Jangada Mines Upbeat On Latest Results From Pitombeiras

Natural resources company Jangada Mines announced additional high-grade assay results from its diamond drilling programme at the Pitombeiras Vanadium Project in Brazil on Monday.

The AIM-traded firm said the programme was evaluating the structural corridor associated with the known vanadium titanomagnetite mineralisation, which included the Pitombeiras North and Pitombeiras South anomalies, and the newly-discovered Goela vanadium titanomagnetite targets.

It said the highest vanadium pentoxide grade intercept received to date stood at 0.81%, with both drilling results also representing the best results to date on a grade and width basis.

Results received included 35.25 metres at 0.70% vanadium pentoxide, 13.22% titanium dioxide and 64.74% ferric oxide, including seven metres at 0.81% vanadium pentoxide, 15.29% titanium dioxide and 72.69% ferric oxide on drillhole DD20PI19.

They also included 38 metres at 0.64% vanadium pentoxide, 12.51% titanium dioxide and 61.42% ferric oxide, including 14 metres at 0.75% vanadium pentoxide, 14.46% titanium dioxide and 70.97% ferric oxide on drillhole DD20PI20.

“The Pitombeiras North resource drilling programme continues to reassure the consistency of the grades, widths and continuity within the 50 metres-by-100 metres drilling grid whilst surprising us with these new highest grades intercepts, which increase the average grade of the programme to date to 0.535% vanadium pentoxide over an average of 31.34 metres in apparent thickness,” said chairman Brian McMaster.

“There remain seven mineralised holes to be returned from the SGS-Geosol laboratory, six of them from the Goela target are expected in the coming weeks.

“We look forward to sharing these in due course and then determining an initial JORC resource estimate and continuing with a preliminary economic assessment.”

At 0809 BST, shares in Jangada Mines were up 1.39% at 1.82p.