Jangada Mines PLC Vanadium Exploration Update (1077P)

TIDMJAN

RNS Number : 1077P

Jangada Mines PLC

05 February 2019

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

5 February 2019

Jangada Mines plc ('Jangada' or the 'Company')

Vanadium Exploration Update

Jangada Mines plc, a natural resources company developing South America's largest and most advanced platinum group metals ('PGM') and nickel project, is pleased to provide an update on its vanadium exploration activities currently underway at the Ptombeiras West vanadium deposit in north-eastern Brazil.

Highlights

   --     Expanded outcrop sampling campaign completed over the Ptombeiras West vanadium deposit 

-- Results from 72 samples confirm continuous high-grade vanadium, titanium and iron grades at surface

-- Grades reported as high as 1.1 % vanadium (V(2) O(5) ), 14.3 % titanium (TiO(2) ) and 61.4 % iron (Fe)

-- Average sample grades include 0.91 % vanadium (V(2) O(5) ), 10.7 % Titanium (TiO(2) ) and 53 % iron (Fe)

-- Average grades for vanadium and titanium are 3x higher than initially anticipated by management

   --     Exploration drilling continues at Ptombeiras West. 

Brian McMaster, Executive Chairman of Jangada 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 that interest in other vanadium projects, including ours, is likely to rise."

Further Information

The Company has completed an outcrop sampling campaign using a handheld x-ray fluorescence spectrometer ('XRF') at the Ptombeiras West vanadium deposit as part of the recently initiated exploration programme. The campaign has followed up on previous work (as announced on 23 October 2017) and has confirmed the presence of continuous economic grades of vanadium, titanium and iron mineralisation. Samples were taken from 72 outcrop locations across the deposit. The new results have exceeded management's expectations and returned average grades three times higher than those of the previous programme. Iron grades have remained consistent throughout. Sampling results are presented in the table below.

 
                      V grade (V(2)     Ti grade (TiO(2) 
 Sample Locations         O(5) )                )            Fe grade (Fe) 
                                      -------------------  ---------------- 
        72           Ave %    Max %     Ave %      Max %    Ave %    Max % 
                    -------  -------  ---------  --------  -------  ------- 
                      0.91     1.1       10.7      14.3      53.2     61.4 
                    -------  -------  ---------  --------  -------  ------- 
 

Quality control samples have been submitted to a certified laboratory.

Exploration drilling at the vanadium deposit continues, with preliminary results expected at the end of Q1.

Background

The Ptombeiras West vanadium deposit is associated with a large magnetic anomaly identified by Anglo American Platinum Exploration in 2015. Geophysical modelling (3D inversion) of the data has shown the anomaly to be approximately 2km long, 1km wide, with a depth 200m. Mineralisation has been mapped in outcrop for 520m directly above the anomaly. Previous metallurgical test results by Jangada demonstrate that the material is amenable to simple magnetic separation and produced fractions rich in vanadium and iron; titanium was enriched in the non-magnetic fraction.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

* ENDS *

For further information, please visit www.jangadamines.com or contact:

 
 Jangada Mines plc         Brian McMaster (Chairman)   Tel: [phone] 
                                                        6629 
 
 Strand Hanson Limited     James Spinney               Tel: [phone] 
  (Nominated & Financial    Ritchie Balmer              3494 
  Adviser)                  Jack Botros 
 
 
 Brandon Hill Capital      Jonathan Evans              Tel: [phone] 
  (Broker)                  Oliver Stansfield           5000 
 
 St Brides Partners        Isabel de Salis             Tel: [phone] 
  Ltd                       Gaby Jenner                 1177 
  (Financial PR) 
 

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February 05, 2019 04:15 ET (09:15 GMT)