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LONDON (Alliance News) - Jangada Mines PLC on Monday reported a more than doubling of its resource at the Pedra Branca platinum group metals project in Brazil.
The total resource is now 74.8 million tonnes of ore. Within this, the indicated resource has risen 64% to 29.3 million tonnes and the inferred resource almost tripled to 37.1 million tonnes.
The palladium equivalent resource doubled to 3.1 million ounces. Gold and platinum group metals rose 48% to 2.2 million ounces.
The overall resource grade is 1.3 grammes of palladium equivalent per tonne of ore.
The base metal resource has doubled to 362.5 million pounds, including 298 million pounds of nickel.
Jangada is on track, it added, to get its feasibility study verified by the end of the first quarter of 2019.
Executive Chair Brian McMaster said: "Clearly today's announcement is a significant step forward for Jangada. We have been working with a highly skilled team on the feasibility study work, which has identified significant increases in grade and classification that will help form extremely exciting inputs to the feasibility study model.
"Investors can now see labelling this a 'platinum group metals 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," he added.
"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 feasibility study and prepare the project for development is exceptional and the results are coming through better than expected."
Shares were up 5.5% on Monday morning at a price of 2.21 pence each.