15 Holes Hit VTM Mineralisation In Brazil
Jangada Mines plc (AIM:JAN) has received promising early results from the second phase drilling programme at its 100% owned Pitombeiras Vanadium Project, located in Ceará State, Brazil.
The 2,000m diamond drilling (DD’ programme, which commenced in October 2020, is underway to continue to evaluate the structural corridor associated with the known vanadium titanomagnetite (VT’) mineralisation, including the Pitombeiras North, Pitombeiras South and Goela anomalies.
The company has completed 19 drill holes to date for a total of 1,157.10, with15 holes intersecting VTM mineralisation, To date results from 11 holes have been received from the laboratory.
Highlights include:
- 21.59m at 0.65% vanadium pentoxide (V2O5), 12.19% titanium dioxide (TiO2) and 60.70% ferric oxide (‘Fe2O3‘), including 4.01m at 0.82% V2O5, 15.37% TiO2 and 73.18% Fe2O3
- 33.45m at 0.48% V2O5, 9.23% TiO2 and 46.82% Fe2O3, including 4.77m at 0.73% V2O5, 13.59% TiO2 and 64.76% Fe2O3; and
- 8.00m at 0.50% V2O5, 9.64% TiO2 and 51.58% Fe2O3
Executive Chairman, Brian McMaster, said infill drilling results confirm continuity of the mineralisation within existing deposit area and will be used for category upgrade of current mineral resources.
“The ongoing 2,000m follow on programme is aimed at increasing and upgrading the existing mineral resource,” Mr McMaster said.
“This set of infill drilling further increases our confidence that the current inferred mineral resource estimates can be converted to indicated or measured mineral resource categories for inclusion into an upgraded and expanded Mineral Resource Estimate and revised Preliminary Economic Assessment (PEA), scheduled for completion in Q2 2021.
“The drill rig will soon move to the Goela target, which is another integral part of the overall project development.
“With a stronger treasury following our recent placing, as well as the cash received from the sale of the ValOre common shares, we are in a great position to maintain the positive momentum behind the Project, and I look forward to providing further updates as we make progress with the several workstreams currently underway.”
