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

18 May 2020

Jangada Mines plc (‘Jangada’ or the ‘Company’)

Additional Drilling Results from Pitombeiras North Target

Jangada Mines plc (‘Jangada’ or ‘the Company’), a natural resources company, is pleased to announce additional drilling assay results from its diamond drilling (‘DD’) programme at its Pitombeiras Vanadium Project (‘Pitombeiras’ or ‘the Project’) in Brazil. The programme has evaluated the structural corridor associated with the known vanadium titanomagnetite (‘VTM’) mineralisation, which includes the Pitombeiras North and Pitombeiras South anomalies and the newly discovered Goela VTM targets.

To view the announcement with the illustrative maps and diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/1254N_1-2020-5-17.pdf

Highlights

·    Highest V₂O₅ grade intercept received to date at 0.75%

·    Results recently received include:

o  45.83 metres at 0.50% vanadium pentoxide (V₂O₅), 9.64% titanium dioxide (TiO₂) and 48.64% ferric oxide (Fe₂O₃), including 5.21 metres at 0.75% V₂O₅, 14.71% TiO₂ and 68.76% Fe₂O₃ on drillhole DD20PI18

o  29.64 metres at 0.53% V₂O₅, 10.66% TiO₂ and 53.02% Fe₂O₃ on drillhole DD20PI17

·    Dry density measurements on core samples concluded

Brian McMaster, Chairman of Jangada, said, “Since we have completed our 2020 drilling campaign and demobilised the diamond drill rig and drilling crew from the field, we have been able to log and ship all the samples to SGS-Geosol laboratory, located in Belo Horizonte, Brazil. There remain assay results of 11 drill holes to be received, which we expect will take up until the end of June 2020. The results of these two newly received holes not only continue to show consistent Vanadium-Titanium-Iron grades and widths but has also returned the highest-grade intercept so far at 0.75% V₂O₅. On average, the Pitombeiras North Target has shown grades of 0.51% V₂O₅ over 30.46 metres thickness, mostly starting on or near surface, on a grid of 50 metres by 100 metres, which brings the level of confidence necessary to delineate our first initial JORC mineral resource estimate in due course.”

Further Information

19 DD holes have been completed for a total of 1,360.80 metres, including 1,058.85 metres at the Pitombeiras North target and 301.95 metres at the Goela target. 16 of these intersected VTM mineralisation.

Assay results have been received for 7 DD holes, including newly received Hole DD20PI17, which intersected 29.64 metres at 0.53% V₂O₅, 10.66% TiO₂ and 53.02% Fe₂O₃, and Hole DD20PI18, which intersected 45.83 metres at 0.50% V₂O_5, 9.64% TiO₂ and 48.64% Fe₂O₃, including 5.21 metres at 0.75% V₂O₅, 14.71% TiO₂ and 68.76% Fe₂O_3.

Upon receipt of the assay results for the remaining 11 drillholes, 8 of them from the Goela Target, the Company will have sufficient data (20 VTM mineralised holes, including 2019 and 2020 drilling) to determine initial mineral resources and continue with a preliminary economic assessment (‘PEA’) and JORC resource estimate. Currently, the Company has 299 drill samples (including QA/QC samples) under analysis on the SGS-Geosol laboratory.

The Company also completed the dry density measurements on a total of 305 core samples, including the VTM mineralised intervals and their respective host lithologies.

The concluded 2020 drilling programme is a follow-on from the 5 drill holes campaign executed in 2019. With the addition of the recently received Holes DD20PI17 and DD20PI18, the intersected weighted average grades and widths for all 11 mineralised holes stands at 0.51% V₂O_5, 10.13% TiO₂ and 54.83% Fe₂O₃ as set out on Table 1 and Figure 1.

Table 1

Figure 1: Plan view with drilling results from Pitombeiras North target (including 2019 and 2020 drill intersections) – See PDF

The drilling programme is expected to provide the necessary technical information to support the potential to define a JORC compliant Mineral Resource estimate and subsequent Preliminary Economic Assessment prepared by an independent engineering company to be selected. Both of these activities are to be funded from existing cash resources.

Quality Assurance & Quality Control

All drill samples have been prepared and analysed by SGS-Geosol Laboratórios Ltda (‘SGS-Geosol’) based in Belo Horizonte, Brazil. SGS-Geosol is ISO14001:2004 and ISO 9001:2008 accredited and is independent of Jangada. The samples were analysed by fusion with lithium tetraborate-XRF for Al₂O₃, CaO, Co, Fe₂O₃, K2O, MgO, MnO, Na₂O, P₂O₅, SiO₂, TiO₂, V₂O₅ and retained moisture (LOI) by multi-temperature.

QA/QC procedures include the submission by Jangada of systematic duplicates, blanks and standard samples within every sample batch submitted to SGS. In addition, SGS-Geosol inserts its own standards, blanks and duplicate samples. The results from these control samples indicate acceptable consistency of analysis.

Qualified Person Review

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 professional senior 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 qualified 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: