Jangada Mines PLC Operational Update and Q1 Schedule (9429M)
January 14 2019 - 2:00AM
UK Regulatory
TIDMJAN
RNS Number : 9429M
Jangada Mines PLC
14 January 2019
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
14 January 2019
Jangada Mines plc ('Jangada' or the 'Company')
Operational Update and Q1 Schedule
Jangada Mines plc, a natural resources company developing South
America's largest and most advanced platinum group metals ('PGM')
and nickel project, is pleased to announce an operational update
for the Pedra Branca PGM and nickel project ("Pedra Branca" or "the
Project"), in the north-east of Brazil.
HIGHLIGHTS
-- Q1 work programme focussed on progressing the BFS through to
completion of the verification stage for all aspects of the
BFS;
-- Further drilling and laboratory testing at the vanadium
deposit to be completed and reported within the first quarter;
-- Company's current work programme fully funded.
Following a busy conclusion to 2018, the Company is pleased to
present its work programme for the first quarter of 2019.
Bankable Feasibilty Study
As previously announced, the Company is advancing the Project's
PGM and nickel assets towards a combined Bankable Feasibility Study
("BFS"). The Company currently expects that the verification
aspects of the BFS process, which are expected to prove the
economic and technical vailabilty of the Project, will be completed
during Q1 and the results are anticipated to be available early in
Q2, as summarised below:
Component Expected Completion Date
Preliminary Flow Sheet Completed
-------------------------
Nickel Resource Estimation Completed
-------------------------
PGM Resource Review End of January
-------------------------
Hydrology Study End of January
-------------------------
Legal, Environmental and Social End of February
Factors
-------------------------
Metallurgy Test Work Verification End of March
-------------------------
The successful completion of this work will result in the mine
design process to be finalised in Q2 2019.
Vanadium Exploration
The Company has commenced further exploration at its high grade
vanadium deposit identified at Pedra Branca, in close proximity to,
but distinct from the PGM and nickel deposits. The Company expects
drilling to commence this week and conclude by the end of January
with results to follow in March.
The vanadium anomaly, called Ptombeiras West, extends
approximately 2,000 m N-S and 1,000 m E-W and to a depth of
approximately 200 m. Previous outcrop results have returned
consistent grades of 0.33% Vn, and the Board believes there is
potential for this to be a significant vanadium discovery.
The current phase of exploration includes a 300 m diamond core
drilling programme intended to confirm deposit
continuity and extent. First results are anticipated throughout Q1 2019.
Brian McMaster, Chairman of Jangada, said: "2018 was a busy and
productive year for the Company with the work undertaken
demonstrating the impressive scale and potential of the Pedra
Branca project. Looking ahead to 2019, our first strategic
objective is the delivery of a combined BFS for the PGM and nickel
assets which should further confirm its technical and economic
viability. Additionally, exploration drilling is underway at our
vanadium project at Pedra Branca which is looking very exciting.
With this in mind, we look forward to updating shareholders with
our progress throughout the upcoming months."
About Pedra Branca
Pedra Branca currently has a JORC (2012) compliant resource of
approximately 1.45 million ounces of PGM+Au at a grade of 2.5 g/t
Pd Eq (1.3 g/t PGM+Au), 140 million pounds of nickel, 26 million
pounds of copper and 6.7 million pounds of cobalt. The completed
Scoping Study and Preliminary Economic Assessment has confirmed the
Project's robust economics; with a NPV of US$192 million, IRR of
67% and 1.6 year payback. In addition to the PGM resource, high
grade nickel mineralisation has been discovered and is understood
to be the right composition to be suitable for usage in emerging
battery technologies.
* ENDS *
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
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 Isabel de Salis Tel: +44 (0)20 7236
Ltd Gaby Jenner 1177
(Financial PR)
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END
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