Additional Drilling Results from Pitombeiras North and Goela Targets
Jangada Mines plc (‘Jangada’ or ‘the Company’), a natural resources company, is pleased to announce additional high-grade drilling assay results from its diamond drilling (‘DD’) programme at its Pitombeiras Vanadium Project (‘Pitombeiras’ or ‘the Project’) in Brazil.
The programme has evaluated 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 VTM targets.
· Final assay results received from the Pitombeiras North Target
o 25.25 metres at 0.56% vanadium pentoxide (‘V2O5’), 10.81% titanium dioxide (‘TiO2’) and 54.01% ferric oxide (‘Fe2O3’), including 7.00 metres at 0.73% V2O5, 14.14% TiO2 and 68.91% Fe2O3 on drillhole DD20PI21
· First drilling result received from the Goela Target
o 13.50 metres at 0.60% V2O5, 12.05% TiO2 and 58.97% Fe2O3, including 3.30 metres at 0.74% V2O5, 14.40% TiO2 and 64.53% Fe2O3 on drillhole DD20PI22
Brian McMaster, Executive Chairman of Jangada, said: “We have received the last drill results from the Pitombeiras North target, which at 0.56% V2O5is above the 0.539% V2O5average grade to date. This concludes a successful drilling campaign at this target, which has confirmed consistent grades, widths and continuity, marking a great achievement from our exploration team. The first drill result from the Goela Target has also shown grade consistency and we are now awaiting the last five remaining results, which should be reported in the next couple of weeks. We will then be able to begin calculating our initial JORC Resource estimate and preparing the accompanying technical report.”
A total of 19 DD holes have been completed in 2020 for a total of 1,360.80 metres, including 1,058.85 metres at the Pitombeiras North target and 301.95 metres at the Goela target. 16 from a total of 19 drillholes intersected VTM mineralisation.
Assay results have been received for 11 DD holes, including the newly received Hole DD20PI21, which intersected 25.25 metres at 0.56% V2O5, 10.81% TiO2 and 54.01% Fe2O3, including 7.00 metres at 0.73% V2O5, 14.14% TiO2 and 68.91% Fe2O3; this represented the final result due from the Pitombeiras North target. Results have also been received for Hole DD20PI22, the first result from the Goela Target, which intersected 13.50 metres at 0.60% V2O5, 12.05% TiO2 and 58.97% Fe2O3, including 3.30 metres at 0.74% V2O5, 14.40% TiO2 and 64.53% Fe2O3.
Upon receipt of the assay results due for the remaining five drillholes, all from the Goela Target, the Company will have sufficient data (20 VTM mineralised holes from 2019 and 2020 drilling) 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.
The concluded 2020 drilling programme is a follow-on from the five drill holes campaign executed in 2019. With the addition of the recently received Holes DD20PI21 and DD20PI22, the intersected weighted average grades and apparent widths for all 15 mineralised holes stands at 0.539% V2O5, 10.63% TiO2 and 56.16% Fe2O3 over an average thickness of 29.85m, as set out in the RNS link http://www.share-talk.co.uk/announcements/rns/jangada-mines-plc/drill-results-from-pitombeiras-north-and-goela/202007100900026624S
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