Jangada Mines plc, a natural resources company developing South America’s largest and most advanced platinum group metals (‘PGM’) and nickel project, is pleased to announce a significant JORC (2012) compliant resource upgrade resulting in substantial increases in the size and categorisation of the resource at its Pedra Branca PGM project (‘Pedra Branca’ or ‘the Project’) in north-eastern Brazil.
· 117% increase in JORC classified ore to 74.84 million tonnes:
o 64% increase in the Indicated category resources to 29.34 million tonnes
o 174% increase in Inferred category resources to 37.09 million tonnes
· 103% increase in palladium equivalent (‘Pd Eq’) resource to 3.05 million ounces, derived from the following increases:
· 48% increase in PGM+gold (‘Au’) resource to 2.17 million ounces
· 104% increase in base metal content to 362.5 million pounds (‘Mlbs’) attributed to newly discovered nickel sulphide resource including:
o 298 Mlbs nickel (‘Ni’)
o 49.5 Mlbs copper (‘Cu’)
o 15 Mlbs cobalt (‘Co’)
· Overall resource grade is 1.31 g/t Pd Eq
· Verification phase of the fully funded Bankable Feasibility Study (‘BFS’) on track for completion by end Q1 2019
Brian McMaster, Executive Chairman of Jangada said, “Clearly today’s announcement is a significant step forward for Jangada. We have been working with a highly skilled team on the BFS work, which has identified significant increases in grade and classification that will help form extremely exciting inputs to the BFS model. Investors can now see that labelling this a ‘PGM project’ doesn’t do it justice; it is clearly much more than that. The key economic drivers of the Project are palladium and nickel, two of the most in favour minerals of today and for the foreseeable future. Additionally, the increase in resource size will potentially drive a longer mine life and higher annual tonnage, all of which are positive developments. The work being done to finalise the BFS and prepare the Project for development is exceptional and the results are coming through better than expected.”
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