TIDMJAN
RNS Number : 2573U
Jangada Mines PLC
23 October 2017
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
23 October 2017
Jangada Mines plc ('Jangada' or the 'Company')
Significant Vanadium Deposit Sampling and Metallurgical
Results
at the Pedra Branca Platinum Group Metals Project in Brazil
Jangada Mines plc, a natural resources company developing South
America's largest and most advanced platinum group metals ('PGM')
project, is pleased to announce positive sampling and metallurgical
test results from the vanadium deposit occurring at its Pedra
Branca PGM project in north-eastern Brazil ('the Project'), as part
of its strategy to increase by-product credits.
Overview
-- Results highlight high-grade vanadium-titanium-iron mineralisation
o Grades in outcrop samples from five locations average 0.33%
vanadium, 5.0% titanium and 53% iron
o Grade and rock chemistry between samples showing consistent
low variance
o Strong market dynamics for vanadium pricing
-- Vanadium deposit associated with a large magnetic anomaly
identified by Anglo American Platinum Exploration in 2015
-- Company on track to complete Scoping Study in the near term,
with a view to commencing trial mining early 2018
Brian McMaster, Executive Chairman of Jangada said, "In addition
to the already quantified PGM, cobalt, nickel, copper and chrome
resources at Pedra Branca, the vanadium results demonstrate the
significant exploration potential of the 44 exploration licenses
over the 55,000 ha that Jangada holds in the area. The
prospectivity of the Project's tenements is highly encouraging: at
least 11 other PGM targets have also been confirmed by drilling and
forms the basis for our target to significantly increase resources
from the current c.1 million ounces PGM+Au.
"We remain focused on executing our objective of developing
South America's largest and most advanced PGM resource, targeting
trial production in early 2018, while systematically unlocking the
additional regional upside. Vanadium is particularly exciting given
its increasing usage in grid scale vanadium redox flow batteries
for solar and wind energy storage and continuing traditional demand
from the high technology and steel making industries. Accordingly,
the price of vanadium pentoxide has increased 500% since January
2016 and is currently trading at c.$8.50/lb."
Further Information
Jangada is developing the Pedra Branca PGM project, one of the
largest undeveloped PGM projects outside of Africa. The Company
announced on 9 October 2017 a significant upgrade in the Project's
mineral resource classification: 77% of the Project's resources are
now in the Indicated and Measured categories and are expected to be
converted to economic Reserves during the finalisation of the
Prefeasibility Study. Ahead of that, a Scoping Study is on track to
be completed in the near term.
The Project currently has a JORC (2012) Compliant Resource of
approximately 1 million ounces of PGM+Au, which it aims to increase
significantly. Current work is focused on enhancing the in-situ
value of the Project with the addition of by-product credits
including cobalt, chrome, nickel, and copper. Today's results now
highlight high-grade vanadium-titanium-iron mineralisation at the
Project. Grades in outcrop samples from five locations average
0.33% vanadium, 5.0% titanium and 53% iron, with grade and rock
chemistry between samples showing consistent low variance. Test
results demonstrate that the ore is amenable to simple magnetic
separation and produced fractions rich in vanadium (0.8%), and iron
(64%) - titanium was enriched to 46% in the non-magnetic
fraction.
The vanadium deposit is associated with a large magnetic anomaly
identified by Anglo American Platinum Exploration in 2015;
geophysical modelling (3D inversion) of the data has shown the
anomaly to be approximately 2km long, 1km wide with a depth 200m.
Mineralisation has been mapped in outcrop for 520m directly above
the anomaly. Two further 20kg samples have been submitted for
metallurgical testing and characterisation at NOMOS Laboratories in
Rio de Janeiro, Brazil.
Cautionary Statements
The reader is cautioned that a Mineral Resource is an estimate
only and not a precise and completely accurate calculation, being
dependent on the interpretation of the limited information on the
location, shape, and the continuity of the occurrence and the
available sampling results. Actual mineralisation can be more or
less than estimated depending upon the actual geological
conditions. Mineral Resources are not Mineral Reserves and do not
have demonstrated economic viability. No Mineral Reserves are being
stated.
* ENDS *
For further information, please visit www.jangadamines.com or
contact:
Jangada Mines plc E: info@jangadamines.com
Strand Hanson Limited (Financial T: +44 (0)20 7409
& Nominated Adviser) 3494
James Spinney / Ritchie Balmer
/ Jack Botros
Beaufort Securities (Broker) T: +44 (0)20 7382
Jon Belliss 8300
St Brides Partners LTD (Financial T: +44 (0)20 7236
PR) 1177
Isabel de Salis / Olivia Vita
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No 596/2014.
Notes to the Editors
Jangada Mines plc is focused on developing the Pedra Branca PGM
Project ('the Project'), one of the largest undeveloped PGM
projects outside of Africa, with the potential to supply a market
in long-term deficit. The Company is aiming to establish a low
cost, low capex open pit mine, with a target to produce 30,000
oz/annum by the end of 2018 from three existing mining licences
with mineralisation commencing at surface. The Project has a JORC
(2012) Compliant Resource of approximately 1 million ounces of
PGM+Au at a grade of 1,3 g/t, 109 Mlbs of Ni, 23 Mlbs of Cu and 6,4
Mlbs of Co. Circa 52% of this is contained within current mining
licences and is considered a low development risk due to previous
exploration work totalling + US$35 million.
Additionally, the Company owns a further 44 exploration licences
spanning 55,000 hectares, which have significant upside potential
for PGM, nickel, copper, chrome, rhodium, gold, and vanadium. The
team has a wealth of experience, not only of the Project but of
mining in South America across a range of commodities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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