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Jangada Mines share price up 68.8% since the beginning of the year
Jangada Mines (LON:JAN), a natural resources company which was discussed in detail on last week’s UK Investor Magazine podcast, has announced additional drill results from its current 2,000 metre drill programme at its 100% owned Pitombeiras Vanadium Project located in Ceará State, Brazil.
The news “demonstrates the continuity of the vanadiferous titanomagnetite mineralisation (VTM) in several directions”, the company said.
The company has already conducted initial preliminary economic assessment reports which confirmed commercial viabilities of Jangada’s Pitombeiras project.
Today’s news from Jangada Mines marks another significant milestone in the company’s journey towards production which is expected to start in 2022.
Pitombeiras North
VTM mineralisation at Pitombeiras North continues to be opened on the south-eastern, south-western, and north-north-eastern portions of the deposit for resources expansion.
Results recently received include:
o 21.29 metres at 0.58% vanadium pentoxide (‘V2O5‘), 11.09% titanium dioxide (‘TiO2‘) and 56.00% ferric oxide (‘Fe2O3‘), including 8.02 metres at 0.70% V2O5, 13.33% TiO2 and 65.66% Fe2O3
o 22.75 metres at 0.52% V2O5, 10.31% TiO2 and 51.66% Fe2O3, including 7.00 metres at 0.62% V2O5, 12.27% TiO2 and 60.23% Fe2O3
22 drill holes completed to date for a total of 1,466.45 linear metres
o 18 holes intersected VTM mineralisation, and 16 holes’ results have been received from laboratory – one was drilled for metallurgical purposes
Drilling programme at Goela target to start imminently
o Upgraded and expanded Mineral Resource Estimate (“MRE”) and revised Preliminary Economic Assessment (“PEA”) scheduled for completion in Q3 2021.
o Focus on evaluating a Direct Shipping Ore (‘DSO’) operation for the export of a saleable magnetite concentrate containing a minimum of 62% Fe and additional credit from 25% contained V2O5
Jaganda Mines Share Price Up 68.8% YTD
The Jaganda Mines share price has reacted by adding 2.22% on Tuesday following the results announcement. It is a continuation of what has been a strong performance so far in 2021, including a 52 week high in mid-February, with the company’s stock value up by 68.8% since the beginning of the year. From the 16 March 2020, the AIM-listed company’s share price is up by a massive 504%.
Brian McMaster, Executive Chairman of Jangada, commented on the results and gave his outlook for the future: “We continue to advance the Pitombeiras Vanadium Project on many fronts, from resource expansion drilling to project development activities. These include petrographic and mineralogical studies and collection of volumetric samples to assist upcoming metallurgical testworks, detailed topographic drone survey, environmental baseline studies as part of the trial mining licence process, and the initiation of discussions with the Port of Pecém for export of our DSO product.”
“As we successfully wrap up the drilling campaign at the Pitombeiras North target, I am pleased to note that the deposit continues to be opened in several directions, providing significant future upside. While work to update the Mineral Resources Estimate for the Pitombeiras North deposit starts, our team is mobilising the drill rig to the Goela target; results from this campaign will be incorporated in the new resources on conclusion.”
“We are on track to deliver a more robust PEA, scheduled for completion in Q3 2021, and look forward to updating our stakeholders as we continue to progress with our plans.”
Vanadium
The main use of the chemical element, vanadium, is in alloys, especially with steel. 85% of all the vanadium produced goes into steel, 10% goes into alloys of titanium and 5% into all other uses. A small amount of vanadium adds strength, toughness, and heat resistance. Whilst today’s release from Jangada Mines focuses on Vanadium, the Pitombeiras project holds titanium and iron ore resources.