Business
Updated Resource Estimate - M&I Increased 221%
Updated Resource Estimate - M&I Increased 221%.
About this update from Jangada Mines Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0054C\n Jangada Mines PLC\n 16 June 2021\n \n \n \n Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining\n 16 June 2021\n Jangada Mines plc ('Jangada' or 'the Company')\n \n Updated Resource Estimate at Pitombeiras North and South Targets\n Measured and Indicated Resources increased by 221%\n \n Jangada Mines plc, a natural resources company, is pleased to report an updated National Instrument 43-101 ('NI 43-101') compliant Mineral Resource Estimate ('MRE') for the Pitombeiras North and South targets at its 100%-owned Pitombeiras Vanadium Project ('Pitombeiras' or 'the Project'), Ceará State, Brazil.\n \n Highlights\n \n · 221% increase in Measured and Indicated Resources ('M&I') based on two of eight identified targets:\n \n o M&I Resources of 5.10Mt at 0.46% V2O5, 9.04% TiO2 and 46.06% of Fe2O3\n \n o Inferred Resource of 2.33Mt at 0.41% V2O5, 8.26% TiO2 and 43.18% of Fe2O3\n \n · Exploration potential remains open along strike and at depth - Jangada has established a target to potentially delineate 10Mt of total mineral resources\n \n · Drilling programme at Goela target started in late April 2021 and expected to be concluded by end of June 2021\n \n · Updated Preliminary Economic Assessment ('PEA') to be completed following the delivery of the updated mineral resources for both Pitombeiras' and Goela, which will include new metallurgical tests\n \n \n Brian McMaster, Executive Chairman of Jangada, said,\n \"We are thrilled by these results as they sit firmly within expectations and bode well for future development as we look to fast-track plans to take the Project to production. The updated Mineral Resources Estimate for Pitombeiras North confirms our expectations of a well-defined deposit with about 71% within the Measured and Indicated categories, which brings a higher level of confidence to an already robust PEA. The Goela target drilling is now underway, and we are confident it will add to our previously disclosed resources. While we await the conclusion of the works at Goela, our team has advanced many other workstreams, including new metallurgical tests, that will be part of the updated PEA, scheduled for completion in Q3 2021. I look forward to updating our stakeholders further as we continue to rapidly progress with our plans i...