Jangada Mines plc (‘Jangada’ or ‘the Company’), a natural resources company, is pleased to announce final 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 five assay results received from the Goela Target, including:
o 27.75 metres at 0.65% vanadium pentoxide (‘V2O5’), 12.95% titanium dioxide (‘TiO2’) and 63.69% ferric oxide (‘Fe2O3’), including 9.50 metres at 0.77% V2O5, 15.19% TiO2 and 72.44% Fe2O3 on drillhole DD20PI24
o 29.00 metres at 0.59% V2O5, 11.96% TiO2 and 58.64% Fe2O3, including 7.00 metres at 0.79% V2O5, 15.41% TiO2 and 73.26% Fe2O3 on drillhole DD20PI26
Brian McMaster, Executive Chairman of Jangada, said: “The 2020 drilling campaign has been an overwhelming success, underpinning the significant prospectivity of Pitombeiras as a result of the consistency of returned grades, widths and continuity. The results of these latest and final drill holes have further confirmed this and also highlighted the effectiveness of our exploration approach of utilising airborne magnetic surveys to delineate VTM drilling targets. The Pitombeiras North and Goela targets are two out the six identified airborne magnetic anomalies and our technical team strongly believe that the VTM system will continue to grow as we expand our drilling footprint, which is now being considered as part of our ongoing development strategy. In the meantime, the 2020 drill results, together with results from our 2019 drill programme, will be used to prepare an initial JORC Resource estimate, which we look forward to sharing further details on in due course.”
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. Of these, 16 from a total of 19 drillholes intersected VTM mineralisation.
Assay results have been received for all 16 DD holes, including the remaining five holes from the Goela target, including:
· Hole DD20PI24: 27.75 metres at 0.65% V2O5, 12.95% TiO2 and 63.69% Fe2O3, including 9.50 metres at 0.77% V2O5, 15.19% TiO2 and 72.44% Fe2O3
· Hole DD20PI25: 7.27 metres at 0.55% V2O5, 10.79% TiO2 and 54.04% Fe2O3, including 2.28 metres at 0.73% V2O5, 14.45% TiO2 and 67.60% Fe2O3
· Hole DD20PI26: 29.00 metres at 0.59% V2O5, 11.96% TiO2 and 58.64% Fe2O3, including 7.00 metres at 0.79% V2O5, 15.41% TiO2 and 73.26% Fe2O3
· Hole DD20PI27: 6.85.00 metres at 0.40% V2O5, 13.77% TiO2 and 66.13% Fe2O3
· Hole DD20PI28: 1.93 metres at 0.59% V2O5, 11.79% TiO2 and 59.32% Fe2O3
· Hole DD20PI28: 3.12 metres at 0.43% V2O5, 9.30% TiO2 and 44.63% Fe2O3
The Pitombeiras Project has returned in total 20 VTM mineralised holes out of the 24 holes drilled in the 2019 and 2020 drilling campaign, which has intersected weighted average grades and apparent widths of 0.545% V2O5, 10.86% TiO2 and 56.71% Fe2O3 over an average thickness of 25.16m, as set out in Table 1 and Figure 1 (Pitombeiras North target) and Figure 2 (Goela target).
The Pitombeiras North and Goela targets are two out of the six prospective airborne magnetic anomalies identified with VTM’s signatures similar to Pitombeiras North target over a total area of 1,958 hectares.
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