Jangada Mines reports 'encouraging potential' at Pitombeiras

Natural resources company Jangada Mines announced the completion of a JORC 2012-compliant technical report on the Pitombeiras Vanadium Project in the Brazil state of Ceará on Monday.

The AIM-traded firm said the report highlighted the “encouraging potential” of the Pitombeiras Project, with the current JORC exploration target estimated from drilling, magnetic data and rock chip geochemistry ranging between 40 megatonnes and 60 megatonnes at 0.3% to 0.6% vanadium pentoxide, 40% to 55% ferric oxide, and 8% to 10% titanium dioxide.

Initial Davis tube recovery (DTR) test work had demonstrated that the mineralisation responded “very well” to magnetic separation, with mass recovery of 59% and 62% and concentrate grades increasing to greater than 1.2% vanadium pentoxide, including 95% ferric oxide.

The titanium dioxide was concentrated on a non-magnetic fraction reaching grades, around 33% titanium dioxide.

Jangada said a preliminary logistics study had demonstrated “favourable” ore transportation costs to overseas markets, and added that it was fully funded for the next stages of exploration and development.

“We continue to be encouraged with the potential of Pitombeiras to become a high-grade world-class vanadium, iron, titanium project with the ability to produce a concentrate through magnetic separation,” said Jangada executive chairman Brian McMaster.

“The JORC exploration target, as identified in the technical report, indicates we have grades and scale required to develop a substantial, economically viable project, situated in a logistically friendly environment.”