26th Sep 2025 10:00
(Alliance News) - Jangada Mines PLC on Friday said it has sold its stake in Blencowe Resources PLC to concentrate resources on its new gold strategy, with priority given to advancing the Paranaita Gold Project in Brazil.
The natural resources development company, with interests in Brazil, said it sold all 21.1 million Blencowe shares it held, following a GBP800,000 capital raise in August. The funds will be used to accelerate trenching and drilling at Paranaita, where Jangada has management control.
Shares in Jangada rose 10% to 0.99 pence in London on Friday morning.
The company is targeting a preliminary economic assessment for an open-pit mine producing around 20,000 ounces of gold per year. Current resources stand at 210,000 ounces at 3.165 grams per tonne, with drilling aimed at upgrading this to about 350,000 ounces under JORC standards.
Chief Executive Paulo Misk said: "Selling our Blencowe holding allows all our capital to be focussed on delivering our development objectives in a project where we maintain management control. These are exciting times for Jangada, and I look forward to providing further updates on our activities towards building a major, Brazil-focused gold producer."
Paranaita spans 7,211 hectares in a gold-rich porphyry-epithermal system, with historic exploration suggesting potential for up to 1 million ounces of gold.
By Eva Castanedo, Alliance News reporter
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Related Shares:
Blencowe ResourcesJangada Mines