TIDMJAN
RNS Number : 1160T
Jangada Mines PLC
10 October 2017
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
10 October 2017
Jangada Mines plc ('Jangada' or the 'Company')
Major Resource Upgrade at the Pedra Branca Platinum Group Metals
Project
Jangada Mines plc, a natural resources company developing South
America's largest and most advanced platinum group metals ('PGM')
project, is pleased to announce the upgrading of its mineral
resources at its Pedra Branca Project (the 'Project') in
north-eastern Brazil.
Overview
-- Significant upgrade in the mineral resource classification of the Project
-- Measured and Indicated Resources increased by 35% and 74% respectively
-- 77% of the Project's resources now in the Indicated and
Measured categories and expected to be converted to economic
Reserves during the finalisation of the Prefeasibility Study
('PFS')
-- Upgraded mineral resource expected to materially and
positively impact life-of-mine and Project value
-- Management continues to hit development goals - increasing
resources and proving significant polymetallic credits including
copper, cobalt nickel and chrome
-- Management target exploration potential of greater than 3moz of PGM
-- PFS and Scoping Study progressing on schedule with the
Scoping Study to be completed in the near term
Brian McMaster, Executive Chairman of Jangada said, "Pedra
Branca is the largest and most advanced PGM project in South
America, with in excess of 1 million ounces of PGM+Au defined and
exploration work totalling +US$35 million. With a clear development
plan being executed since listing four months ago, we are rapidly
unlocking real value as each phase is concluded. The upgrading of
the current PGM resource is a further step in this process and
demonstrates the long-life potential of Pedra Branca and the
minimal expenditure required to increase the Project value. The
next step is the conclusion of the Scoping Study, which we believe
will highlight the economic potential; this has already been added
to with the inclusion of copper, cobalt, nickel, chrome, rhodium
and gold credits. We continue to fast-track this polymetallic
project towards trial mining production in early 2018 and look to
further develop its scale beyond the existing discoveries, through
exploration on a further 44 exploration licences spanning 55,000
hectares, which also have significant upside potential for
PGM."
The Pedra Branca Project is the largest and most advanced PGM
project in South America and currently has a JORC (2012) compliant
resource of approximately 1 million ounces of PGM+Au at a grade of
2.46 g/t Pd Eq, 109 Mlbs of Ni, 23 Mlbs of Cu and 6.4 Mlbs of Co
and 670 kt Cr. The Project is located 280 km from the port city of
Fortaleza in the northeast of Brazil and holds three mining and 44
exploration licences over an area of 55,000 ha.
Independent studies at the Project by GE21 Consultoria Mineral
in Brazil ('GE21') are ongoing, including a PFS and Scoping Study;
it is anticipated that the Scoping Study will be completed during
the current quarter.
As the tables below demonstrate, more than 77% of the Project's
resources are now in the Indicated and Measured categories and
should be converted to economic Reserves during the finalisation of
the PFS, which may materially impact the life of mine and Project
value.
Zone Classification Cr2O3 Previous Reclassified Change PGM Pd Pt Au Cu Ni Cr2O3 Co PGM Pd Pt Au
Level Tonnes Tonnes (%) (g/t) (g/t) (g/t) (g/t) (%) (%) (%) (ppm) (koz) (koz) (koz) (koz)
(kt) (kt)
------------ ---------------- ------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
Oxide Measured 2 27 84 211% 1.008 0.636 0.361 0.011 0.051 0.225 6.238 131.3 0.89 0.56 0.32 0.01
------------ ---------------- ------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
1 1311 1791 37% 1.235 0.806 0.399 0.03 0.043 0.251 0.635 137.9 52.04 33.96 16.81 1.26
------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
Indicated 2 204 225 10% 2.498 1.547 0.901 0.05 0.038 0.204 7.886 123.4 16.4 10.16 5.92 0.33
---------------- -------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
1 3630 4575 26% 1.479 0.887 0.554 0.038 0.044 0.228 0.608 130.1 172.62 103.5 64.6 4.49
------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
Inferred 2 208 131 -37% 1.94 1.069 0.836 0.036 0.033 0.22 7.527 121.9 13 7.16 5.6 0.24
---------------- -------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
1 3427 2002 -42% 1.919 1.137 0.763 0.019 0.041 0.199 0.875 124.7 211.42 125.2 84.08 0.24
------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Sub Total 8807 8808 0% 1.647 0.991 0.626 0.03 0.042 0.219 1.066 128.3 466.38 280.6 177.3 8.38
--------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
Transition Measured 2 53 64 21% 1.854 1.061 0.763 0.03 0.049 0.22 19.4 149.6 3.14 1.8 1.29 0.05
------------ ---------------- ------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
1 645 876 36% 1.207 0.812 0.375 0.02 0.053 0.225 0.56 136.2 25.02 16.83 7.77 0.41
------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
Indicated 2 21 22 6% 1.65 0.807 0.813 0.03 0.043 0.213 10.2 125.4 1.13 0.55 0.56 0.02
---------------- -------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
1 1513 2260 49% 1.303 0.834 0.435 0.033 0.052 0.218 0.538 126.7 63.39 40.59 21.18 1.62
------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
Inferred 2 74 61 -17% 1.114 0.655 0.404 0.055 0.029 0.193 5.671 124.1 2.64 1.55 0.96 0.13
---------------- -------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
1 2107 1129 -46% 1.096 0.701 0.37 0.024 0.031 0.189 0.416 114.4 74.23 47.52 25.09 1.62
------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Sub Total 4413 4413 0% 1.195 0.767 0.401 0.027 0.042 0.205 0.842 122.4 169.56 108.8 56.85 3.86
--------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
Sulphide Measured 2 14 14 1% 1.17 0.708 0.439 0.023 0.04 0.242 11.74 142.2 0.54 0.33 0.2 0.01
------------ ---------------- ------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
1 935 1216 30% 1.486 0.977 0.487 0.022 0.049 0.267 0.916 144.2 44.66 29.36 14.64 0.66
------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
Indicated 2 2 62 2990% 0.805 0.597 0.199 0.009 0.046 0.243 8.061 142.4 0.04 0.03 0.01 0
---------------- -------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
1 2567 6691 161% 0.999 0.566 0.394 0.039 0.045 0.223 0.494 128.2 82.48 46.6 32.55 3.25
------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
Inferred 2 61 18 -70% 1.582 0.805 0.665 0.111 0.061 0.221 5.092 137.8 3.13 1.59 1.31 0.22
---------------- -------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Type
1 6314 1910 -70% 0.896 0.468 0.357 0.071 0.051 0.203 0.635 125.9 181.86 95.05 72.49 14.31
------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Sub Total 9893 9911 0% 0.983 0.544 0.381 0.058 0.049 0.214 0.67 128.3 312.7 173.5 121.2 18.45
--------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
TOTAL 23113 23132 0% 1.28 0.76 0.48 0.04 0.05 0.21 0.85 127.1 948.64 562.5 355.3 30.7
--------------------------------------- --------- ------------- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
Competent Person Statement
The information in this statement which relates to the Mineral
Resource is based on information compiled by Mr Bernardo H C Viana
who is a geologist and full-time director and owner of GE21 and is
registered as a Competent Person with the Australian Institute of
Geoscientists. Mr Viana has sufficient relevant experience to the
style of mineralization to qualify as a Competent Person as defined
in the JORC Code (2012). Mr Viana also meets the requirements of a
qualified person under the AIM Note for Mining, Oil and Gas
Companies.
Cautionary Statements
The reader is cautioned that a Mineral Resource is an estimate
only and not a precise and completely accurate calculation, being
dependent on the interpretation of the limited information on the
location, shape, and the continuity of the occurrence and the
available sampling results. Actual mineralisation can be more or
less than estimated depending upon the actual geological
conditions. Mineral Resources are not Mineral Reserves and do not
have demonstrated economic viability. No Mineral Reserves are being
stated.
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No 596/2014.
* ENDS *
For further information, please visit www.jangadamines.com or
contact:
Jangada Mines plc E: info@jangadamines.com
Strand Hanson Limited (Financial T: +44 (0)20 7409
& Nominated Adviser) 3494
James Spinney / Ritchie Balmer
/ Jack Botros
Beaufort Securities (Broker) T: +44 (0)20 7382
Jon Belliss 8300
St Brides Partners LTD (Financial T: +44 (0)20 7236
PR) 1177
Isabel de Salis / Olivia Vita
Notes to the Editors
Jangada Mines plc is focused on developing the Pedra Branca PGM
Project ('the Project'), one of the largest undeveloped PGM
projects outside of Africa, with the potential to supply a market
in long-term deficit. The Company is aiming to establish a low
cost, low capex open pit mine, with a target to produce 30,000
oz/annum by the end of 2018 from three existing mining licences
with mineralisation commencing at surface. The Project has a JORC
(2012) Compliant Resource of approximately 1 million ounces of
PGM+Au at a grade of 2.46 g/t Pd Eq, 109 Mlbs of Ni, 23 Mlbs of Cu
and 6.4 Mlbs of Co and 670 kt Cr with mineralisation from surface
and circa 52% of this contained within current mining licences and
is considered a low development risk due to previous exploration
work totalling + US$35 million. Additionally, the Company owns a
further 44 exploration licences spanning 55,000 hectares, which
have significant upside potential for PGM, nickel, copper, chrome,
rhodium, gold, and vanadium. The team has a wealth of experience,
not only of the Project but of mining in South America across a
range of commodities.
GE21 Consultoria Mineral ('GE21')
GE21 is an independent mining consulting company with a team
consisting of professionals with extensive technical and operating
experience from relevant companies pioneering work in development
projects, mineral exploration and consultancy since the 1980s.
Previously known as Coffey Mining, the experience of the team
covers the entire mining cycle, including strategy definition,
investment, target generation and selection, mineral exploration,
project development, geological modelling, resource and reserves
estimation compliant to JORC and NI43-101 requirements, mining
planning, technical and economic studies, auditing and
training.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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