Business
Drilling Programme Update and COVID-19
Drilling Programme Update and COVID-19.
About this update from Jangada Mines Plc
[{"type":"text","content":"\n \n \n RNS Number : 7947H\n Jangada Mines PLC\n 27 March 2020\n \n \n \n \n To view the announcement with the illustrative maps and diagrams please use the following link:\n \n \n http://www.rns-pdf.londonstockexchange.com/rns/7947H_1-2020-3-26.pdf\n \n \n \n \n Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining\n \n \n 27 March 2020\n \n \n Jangada Mines plc ('Jangada' or the 'Company')\n \n \n \n \n \n Drilling Programme Update and COVID-19\n \n \n \n \n \n Jangada Mines plc ('Jangada' or 'the Company'), a natural resources company, wishes to provide an update on its diamond drilling (\"DD\") programme at its Pitombeiras Vanadium Project ('Pitombeiras' or 'the Project') in Brazil and actions taken to address the impact of COVID-19 on its activities. \n \n \n \n \n \n Given the prevailing environment, the Company has decided to vary its previously announced drilling programme. Initially, the programme was planned to total 2,500 metres, but given the current macro-environment, the Board has elected to reduce the programme to a total of approximately 1,350 metres. To date, 908 metres have been completed in 2020 for a total of 8 (eight) DD holes, of which assay results have been received for 3 (three), including newly received Hole DD20PI13, which intersected 31.57 meters at 0.448%\n \n vanadium oxide ('V2O5'), 8.66% titanium ('TiO2') and 44.88% iron oxide ('Fe2O3'). \n \n \n \n \n \n Jangada will conclude its programme with an additional 7 (seven) DD holes, or 420 metres, by April 2020. The reduction of metres is substantially as a result of drilling the holes to a shallower depth. It is expected that this will not have a material impact on our immediate plans because, by completing the planned holes (albeit to a shallower depth) we will have tested the boundaries of the anomaly as required and we will have sufficient data to continue with a preliminary economic assessment ('PEA') and JORC resource estimate. The reduction in the drilling programme will also result in a cost saving, which seems prudent at this time. \n \n \n \n \n \n Thirteen drill holes have now been completed to date including 2019 and 2020 DD programme for a total of 1,235.65 metres.\n \n \n \n \n \n \n Brian McMaster, Chairman of Jangada, said:\n \n \n \"Consider...