Jangada Mines reports "encouraging" data from Paranaita gold drilling

(Alliance News) - Jangada Mines PLC on Friday reported "very encouraging" results from stage one drilling at its Paranaita gold project in Brazil

The natural resources development company said the results from the ten-hole programme include a high-grade intercept of 1.32 metres at 43.61 grams of gold per tonne.

Jangada said gold mineralisation was intersected at all holes at the target, and that the system remains open along strike and at depth.

The firm said trenching and drill results are being evaluated to determine the next steps for advancing the site.

Chief Executive Officer Paulo Misk said: "The results from the diamond drilling programme at TP2 are very encouraging and confirm the potential of Paranaita. The new drilling results, together with existing trenching data and geophysics, indicate extensive resource expansion potential and reinforce our confidence in identifying an increased shallow resource amenable to open pit mining."

Shares in Jangada Mines were down 14% at 1.81 pence on Friday afternoon in London.

By Michael Hennessey, Alliance News reporter

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