(Alliance News) - Jangada Mines PLC said on Thursday it received positive results regarding the extraction of high-grade titanium dioxide and vanadium pentoxide from its Pitombeiras project.
The London-based mining company focused on Brazil noted that "excellent" recovery and purity rates were reported, with the highest recovery rates being 86.73% for titanium dioxide and 95.88% for vanadium pentoxide.
Shares in Jangada were up 7.5% at 3.60 pence in London on Thursday morning.
Jangada said the tests were carried out using sustainable technology developed by Fodere Titanium, in which Jangada holds a 7.7% stake.
The company said the tests were part of its strategy to "optimise" the project's value by improving environmental, social and governance credentials.
Following the successful processing of ore from Pitombeiras, the company said it is preparing for 25 tonnes of material to be tested on a larger scale as it continues to carry out studies.
Chair Brian McMaster said: "Fodere's successful extraction of high-grade vanadium and titanium from material from the Pitombeiras project utilising cost-efficient environmentally sound technologies is a major boost to Jangada. Furthermore, the adaptation of its technology to process mined material rather than focus on waste materials offers increased potential for its business."
By Sabrina Penty; Alliance News reporter
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Jangada Mines (JAN)