16th Jun 2021 10:35
(Alliance News) - Jangada Mines PLC on Wednesday said its mineral resource estimate targets for the Pitombeiras vanadium project in Brazil have more than tripled.
The London-based natural resources company increased its measured and indicated resource estimate by 221% at Pitombeiras North and South mines in Ceara, Brazil. If it can source sufficient financing, the company plans to begin production of vanadium, titanium, and iron at the Pitombeiras project by 2022.
Jangada Mines shares were trading up 7.9% at 8.57 pence each in London on Wednesday morning.
Jangada's increased resource estimate is based on results for two of eight identified targets. These results include measured and estimated resources of 5.1 metric tonnes at 0.5% vanadium pentoxide, 9.0% titanium dioxide, and 46% iron oxide, alongside inferred resources of 2.3 metric tonnes at 0.4% vanadium pentoxide, 8.3% titanium dioxide and 43% iron oxide.
Executive Chair Brian McMaster said: "We are thrilled by these results as they sit firmly within expectations and bode well for future development as we look to fast-track plans to take the project to production. The updated mineral resources estimate for Pitombeiras North confirms our expectations of a well-defined deposit with about 71% within the measured and indicated categories, which brings a higher level of confidence to an already robust preliminary economic assessment."
The company also began a 2,000-metre diamond drilling programme in October of last year to evaluate the structural corridor associated with the known vanadium titanomagnetite mineralisation, including the Pitombeiras North, Pitombeiras South and nearby Goela deposits. Metallurgical testworks, petrographic and mineralogical studies, and a detailed topographic drone surveys began in April, the company noted. Jangada said the drilling programme at Goela, which began in April, is likely to conclude by the end of June.
The miner plans to complete an updated preliminary economic assessment of the sites after receiving further mineral resource results for both Pitombeiras' and Goela, including further metallurgical tests. The assessment is expected to be completed in the third quarter of this year.
By Scarlett Butler; [email protected]
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