11th Mar 2019 11:09
LONDON (Alliance News) - Jangada Mines PLC on Monday confirmed a "high-grade" deposit at its Pitombeiras West asset in north-eastern Brazil.
High-grade zones at the deposit include average grades of 0.83% vanadium pentoxide, 12% titanium dioxide, and 48% iron over an average downhole width of 12.8 metres.
Jangada said total mineralised intersections range from 26 metres to 46 metres wide at average grades of 0.57% vanadium pentoxide, 8.1% titanium dioxide, and 37% iron.
Early testing, Jangada said, shows the material can be processed by standard methods.
Executive Chair Brian McMaster said: "The findings of this drill campaign are highly encouraging and further support our belief we are discovering a potentially world class vanadium deposit. The mineralisation is consistent in width and grade, with high-grade mineralisation starting at surface, all of which are very positive indications.
"The holes we have drilled to date are shallow and have returned excellent results. The resource potential remains open at depth and along strike. If we continue to replicate these results in future holes then we will likely be holding a very substantial deposit. These results further confirm the breadth and potential scale of Pitombeiras West specifically, and Pedra Branca more widely."
Pitombeiras West is located close to, but is distinct from, Jangada's Pedra Branca platinum group metal and nickel project.
Shares were 2.7% lower on Monday morning at a price of 2.58 pence each.
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