15th May 2018 13:36
LONDON (Alliance News) - Jangada Mines PLC said Tuesday there has been a "substantial increase" in the joint ore and reserves committee compliant mineral resources at its Pedra Banca PGM project in north-eastern Brazil, following a new study.
The "independently assessed" resource increases include: 50% increase in global ore volume to 34.5 million tonnes at 1.3 grammes per tonne platinum group metals and gold; 53% increase in platinum group metals resource to 1.45 million ounces; and a 28% increase in nickel resource to 140 million pounds.
The increase in resources resulted from the inclusion of the Santo Amaro prospect to inferred resources. There is six more known targets to be evaluated across the 50,000 hectare licence, which, according to Jangada, provides the "potential for additional major upside in future resource figures".
The natural resources company, which only listed on AIM in June 2017, said it is "excited" about the "development path" of its Brazilian project and looks forward to "quantifying further value".
Executive Chairman Brian McMaster said: "The increase in the joint ore and reserves committee resource by half a million ounces of platinum group metals and the strengthening of major base metal credits including nickel, copper and cobalt, all significant commodities in the electric battery economy, are expected to have a major material impact on the already positive economics of Pedra Branca. Importantly, we have a further six known targets to explore which, with the overall district expansion potential, translates to Pedra Branca being potentially much larger and of significantly greater value than originally anticipated.
"With the increase in scale and the realisation of significant base metal credits, we have been working hard to understand the project's true potential and its optimal development path. metallurgical test work including flow sheets will be published imminently, which will be closely followed by the publication of further technical assessment."
Shares in Jangada were down 2.6% Tuesday to 3.80 pence each.
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