(Alliance News) - Jangada Mines PLC on Thursday said Brazil's national mining agency has awarded it additional tenements at its Pitombeiras vanadium project.
The additional assets, labelled Mocidade, add 864 hectares, taking Jangada's total exploration area in the region to 1,959 hectares.
Chair Brian McMaster said: "Based on the work from our current exploration programme, and our increased knowledge of the project, we have identified suspected trends in the geology. The addition of the Mocidade property is part of this increased geological knowledge and we believe offers Jangada an exciting additional line of exploration enquiry."
Jangada added that the tenements were "acquired through direct application and consequently negligible cost".
The company said it is to conduct geological mapping and rock-chip sampling at Mocidade and will present findings in the second quarter of 2020.
Shares in the company were 1.9% higher at 2.15 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Jangada Mines (JAN)