
Recently, the Company received positive assay results from additional three infill drillholes, which returned intercepts of 33.45 metres at 0.48% V2O5, 9.23% TiO2 and 46.82% Fe2O3, including 4.77 metres at 0.73% V2O5, 13.59% TiO2 and 64.76% Fe2O3 on drillhole DD20PI39; 8.00 metres at 0.50% V2O5, 9.64% TiO2 and 51.58% Fe2O3 on drillhole DD20PI40; and 21.59 metres at 0.65% V2O5, 12.19% TiO2 and 60.70% Fe2O3, including 4.01 metres at 0.82% V2O5, 15.37% TiO2 and 73.18% Fe2O3 from drillhole DD21P141 Step-out drillhole DD20PI38 returned negative to a final depth of 95.85 metres.
These infill drill results demonstrate the continuity of the VTM mineralisation within the deposit area, which will then be used for category upgrade of current mineral resources. Additional drillholes are planned to continually test the Pitombeiras North mineralised area, before moving to Goela target.
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