TIDMJAN
RNS Number : 4104F
Jangada Mines PLC
16 November 2020
To view the announcement with the illustrative maps and diagrams
please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/4104F_1-2020-11-16.pdf
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
16 November 2020
Jangada Mines plc
Highly Prospective GMAG Targets Identified at the Pitombeiras
Vanadium Project
Jangada Mines plc ('Jangada' or 'the Company'), a natural
resources company, is pleased to announce the delineation of 12
highly prospective targets based on a recently completed ground
magnetic ('GMAG') survey at the Mocidade Property ('Mocidade'), a
new target area at its 100%-owned Pitombeiras Vanadium Project
('Pitombeiras' or 'the Project'), Ceara State, Brazil.
Highlights:
-- Seven very high and five high priority areas identified at
new target area following a GMAG survey
-- Mocidade located 3km north of the Pitombeiras North and Goela
targets, where 5.70Mt at an average grade of 0.51% vanadium
pentoxide ('V(2) O(5) ') has been defined to date
-- Results confirm the strong potential to further extend the
vanadium titanomagnetite mineralisation ('VTM') system across the
wider Project area
-- Further exploration works underway to refine drill targets -
this will be performed alongside the 2,000m resource expansion
drill programme underway at the Pitombeiras North, Pitombeiras
South and Goela targets
-- Programme is fully funded from available resources
Brian McMaster, Executive Chairman of Jangada, said: "Having
established a strong initial resource at Pitombeiras, which has
been derived solely from our Pitombeiras North and Goela targets,
we are very excited to have identified and received positive
exploration results from new targets, which clearly confirm the
extensive potential of the VTM system over the Pitombeiras land
package. To build on the positive GMAG findings at Mocidade we are
adopting the same successful procedures that have delineated the
drilling targets that subsequently were translated into mineral
resources. This will be performed concurrently to the drill
programme currently underway at the Pitombeiras North target,
initial samples from which have been dispatched for laboratory
analysis."
Further Information:
The Mocidade property is located 3km to the north of the
Pitombeiras North target covering an area of 843.88 hectares. The
area was claimed by Jangada's Brazilian subsidiary, VTF Mineração
Ltda ('VTF'), in November 2019 based on several airborne magnetic
anomalies (Figure 1). The Exploration Licence ('EL') was granted to
VTF on May 2020 and subsequently followed up with a now concluded
semi-detailed ground magnetic ('GMAG') survey over the main
identified airborne anomalies.
Figure 1 - Location of the Mocidade property in respect to
Pitombeiras property - see PDF
The GMAG survey used two magnetometers, model GSM-19,
manufactured by GEM Systems; one was used as a base station and the
other (the Rover) collected data along the lines. The base station
collected data on a 60-second interval during the period the survey
was in progress, while the Rover unit collected a continuous
reading (walking mag method) at a 10-second interval.
The survey used 20-metre E-W oriented lines with a 100-metre
line-spacing, totaling 52.28 linear kilometres, which covered an
area of 522 hectares, or approximately 62% of the Mocidade
Property. The final ground magnetic database includes a total of
32,393 reading stations.
The magnetic data was corrected based on the daily magnetic
field variation (base station), levelled, and processed by a
geophysics' consultant using the GEMLink 5.3 and Geosoft Oasis
Montaj 8.4 software packages. The final product includes: 1) the
Total Magnetic Intensity ('TMI') image; 2) the Analytic Signal
('AS') image; 3) the First Vertical Derivative ('1DV'), and; 4) the
Digital Elevation Model ('DEM').
The GMAG results have been interpreted by the geophysics'
consulting firm along with the Jangada exploration team. Several
magnetic anomalies were selected and categorised as high (5 areas
in total) to very high (7 areas in total) priority based on the
similarities to the magnetic response found at the Pitombeiras
North and Goela mineralised targets located 3km to the south.
Some of the selected anomalies appear to show a NE-SW structural
control, which also occurs over the known mineralised areas at the
Pitombeiras property. Table 1 illustrates the main magnetic
anomalies and their respective features and priority
categorisation. The Analytic Signal image with the location of
selected magnetic anomalies is presented on Figure 2.
Table 1 - Features and priorities of ground magnetic anomalies
on Mocidade Property
Magnetic Target_ID Size (hectares) Geometry Magnetic Structural Priority
(Shape) Response Control
GMA-1 2.57 sub circular very high NE-SW VERY HIGH
================ ============= ========== ============ ==========
GMA-2 1.85 elongated very high N-S VERY HIGH
================ ============= ========== ============ ==========
GMA-3 1.26 sub circular very high N-S VERY HIGH
================ ============= ========== ============ ==========
GMA-4 2.29 elongated high NE-SW VERY HIGH
================ ============= ========== ============ ==========
GMA-5 2.59 circular very high not defined VERY HIGH
================ ============= ========== ============ ==========
GMA-6 3.69 elongated medium NE-SW VERY HIGH
================ ============= ========== ============ ==========
GMA-7 1.19 elongated high NNE-SSW VERY HIGH
================ ============= ========== ============ ==========
GMA-8 0.34 sub circular high not defined HIGH
================ ============= ========== ============ ==========
GMA-9 0.27 circular very high not defined HIGH
================ ============= ========== ============ ==========
GMA-10 1.28 sub circular high N-S HIGH
================ ============= ========== ============ ==========
GMA-11 1.52 diffuse high not defined HIGH
================ ============= ========== ============ ==========
GMA-12 1.13 sub circular high N-S HIGH
================ ============= ========== ============ ==========
Figure 2 - Analytic Signal image and selected anomalies from
ground magnetic survey on Mocidade Property - see PDF
Next Steps
Based on the positive GMAG results Jangada has designed an
exploration programme to evaluate the selected magnetic anomalies
over the Mocidade Property, which will initially include:
-- Semi detailed mapping over the whole GMAG survey area and
detailed mapping over the very high priority magnetic
anomalies;
-- Detailed GMAG survey over the selected anomalies, using 50 or 25 metre line spacing;
-- Soil geochemistry over the most prominent targets.
The above steps follow a similar approach to the exploration
executed at Pitombeiras in 2019, which successfully delineated the
V-Ti-Fe VTM mineralisation at the Pitombeiras North and Goela
target areas.
Competent Person Statement
The technical 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 senior professional geologist with +35
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 competent 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 technical 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)
Notes
Jangada is primarily focused on its 100% owned Pitombeiras
Vanadium Project, which is located in the state of Ceará, Brazil.
The project is a high-grade greenfield vanadium, titanium, iron
exploration project with mineralisation commencing at surface. It
has an initial National Instrument 43-101 compliant resource
estimate of 5.70Mt million tonnes at an average grade of 0.51%
vanadium pentoxide ('V(2) O(5) '), 10.09% titanium dioxide ('TiO(2)
') and 50.42% of ferric oxide ('Fe(2) O(3) ') for a contained
resource of 28,990 tonnes V(2) O(5) . Crucially, significant
further upside remains as the resource is open in all directions
and the initial resource is taken from drilling of only two out of
eight known targets identified with vanadium titanomagnetite
mineralisation ('VTM') signature over a total area of 1,958
hectares.
The project is situated approximately 300km south-west of the
port city of Fortaleza and is accessed by paved federal highways
with three possible routes to market identified and assessed: two
to Main Chinese Ports and one to Brazil-based Companhia Siderurgica
de Pecém refinery. Davis Tube test work has positively demonstrated
the amenability of the ore to conventional separation methods and
further work is underway and planned to further improve confidence
in the project's commercial viability, including a Preliminary
Economic Assessment report.
Through its substantial ownership of ValOre Metals Corp (TSX-V:
VO.V), Jangada also has a 17.68% interest in the Pedra Branca
project, an advanced palladium, platinum and nickel project located
in North-eastern Brazil, with a JORC (2012) Compliant Resource of
1.52 million oz of PGM+Au, 180 Mlb of nickel, 34 Mlb of copper and
9.2 Mlb of cobalt.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCVQLBFBFLFFBF
(END) Dow Jones Newswires
November 16, 2020 03:30 ET (08:30 GMT)
Jangada Mines (LSE:JAN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Jangada Mines (LSE:JAN)
Historical Stock Chart
From Jul 2023 to Jul 2024