GMAG Targets Identified at Pitombeiras

To view the announcement with the illustrative maps and diagrams please use the following link: 

http://www.rns-pdf.londonstockexchange.com/rns/4104F_1-2020-11-16.pdf

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

16 November 2020

Jangada Mines plc

Highly Prospective GMAG Targets Identified at the Pitombeiras Vanadium Project

Jangada Mines plc ('Jangada' or 'the Company'), a natural resources company, is pleased to announce the delineation of 12 highly prospective targets based on a recently completed ground magnetic ('GMAG') survey at the Mocidade Property ('Mocidade'), a new target area at its 100%-owned Pitombeiras Vanadium Project ('Pitombeiras' or 'the Project'), Ceara State, Brazil.

Highlights:

·    Seven very high and five high priority areas identified at new target area following a GMAG survey

·    Mocidade located 3km north of the Pitombeiras North and Goela targets, where 5.70Mt at an average grade of 0.51% vanadium pentoxide ('V₂O₅') has been defined to date

·    Results confirm the strong potential to further extend the vanadium titanomagnetite mineralisation ('VTM') system across the wider Project area

·    Further exploration works underway to refine drill targets - this will be performed alongside the 2,000m resource expansion drill programme underway at the Pitombeiras North, Pitombeiras South and Goela targets

·    Programme is fully funded from available resources

Brian McMaster, Executive Chairman of Jangada, said: "Having established a strong initial resource at Pitombeiras, which has been derived solely from our Pitombeiras North and Goela targets, we are very excited to have identified and received positive exploration results from new targets, which clearly confirm the extensive potential of the VTM system over the Pitombeiras land package. To build on the positive GMAG findings at Mocidade we are adopting the same successful procedures that have delineated the drilling targets that subsequently were translated into mineral resources. This will be performed concurrently to the drill programme currently underway at the Pitombeiras North target, initial samples from which have been dispatched for laboratory analysis."

Further Information:

The Mocidade property is located 3km to the north of the Pitombeiras North target covering an area of 843.88 hectares. The area was claimed by Jangada's Brazilian subsidiary, VTF Mineração Ltda ('VTF'), in November 2019 based on several airborne magnetic anomalies (Figure 1). The Exploration Licence ('EL') was granted to VTF on May 2020 and subsequently followed up with a now concluded semi-detailed ground magnetic ('GMAG') survey over the main identified airborne anomalies.

Figure 1 - Location of the Mocidade property in respect to Pitombeiras property - see PDF

The GMAG survey used two magnetometers, model GSM-19, manufactured by GEM Systems; one was used as a base station and the other (the Rover) collected data along the lines. The base station collected data on a 60-second interval during the period the survey was in progress, while the Rover unit collected a continuous reading (walking mag method) at a 10-second interval.

The survey used 20-metre E-W oriented lines with a 100-metre line-spacing, totaling 52.28 linear kilometres, which covered an area of 522 hectares, or approximately 62% of the Mocidade Property. The final ground magnetic database includes a total of 32,393 reading stations.

The magnetic data was corrected based on the daily magnetic field variation (base station), levelled, and processed by a geophysics' consultant using the GEMLink 5.3 and Geosoft Oasis Montaj 8.4 software packages. The final product includes: 1) the Total Magnetic Intensity ('TMI') image; 2) the Analytic Signal ('AS') image; 3) the First Vertical Derivative ('1DV'), and; 4) the Digital Elevation Model ('DEM').

The GMAG results have been interpreted by the geophysics' consulting firm along with the Jangada exploration team. Several magnetic anomalies were selected and categorised as high (5 areas in total) to very high (7 areas in total) priority based on the similarities to the magnetic response found at the Pitombeiras North and Goela mineralised targets located 3km to the south.

Some of the selected anomalies appear to show a NE-SW structural control, which also occurs over the known mineralised areas at the Pitombeiras property. Table 1 illustrates the main magnetic anomalies and their respective features and priority categorisation. The Analytic Signal image with the location of selected magnetic anomalies is presented on Figure 2.

Table 1 - Features and priorities of ground magnetic anomalies on Mocidade Property

Figure 2 - Analytic Signal image and selected anomalies from ground magnetic survey on Mocidade Property - see PDF

Next Steps

Based on the positive GMAG results Jangada has designed an exploration programme to evaluate the selected magnetic anomalies over the Mocidade Property, which will initially include:

·    Semi detailed mapping over the whole GMAG survey area and detailed mapping over the very high priority magnetic anomalies;

·    Detailed GMAG survey over the selected anomalies, using 50 or 25 metre line spacing;

·    Soil geochemistry over the most prominent targets.

The above steps follow a similar approach to the exploration executed at Pitombeiras in 2019, which successfully delineated the V-Ti-Fe VTM mineralisation at the Pitombeiras North and Goela target areas.

Competent Person Statement

The technical information in this announcement has been reviewed by Mr. Paulo Ilidio de Brito, who is a member of the Australian Institute of Geoscientists (MAIG #5173) and a member of AusIMM - The Australasian Institute of Mining and Metallurgy (MAusIMM #223453). Mr. Brito is a senior professional geologist with +35 years of experience in the mining industry, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Mr. Brito also meets the requirements of a competent person under the AIM Note for Mining, Oil and Gas Companies. Mr. Brito has no economic, financial or pecuniary interest in the Company and he consents to the inclusion in this document of the matters based on his technical information in the form and context in which it appears.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

**ENDS**

For further information please visit www.jangadamines.com or contact:

Notes

Jangada is primarily focused on its 100% owned Pitombeiras Vanadium Project, which is located in the state of Ceará, Brazil.  The project is a high-grade greenfield vanadium, titanium, iron exploration project with mineralisation commencing at surface.  It has an initial National Instrument 43-101 compliant resource estimate of 5.70Mt million tonnes at an average grade of 0.51% vanadium pentoxide ('V₂O₅'), 10.09% titanium dioxide ('TiO₂') and 50.42% of ferric oxide ('Fe₂O₃') for a contained resource of 28,990 tonnes V₂O₅.  Crucially, significant further upside remains as the resource is open in all directions and the initial resource is taken from drilling of only two out of eight known targets identified with vanadium titanomagnetite mineralisation ('VTM') signature over a total area of 1,958 hectares.

The project is situated approximately 300km south-west of the port city of Fortaleza and is accessed by paved federal highways with three possible routes to market identified and assessed: two to Main Chinese Ports and one to Brazil-based Companhia Siderurgica de Pecém refinery.  Davis Tube test work has positively demonstrated the amenability of the ore to conventional separation methods and further work is underway and planned to further improve confidence in the project's commercial viability, including a Preliminary Economic Assessment report.

Through its substantial ownership of ValOre Metals Corp (TSX-V: VO.V), Jangada also has a 17.68% interest in the Pedra Branca project, an advanced palladium, platinum and nickel project located in North-eastern Brazil, with a JORC (2012) Compliant Resource of 1.52 million oz of PGM+Au, 180 Mlb of nickel, 34 Mlb of copper and 9.2 Mlb of cobalt.