Jangada announces cost savings of $470,000, ahead of work schedule
Jangada Mines
1.10p
16:55 31/10/24
UK based natural resource firm, Jangada Mines said on Monday that in the eight weeks since its initial public offering it had seen significant progress across a number of streams at its Pedra Branca project in northeast Brazil.
Mining
12,079.43
08:14 01/11/24
The group, newly listed on the London Stock Exchange's AIM market, announced it had recorded significant amounts of nickel, copper, cobalt, and chrome in addition to the platinum group metals and gold deposits it had anticipated, adding value to both the resource itself and from the expected revenue from the sales of these metals.
Jangada also sent off representative drill core samples to SGS Laboratories in Vespasiana, Brazil to perform metallurgical test studies from its current mining targets with the results to be received early in the fourth quarter.
Personnel from the Brazilian regulatory mining body, Departamento Nacional de Produçã Mineral, visited the project in July, allowing Jangada to commence its trial drilling period in early 2018, significantly ahead of the schedule outlined in its AIM admission document.
Brian McMaster, executive chairman of Jangada said, "Given the depth and quality of the data set owned by Jangada as a result of the circa $30 million of historical expenditure, the team have been able to progress critical work streams at a significant pace as well as realising substantial cost savings of $470,000. We expect this work to culminate in a pre-feasibility study sometime around year end and from that platform we expect to move into trial mining and mine development during early 2018 which is well ahead of schedule."
As of 0815 BST, shares had moved ahead 2.70% to 4.75p.