Jangada Mines shares fall as it releases latest drilling results

(Sharecast News) - Natural resources company Jangada Mines announced the initial results of its 2020 drilling programme on the Pitombeiras North target, at its wholly-owned Pitombeiras Vanadium Project in Ceara State, Brazil.
The AIM-traded firm said the 2,500-metre diamond drilling programme, which began in January, was evaluating the structural corridor associated with the known vanadium titanomagnetite mineralisation, which includes the Pitombeiras North and Pitombeiras South anomalies and the newly-discovered Goela anomaly.

It said three drill holes had been completed to date, to a depth of 120 metres each, with all intersecting vanadium titanomagnetite mineralisation.

The results included 38 metres at 0.558% vanadium oxide, 11.31% titanium and 38.40% iron, and 32.18 metres at 0.547% vanadium oxide, 10.79% titanium and 37.22% iron, which itself included 13.25 metres at 0.740% vanadium oxide, 14.63% titanium and 48.9% iron.

Jangada said the programme was testing the three most prospective magnetic anomalies over a three kilometre northeast-southwest structural trend.

"With vanadium titanomagnetite mineralisation intersected in all three targets, these initial results continue to underscore the strong prospectivity of our Pitombeiras Project," said chairman Brian McMaster.

"We are therefore delighted with the results received to-date and look forward to delivering further results in the coming months as the drilling programme continues to progress on schedule.

"This drilling is targeting high-grade areas similar to those that have already been tested for their suitability to produce concentrate through magnetic separation, and it is our goal that results from our 2020 activities will enable us to define a JORC-compliant mineral resource estimate to build upon the current JORC exploration target of 40Mt to 60Mt at 0.3% to 0.6% vanadium oxide, 40%-55% iron and 8%-10% titanium."

At 1451 GMT, shares in Jangada Mines were down 10.64% at 2.1p.