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Jangada Mines Plc (AIM: JAN), a Brazil focused natural resource development company, is pleased to announce that its 15-hole 1,800m diamond drilling ("DD") programme has commenced at the 7,211-hectare Paranaíta Gold Project ("Paranaíta" or the "Project") located in Brazil's historically significant Alta Floresta-Juruena Gold Province.
Highlights:
- 3,100m of trenching completed - further highly visually mineralised veins identified
- 15-hole, 1,800m diamond drilling programme commenced
- Drilling to focus on high grade mineral sequences identified from trenching, topographic studies and extensive historic data
- Drilling campaign aiming to increase resource to 350,000 oz gold under JORC
- Significant potential for further resource growth with multiple additional targets already identified
Following the completion of 3,100m of trenching, which yielded further highly visually mineralised veins, the analysis of existing data, and two topographic studies, a 10-week drill programme at Paranaíta has been designed primarily targeting the high-grade TP2 and TP3.2 (within TP3) targets. The first 8 drill holes of c.120m each will target the identified mineral sequence from trenches TR-02 to TR-08, where the mineralised vein was well identified over more than 700m and contained visible gold.
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Figure 1: Drill holes on TP2
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The remaining holes will target TP3.2 where the trenches TR-19 to TR-31 were executed with excellent results yielding well identified mafic dikes and disseminated granites. TR-18 identified a 2m thick vein (See Figure 2). The location of these is now being finalised and will depend on the chemical analysis results due in Q4.
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Figure 2: 2m thick vein at TR18
The drill programme is focused on expanding the current resource from 210,000 oz Au @3.165 g/t to ~350,000 oz Au under the JORC code. The TP2 and TP3.2 zones have a resource of c.106,600 oz @ 16.65 g/t Au and c.34,600 oz @ 1.35 g/t Au respectively and are two of the six identified high priority targets along the 8km mineralised corridor. This corridor has 15+ high-grade gold occurrences and historical sampling up to 135 g/t Au.
Jangada CEO, Paulo Misk, said: "With trenching now complete and having confirmed further visually mineralised vein systems, we are pleased to announce the launch of our inaugural drill programme at the high-grade Paranaíta Gold Project. This 15-hole, 1,800-metre campaign will focus on two of the six identified high-grade, near-surface zones. Our immediate goal is to expand the current resource to approximately 350,000 ounces of gold. However, with multiple additional targets across the broader project area, we believe there is significant potential for further resource growth through continued exploration.
"In the current gold price environment, high-grade, shallow deposits are especially attractive, as they typically fall at the lower end of the capital cost curve and offer robust margins with strong value potential. We believe Paranaíta exemplifies these characteristics. Accordingly, we look forward to fast-tracking its development and that continued success will underpin a meaningful revaluation of Jangada."
Trench Locations TP2:
Qualified Person's Statement
The technical information in this announcement has been reviewed by Mr. Peter Heinrich Müller who is a member of the South African Council of Natural Scientific Professions (#114766). Mr. Müller is a senior professional geologist with +17 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. Müller also meets the requirements of a competent person under the AIM Note for Mining, Oil and Gas Companies. Mr. Müller 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.
ENDS
For further information please visit www.jangadamines.com or contact:
Jangada Mines plc | Brian McMaster (Chairman) | Tel: +44 (0)20 7317 6629 |
Strand Hanson Limited (Nominated & Financial Adviser) | Ritchie Balmer James Spinney David Asquith | Tel: +44 (0)20 7409 3494 |
Tavira Financial Ltd (Broker) | Jonathan Evans | Tel: +44 (0)20 7100 5100 |
Investor Relations | Hugo de Salis | hugo@lepanto.co.uk |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
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