TIDMJAN
RNS Number : 7947H
Jangada Mines PLC
27 March 2020
To view the announcement with the illustrative maps and diagrams
please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/7947H_1-2020-3-26.pdf
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
27 March 2020
Jangada Mines plc ('Jangada' or the 'Company')
Drilling Programme Update and COVID-19
Jangada Mines plc ('Jangada' or 'the Company'), a natural
resources company, wishes to provide an update on its diamond
drilling ("DD") programme at its Pitombeiras Vanadium Project
('Pitombeiras' or 'the Project') in Brazil and actions taken to
address the impact of COVID-19 on its activities.
Given the prevailing environment, the Company has decided to
vary its previously announced drilling programme. Initially, the
programme was planned to total 2,500 metres, but given the current
macro-environment, the Board has elected to reduce the programme to
a total of approximately 1,350 metres. To date, 908 metres have
been completed in 2020 for a total of 8 (eight) DD holes, of which
assay results have been received for 3 (three), including newly
received Hole DD20PI13, which intersected 31.57 meters at 0.448%
vanadium oxide ('V(2) O(5) '), 8.66% titanium ('TiO(2) ') and
44.88% iron oxide ('Fe(2) O(3) ').
Jangada will conclude its programme with an additional 7 (seven)
DD holes, or 420 metres, by April 2020. The reduction of metres is
substantially as a result of drilling the holes to a shallower
depth. It is expected that this will not have a material impact on
our immediate plans because, by completing the planned holes
(albeit to a shallower depth) we will have tested the boundaries of
the anomaly as required and we will have sufficient data to
continue with a preliminary economic assessment ('PEA') and JORC
resource estimate. The reduction in the drilling programme will
also result in a cost saving, which seems prudent at this time.
Thirteen drill holes have now been completed to date including
2019 and 2020 DD programme for a total of 1,235.65 metres.
Brian McMaster, Chairman of Jangada, said: "Considering the
health and safety risks of keeping our crew at site along with our
team of contractors at these times of uncertainty, we have decided
to curtail our diamond drilling programme. Their welfare is of
course our paramount concern and we feel we will have sufficient
data to proceed to a JORC resource estimate and a PEA based on our
revised plan. Combining our 2019 and 2020 drilling activity,
thirteen drill holes for a total of 1,235.65 metres have now been
completed, revealing very consistent grades and widths which
continue to underscore the strong prospectivity of our Pitombeiras
Vanadium Project. We look forward to sharing the results of the
final drill holes in due course."
Further Information:
At the Pitombeiras North target, 8 (eight) diamond drillholes
have been drilled by Jangada, 7 (seven) to a depth of 120.00 metres
each and 1 (one) down to 50.50 metres, totalling 890.50 metres
drilled. The programme aims to evaluate the structural corridor
associated with the known vanadium titanomagnetite ('VTM')
mineralisation, which includes the Pitombeiras North and
Pitombeiras South anomalies and the newly discovered Goela
anomaly.
Assay results from Hole DD20PI13 have now been received showing
it intersected 31.57 metres at 0.448% V(2) O(5) , 8.66% TiO(2) and
44.88% Fe(2) O(3) . This result continues to demonstrate the grades
and widths consistency of the VTM mineralisation at the Pitombeiras
North target.
The current drilling programme is a follow-on from the 4 (four)
drill holes campaign executed in 2019, which returned results
containing high-grade zones averaging 0.83% V(2) O(5) , 11.6%
TiO(2) and 48.4% iron ('Fe(2)
O(3) ') over a 12.8m downhole apparent width.
With the addition of the recently received Hole DD20PI13, the
intersected weighted average grades and widths for all seven
mineralised holes stands at 0.499% V(2) O(5,) 10.0% TiO(2) and
49.7% Fe(2) O(3) as set out on Table 1 and Figure 1.
Table 1:
HOLE_ID E.O.H. FROM (m) TO (m) APPARENT GRADES****
** (m) WIDTH (m)
***
V(2) TiO(2) Fe(2)
O(5) (%) O(3) (%)
(%)
------ ------- ----------
DD19PI07
* 100.20 0.00 28.00 28.00 0.45 9.49 47.29
-------- --------- ------- ----------- ------ ------- ----------
DD19PI08
* 59.80 0.00 41.05 41.05 0.41 7.94 40.48
-------- --------- ------- ----------- ------ ------- ----------
DD19PI09
* 54.00 0.00 31.90 31.90 0.58 11.74 57.41
-------- --------- ------- ----------- ------ ------- ----------
DD19PI10
* 60.25 0.00 31.50 31.50 0.51 10.3 51.01
-------- --------- ------- ----------- ------ ------- ----------
DD20PI11
* 120.00 6.00 38.18 32.18 0.547 10.79 53.22
-------- --------- ------- ----------- ------ ------- ----------
(including) 11.60 24.85 13.25 0.740 14.63 70.01
--------- ------- ----------- ------ ------- ----------
DD20PI12
* 120.00 0.00 38.00 38.00 0.558 11.31 54.90
-------- --------- ------- ----------- ------ ------- ----------
DD20PI13
* 120.00 0.00 5.35 5.35 0.699 12.96 65.42
-------- --------- ------- ----------- ------ ------- ----------
21.95 53.52 31.57 0.448 8.66 44.88
-------- --------- ------- ----------- ------ ------- ----------
(including) 21.95 38.00 16.05 0.558 10.31 53.22
--------- ------- ----------- ------ ------- ----------
Notes:
(*) Holes DD19PI07-10 previously reported on NR dated March 11(th)
, 2029; Holes DD19PI11-12 previously reported on NR dated February
26(th) , 2020; Hole DD19PI13 newly reported
(**) E.O.H means "End of hole"
(***) intervals do not represent the true widths
(****) V(2) O(5) , TiO(2) and Fe(2) O(3) grades are uncut
Figure 1: Plan view with drilling results from Pitombeiras North
target (including 2019 and 2020 intersections) - see PDF link.
The drilling programme is expected to provide the necessary
technical information to support the potential to define a JORC
compliant Mineral Resource estimate and subsequent Preliminary
Economic Assessment prepared by an independent engineering company
to be selected. Both of these activities are to be funded from
existing cash resources.
Quality Assurance & Quality Control
All drill samples have been prepared and analysed by SGS-Geosol
Laboratórios Ltda ('SGS-Geosol') based in Belo Horizonte, Brazil.
SGS-Geosol is ISO14001:2004 and ISO 9001:2008 accredited and is
independent of Jangada. The samples were analysed by fusion with
lithium tetraborate-XRF for Al(2) O(3) , CaO, Co, Fe(2) O(3) , K2O,
MgO, Mn, Na(2) O, P, SiO(2) , TiO(2) , V(2) O(5) and retained
moisture (LOI) by multi-temperature.
QA/QC procedures include the submission by Jangada of systematic
duplicates, blanks and standard samples within every sample batch
submitted to SGS. In addition, SGS-Geosol inserts its own
standards, blanks and duplicate samples. The results from these
control samples indicate acceptable consistency of analysis.
Qualified Person Review
The information in this announcement has been reviewed by Mr.
Paulo Ilidio de Brito, who is a member of the Australian Institute
of Geoscientists (MAIG #5173) and a member of AusIMM - The
Australasian Institute of Mining and Metallurgy (MAusIMM #223453).
Mr. Brito is a professional senior geologist with +34 years of
experience in the mining industry, which is relevant to the style
of mineralisation and type of deposit under consideration and to
the activity which he has undertaken to qualify as a Competent
Person as defined in the 2012 edition of the JORC Code. Mr. Brito
also meets the requirements of a qualified person under the AIM
Note for Mining, Oil and Gas Companies. Mr. Brito has no economic,
financial or pecuniary interest in the Company and he consents to
the inclusion in this document of the matters based on his
information in the form and context in which it appears.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
**S**
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 Charlotte Page Tel: +44 (0)20 7236
Ltd Beth Melluish 1177
(Financial PR)
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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