Jangada Mines PLC Vanadium Exploration Update (1077P)
February 05 2019 - 4:15AM
UK Regulatory
TIDMJAN
RNS Number : 1077P
Jangada Mines PLC
05 February 2019
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
5 February 2019
Jangada Mines plc ('Jangada' or the 'Company')
Vanadium Exploration Update
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 provide an update on its vanadium
exploration activities currently underway at the Ptombeiras West
vanadium deposit in north-eastern Brazil.
Highlights
-- Expanded outcrop sampling campaign completed over the Ptombeiras West vanadium deposit
-- Results from 72 samples confirm continuous high-grade
vanadium, titanium and iron grades at surface
-- Grades reported as high as 1.1 % vanadium (V(2) O(5) ), 14.3
% titanium (TiO(2) ) and 61.4 % iron (Fe)
-- Average sample grades include 0.91 % vanadium (V(2) O(5) ),
10.7 % Titanium (TiO(2) ) and 53 % iron (Fe)
-- Average grades for vanadium and titanium are 3x higher than
initially anticipated by management
-- Exploration drilling continues at Ptombeiras West.
Brian McMaster, Executive Chairman of Jangada said, "Given the
strong market fundamentals for vanadium, these results are
excellent news for the Company and further enhance Pedra Branca's
already strong economics. Vanadium had a particularly strong year
in 2018, a trend anticipated to continue as word spreads of its
energy storage potential, particularly the vanadium redox flow
battery. With production output from China dropping, we anticipate
that interest in other vanadium projects, including ours, is likely
to rise."
Further Information
The Company has completed an outcrop sampling campaign using a
handheld x-ray fluorescence spectrometer ('XRF') at the Ptombeiras
West vanadium deposit as part of the recently initiated exploration
programme. The campaign has followed up on previous work (as
announced on 23 October 2017) and has confirmed the presence of
continuous economic grades of vanadium, titanium and iron
mineralisation. Samples were taken from 72 outcrop locations across
the deposit. The new results have exceeded management's
expectations and returned average grades three times higher than
those of the previous programme. Iron grades have remained
consistent throughout. Sampling results are presented in the table
below.
V grade (V(2) Ti grade (TiO(2)
Sample Locations O(5) ) ) Fe grade (Fe)
------------------- ----------------
72 Ave % Max % Ave % Max % Ave % Max %
------- ------- --------- -------- ------- -------
0.91 1.1 10.7 14.3 53.2 61.4
------- ------- --------- -------- ------- -------
Quality control samples have been submitted to a certified
laboratory.
Exploration drilling at the vanadium deposit continues, with
preliminary results expected at the end of Q1.
Background
The Ptombeiras West 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. Previous metallurgical test results by Jangada
demonstrate that the material is amenable to simple magnetic
separation and produced fractions rich in vanadium and iron;
titanium was enriched in the non-magnetic fraction.
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").
* 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) 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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