Jangada Mines Starts Off New Drilling At Brazilian Vanadium Project

(Alliance News) - Jangada Mines PLC has begun a new 2,500-metre drilling programme at the ...

Alliance News 21 January, 2020 | 2:13PM
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(Alliance News) - Jangada Mines PLC has begun a new 2,500-metre drilling programme at the Pitombeiras vanadium project in Brazil, it said on Tuesday.

Vanadium is used to make a stronger and lighter version of steel, and is used in a variety of industries.

London-headquartered Jangada hopes to have finished the new drilling programme within 90 days, testing the three most prospective magnetic anomalies at the project. Jangada will release results "progressively" during the campaign.

The company said the drilling work can be fully funded from existing resources.

Chair Brian McMaster said: "Our extensive fully funded exploration programme has reached an important milestone with the commencement of drilling at Pitombeiras following the very encouraging results obtained in 2019.

"We will update the market as we receive the results and we look forward to a very busy and progressive quarter."

Shares were 2.4% higher on Tuesday afternoon in London at a price of 2.10 pence each.

Jangada is currently carrying out a preliminary economic assessment for the project, which it hopes to release late in the first quarter of 2020. As well as Pitombeiras, it owns the Pedra Branca palladium, platinum, and nickel project.

By George Collard; georgecollard@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Jangada Mines PLC Registered Shs 2.15 GBX -8.51 -

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