The share price of Jangada Mines rose sharply on Monday morning, after the company announced an upgrade of 117% to its 2012 Joint-Ore Reserves Committee- (Jorc-) compliant resource, which, in turn, meant a substantial increase in the size and categorisation of the resource at the company’s Pedra Branca platinum group metals (PGMs) project, in north-eastern Brazil.
Following the upgrade, Jorc-classified ore at the project stands at 74.8-million tonnes.
The resource upgrade also includes a 64% increase in the indicated category resources to 29.3-million tonnes, as well as a 174% increase in the inferred category resources to more than 37-million tonnes.
A 103% increase in palladium-equivalent resource to more than three-million ounces was further derived from a 48% increase in PGMs and gold resources to 2.17-million ounces, and a 104% increase in base metals content to 362.5-million pounds, which the company attributed to newly discovered nickel sulphide resources.
The nickel sulphide resource includes 298-million pounds of nickel, 49.5-million pounds of copper and 15-million pounds of cobalt.
Further, the verification phase of the fully-funded bankable feasibility study (BFS) is on track for completion by the end of the first quarter this year, the company confirmed.
According to Jangada executive chairperson Brian McMaster, the BFS work has identified significant increases in grade and classification that will help form inputs into the BFS model.
“The increase in resource size will potentially drive a longer mine life and higher annual tonnage, all of which are positive developments,” he added.
Jangada’s shares opened 19% higher on the London exchange on Monday at 2.22p each, from Friday’s closing price of 2.10p a share.