5th Feb 2019 10:51
LONDON (Alliance News) - Shares in Jangada Mines PLC rose Tuesday as the company announced mineral finds at the Ptombeiras West deposit, including vanadium.
Shares were 11% higher on Tuesday morning at 2.60 pence each.
Jangada completed an outcrop sampling programme at Ptombeiras West, and results from 72 samples show "continuous, high-grade vanadium, titanium, and iron".
Grades reached 1.1% vanadium pentoxide, 14% titanium dioxide, and 61% iron. The average grades include 0.9% vanadium pentoxide, 11% titanium dioxide, and 53% iron.
These vanadium and titanium grades are three times higher than what management had expected, Jangada said. The company will continue with exploration drilling at the target.
Executive Chairman Brian McMaster said: "Given the strong market fundamentals for vanadium, these results are excellent news for the company and further enhance Pedra Branca's already strong economics.
"Vanadium had a particularly strong year in 2018, a trend anticipated to continue as word spreads of its energy storage potential, particularly the vanadium redox flow battery. With production output from China dropping, we anticipate interest in other vanadium projects, including ours, is likely to rise."
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