Aim-quoted Jangada Mines has discovered a new target, dubbed Goela, as part of an ongoing exploration programme at its Pitombeiras vanadium, titanium and iron project, in Brazil, adding substantial footprint to the overall prospect.
It is possible that the Goela target is linked to Pitomberias and forms one large deposit, chairperson Brian McMaster said on Monday, announcing that an “extensive” drilling campaign would look at a possible connection between these mineralised bodies.
“In total, we have identified eight magnetic anomaly targets to follow up with further exploration work,” he commented.
The fully funded, 2 500 m exploration programme targeting 30 drill holes could provide the necessary technical information to support a mineral resource estimate and preliminary economic assessment.
The company would conclude pre-drilling exploration this year and embark on a three-month drilling programme in January.
The defined mineral resource estimate is expected to be available in the second quarter 2020.