LONDON (Alliance News) - Jangada Mines PLC on Wednesday said high-grade nickel and copper sulphide mineralisation has been identified at its Pedra Branca platinum group metals project in Brazil.
The high-grade economic nickel and copper sulphide mineralisation has located directly beneath the existing resource at Pedra Branca.
Some of the grades include 2.65% nickel, 0.86% copper and cobalt 0.13% over 0.3 metres at 55 metre depth, and 1.65% nickel, 1.5% copper, and 0.1% cobals over 1.8 metres at 47.2 metre depth.
The South America-focused miner said that newly identified mineralisation could "enhance the already strong project economics" of the planned open pit at Pedra Branca.
An independent nickel and copper maiden resource estimate will be published in the fourth 2018 quarter.
"The initial maiden resource estimate that has been commissioned will confirm the current project metrics and scale, in addition to highlighting the potential to expand on the existing base metal resources at the project," said Jangada Chairman Brian McMaster.
"As shown in the preliminary economic assessment announced in June, our platinum group metals resource already has very robust economics. High-grade nickel, which can be mined from the same shallow open pits as planned for the platinum group metals horizon, is a potential game-changer that could further enhance these economics," McMaster added.
Shares in Jangada were down 0.9% at 2.70 pence on Wednesday.
Jangada Mines (JAN)