Jangada Mines plc (AIM: JAN) has concluded its diamond drilling (DD) programme at the Pitombeiras Vanadium Project in Brazil.
Chairman, Brian McMaster, said the programme evaluated the structural corridor associated with the known vanadium titanomagnetite (VTM) mineralisation, which includes the Pitombeiras North and Pitombeiras South anomalies and the newly discovered Goela VTM targets.
Mr McMaster said the programme successfully tested VTM anomaly boundaries and remaining assays for 11 mineralised drillholes to be received in order to complement data base for initial JORC mineral resource estimate.
“We have successfully completed our drilling campaign at Pitombeiras and the diamond drill rig and drilling crew have now been demobilised from the field, which brings us comfort in these challenging times caused by COVID-19,” Mr McMaster said.
“In total, 16 drillholes intersected significant VTM mineralisation and we have seen consistent Vanadium-Titanium-Iron grades and widths from the nine drillhole assay results we have received so far.
“Upon receiving the remaining 11 drillhole results, we will be ready to calculate and report our initial JORC mineral resource estimate, followed by a Preliminary Economic Assessment. I would like to thank our exploration team for having accomplished our programme on time and on budget and we look forward to the next phase of development.”
A total of 19 DD holes have been completed for a total of 1,360.80 metres, including 1,058.85 metres at the Pitombeiras North target and 301.95 metres at the Goela target. The drill rig has now been demobilised. 16 from a total of 19 drillholes intersected VTM mineralisation.
Assay results have been received for five DD holes, including newly received Hole DD20PI14, which intersected 18.00 meters at 0.49% V2O5, 10.02% TiO2 and 49.61% Fe2O3, and Hole DD20PI16, which intersected 35.66 metres at 0.56% V2O5, 11.04% TiO2 and 54.39% Fe2O3.
Mr McMaster said that with the conclusion of the drilling programme, Jangada has now tested the boundaries of the anomaly as required and, upon receipt of the assay results for the remaining 11 drillholes, the dompany will have sufficient data to determine an initial JORC mineral resources estimate and continue with a preliminary economic assessment (PEA), which will be prepared by an independent engineering company to be selected. Both of these activities are to be funded from existing cash resources.
The concluded 2020 drilling programme is a follow-on from a four drill hole campaign executed in 2019. With the addition of the recently received Holes DD20PI14 and DD20PI16, the intersected weighted average grades and widths for all nine mineralised holes stands at 0.51% V2O5, 10.15% TiO2 and 50.36% Fe2O3.
