Jangada Mines has announced positive sampling and metallurgical test results from the vanadium deposit occurring at its Pedra Branca PGM project in north-eastern Brazil, as part of its strategy to increase by-product credits.
It said results highlighted high-grade vanadium-titanium-iron mineralisation with grades in outcrop samples from five locations averaging 0.33% vanadium, 5.0% titanium and 53% iron
* Grade and rock chemistry between samples showing consistent low variance
* Strong market dynamics for vanadium pricing
- Vanadium deposit associated with a large magnetic anomaly identified by Anglo American Platinum Exploration in 2015
- Company on track to complete Scoping Study in the near term, with a view to commencing trial mining early 2018
Executive chairman Brian McMaster said: 'In addition to the already quantified PGM, cobalt, nickel, copper and chrome resources at Pedra Branca, the vanadium results demonstrate the significant exploration potential of the 44 exploration licenses over the 55,000 ha that Jangada holds in the area.
'The prospectivity of the Project's tenements is highly encouraging: at least 11 other PGM targets have also been confirmed by drilling and forms the basis for our target to significantly increase resources from the current c.1 million ounces PGM+Au.
'We remain focused on executing our objective of developing South America's largest and most advanced PGM resource, targeting trial production in early 2018, while systematically unlocking the additional regional upside.
'Vanadium is particularly exciting given its increasing usage in grid scale vanadium redox flow batteries for solar and wind energy storage and continuing traditional demand from the high technology and steel making industries.
'Accordingly, the price of vanadium pentoxide has increased 500% since January 2016 and is currently trading at c.$8.50/lb.'
At 9:07am: (LON:JAN) Jangada Mines Plc Ord Gbp0.0004 share price was +0.13p at 4.5p