(Alliance News) - Jangada Mines PLC on Wednesday reported an initial resource estimate for its Pitombeiras vanadium asset in Brazil.
The total resource estimate shows 5.7 million tonnes at an average grade of 0.5% vanadium pentoxide, 10% titanium dioxide and 50% ferric oxide.
"Mineralisation at or near surface with significant further upside as resource remains open in all directions and to date only two out of eight known targets have been drilled," Jangada explained.
A preliminary economic assessment is penned to be released in the first-quarter of 2021.
Executive Chair Brian McMaster said: "Jangada is in the midst of unearthing an exciting opportunity and we are literally at the beginning of this journey. Given the excellent results that have been achieved to date and the extent of the remaining untested targets it is clear to see that Pitombeiras offers significant value uplift potential. With further drilling due to commence in September to increase the size and the categorisation of the resource, and a PEA to be completed on finalisation of this to include these enhanced results, there is a lot still to come on this story."
Jangada shares were 2.4% lower at 3.27 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Jangada Mines (JAN)