Jangada Mines plc (‘Jangada’ or ‘the Company’), a natural resources company, wishes to provide an update on its diamond drilling (“DD”) programme at its Pitombeiras Vanadium Project (‘Pitombeiras’ or ‘the Project’) in Brazil and actions taken to address the impact of COVID-19 on its activities.
Given the prevailing environment, the Company has decided to vary its previously announced drilling programme. Initially, the programme was planned to total 2,500 metres, but given the current macro-environment, the Board has elected to reduce the programme to a total of approximately 1,350 metres. To date, 908 metres have been completed in 2020 for a total of 8 (eight) DD holes, of which assay results have been received for 3 (three), including newly received Hole DD20PI13, which intersected 31.57 meters at 0.448% vanadium oxide (‘V2O5’), 8.66% titanium (‘TiO2’) and 44.88% iron oxide (‘Fe2O3’).
Jangada will conclude its programme with an additional 7 (seven) DD holes, or 420 metres, by April 2020. The reduction of metres is substantially as a result of drilling the holes to a shallower depth. It is expected that this will not have a material impact on our immediate plans because, by completing the planned holes (albeit to a shallower depth) we will have tested the boundaries of the anomaly as required and we will have sufficient data to continue with a preliminary economic assessment (‘PEA’) and JORC resource estimate. The reduction in the drilling programme will also result in a cost saving, which seems prudent at this time.
Thirteen drill holes have now been completed to date including 2019 and 2020 DD programme for a total of 1,235.65 metres.
Brian McMaster, Chairman of Jangada, said: “Considering the health and safety risks of keeping our crew at site along with our team of contractors at these times of uncertainty, we have decided to curtail our diamond drilling programme. Their welfare is of course our paramount concern and we feel we will have sufficient data to proceed to a JORC resource estimate and a PEA based on our revised plan. Combining our 2019 and 2020 drilling activity, thirteen drill holes for a total of 1,235.65 metres have now been completed, revealing very consistent grades and widths which continue to underscore the strong prospectivity of our Pitombeiras Vanadium Project. We look forward to sharing the results of the final drill holes in due course.”
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