Jangada Mines plc (AIM: JAN) has completed Phase 1 drilling at its Molly Gold Project in Brazil, confirming historical exploration data while identifying the Vivi prospect as a potentially significant new high-grade gold and polymetallic target.
At Molly 1, final drilling highlights include 0.50m at 21.81 g/t gold, 9.50 g/t silver and 0.67% copper in Hole 13A, while Hole 3A returned separate intersections including 0.50m at 20.76 g/t gold and 0.58m at 11.50 g/t gold. Hole 11A returned 3.00m at 3.76 g/t gold and 0.39% copper, including 0.95m at 5.81 g/t gold.
Of particular interest is Hole 4A, which intersected a broader 14.15m at 1.19 g/t gold, including 0.50m at 8.39 g/t. Jangada said the newly identified disseminated style of mineralisation raises the possibility of a lower-cost, bulk-tonnage open-pit mining scenario. Molly 1 already hosts an inferred resource of 130,000 ounces of gold at an average grade of 2 g/t.
Vivi Emerges as Major New Target
The standout exploration results came from Vivi, around 800m west of Molly 2. Four initial rock-chip samples returned grades as high as 306.2 g/t gold, 166.0 g/t silver, 2.24% copper, 2.19% lead and 1.12% zinc from a 1.8m-thick mineralised quartz vein.
Further sampling along the Vivi 1 quartz vein produced exceptionally high gold grades of 151.23 g/t, 49.93 g/t and 39.74 g/t, alongside significant silver, copper and lead values.
Jangada plans to undertake its maiden drilling programme at Vivi after completing and interpreting the current high-resolution drone magnetic survey, which will be used to identify structural controls and position the initial drill holes.
Meanwhile, drilling at Molly 2 has confirmed a structurally controlled mineralised system, including 0.91m at 3.50 g/t gold from Hole 8A and 5.42m at 1.41% lead, including 1m at 4.97% lead, from Hole 7A.
A 350 line-km drone magnetic survey and 20.8 line-km induced polarisation survey are underway across the wider project to generate targets for the next drilling campaign. Jangada said it remains fully funded for the next exploration phase, with more than £1 million in cash.
Jangada Mines Chief Executive Paulo Misk said completion of Phase 1 drilling at the Molly Gold Project had confirmed historical exploration data and extended mineralisation both along strike and down dip, strengthening the growth case for the existing 130,000oz gold resource.
Misk highlighted the 0.50m at 21.81g/t gold intercept at Molly 1 and the discovery of broader disseminated mineralisation at Hole 4A, which the company believes could support a potential bulk-tonnage open-pit development scenario.
He also pointed to the new Vivi target, where rock-chip sampling returned bonanza grades of up to 306.2g/t gold alongside silver, copper, lead and zinc, describing the area as a compelling target for immediate follow-up.
At Molly 2, drilling has confirmed a structurally controlled mineralised system, including 5.42m at 1.41% lead, while ongoing geological modelling, drone magnetic surveying and ground IP work are being used to generate the next round of high-priority drill targets.
Misk described the current phase as a “pivotal period” for Jangada as it works to upgrade resources and define the broader potential of the project.
