(Alliance News) - Jangada Mines PLC on Wednesday said the diamond drilling programme at its Pitombeiras vanadium projects in Brazil is complete, with the majority of drillholes intersecting significant mineralisation.
Shares in Jangada were up 13% at 1.50 pence in London in afternoon trading.
In total, 16 of the 19 drillholes at Pitombeiras intersected significant vanadium titanomagnetite mineralisation. The final two assay results from the project include 18.0 metres at 0.49% vanadium pentoxide, 10.02% titanium dioxide, and 9.61% ferric oxide as well as 35.66 metres at 0.56% vanadium pentoxide, 11.04% titanium dioxide, and 54.39% ferric oxide.
Jangada said it has successfully tested the anomaly boundaries for significant vanadium titanomagnetite, with" remaining assays for 11 mineralised drillholes to be received in order to complement data base for initial JORC mineral resource estimate".
Chair Brian McMaster said: "We have successfully completed our drilling campaign at Pitombeiras and the diamond drill rig and drilling crew have now been demobilised from the field, which brings us comfort in these challenging times caused by Covid-19. In total, 16 drillholes intersected significant [vanadium titanomagnetite mineralisation] and we have seen consistent vanadium-titanium-iron grades and widths from the 9 drillhole assay results we have received so far. Upon receiving the remaining 11 drillhole results, we will be ready to calculate and report our initial JORC mineral resource estimate, followed by a preliminary economic assessment."
By Anna Farley; annafarley@alliancenews.com
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Jangada Mines (JAN)