Shares of Jangada Mines have rallied after the firm reported a new discovery at its Pitombeiras project in Brazil.
Shares of Jangada rallied 12.97% to 2p on Monday. 18/11/19 12:09BST.
Jangada said it identified eight magnetic anomaly targets to follow further exploration operations at Pitombeiras, located in Brazil.
The AIM listed (INDEXFTSE: AXX) natural resources company started a new exploration operation in Pitombeiras back in October.
The firm reported that high grade vanadium, titanium and iron was found at the surface which sparked shareholder optimism.
This will see pre-drilling exploration concluded by the end of the final quarter of 2019 and a three-month drilling programme to commence in January 2020.
An extensive fully funded programme is planned to provide the necessary technical information, Jangada said, which is expected to be available in the second quarter of 2020.
Janganda said the program includes the completion of up to 2,500 meters of diamond drilling.
Brian McMaster, Chairman of Jangada, said: “We continue to be highly encouraged with the results from the ongoing exploration programme at Pitombeiras. Our recent work has discovered a new target we call Goela, which adds substantial footprint to the overall prospect beyond the previously announced JORC Exploration Target. Excitingly, it is possible that Pitombeiras and Goela are linked and form one large deposit. Our January 2020 drilling campaign will look at the possible connection between these two mineralised bodies. In total, we have identified eight magnetic anomaly targets to follow up with further exploration work. Additionally, our exploration license was extended for an additional three years by the Brazilian mineral authority. Jangada is entering a truly exciting phase.”
Competitors in the natural resources industry have seen varied results. Hochschild Mining (LON: HOC) and Thor Mining (LON: THR) have remained optimistic after a mixed update.
Additionally, Serabi Gold (LON: SRB) and Eurasia Mining (LON: EUA) have seen their shares rocket after impressive quarterly updates.