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(Alliance News) - Jangada Mines PLC on Monday said it has identified eight magnetic anomaly targets to follow up with further exploration work at Pitombeiras project in Brazil.
The stock was trading 14% higher in London on Monday morning at 2.10 pence a share.
The AIM-quoted natural resources company said it has started a new exploration programme at Pitombeiras project in October following an earlier programme which confirmed continuous high-grade vanadium, titanium and iron grades at the surface.
This will see pre-drilling exploration concluded by the end of the final quarter of 2019 and a three-month drilling programme to commence in January 2020.
An extensive fully funded programme is planned to provide the necessary technical information, Jangada said, which is expected to be available in the second quarter of 2020.
The company said the programme includes narrowing exploration grid at infill zones to better define the best magnetic anomalies and completion of the soil geochemistry for a total of 2,709 samples.
In addition, Jangada said it plans to complete up to 2,500 meters of diamond drilling with 30 drill holes.
"We continue to be highly encouraged with the results from the ongoing exploration programme at Pitombeiras. Our recent work has discovered a new target we call Goela, which adds substantial footprint to the overall prospect," said Chair Brian McMaster.
"Jangada is entering a truly exciting phase," added McMaster.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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