LONDON (ShareCast) - (Sharecast News) - Natural resources company Jangada Mines updated the market on its ongoing exploration programme at its wholly-owned Pitombeiras vanadium, titanium and iron project in the state of Ceará, Brazil on Monday.
The AIM-traded firm said it had extended the project's footprint, having identified a new target at Goela.

It said it identified eight magnetic anomaly targets to follow up with further exploration work, and was commencing a fully-funded 2,500 metre drilling campaign in January.

The company also said it had renewed its exploration license for another three years.

"We continue to be highly encouraged with the results from the ongoing exploration programme at Pitombeiras," said chairman Brian McMaster.

"Our recent work has discovered a new target we call Goela, which adds substantial footprint to the overall prospect beyond the previously announced JORC Exploration Target.

"Excitingly, it is possible that Pitombeiras and Goela are linked and form one large deposit."

McMaster said the January drilling campaign would look at the possible connection between the two mineralised bodies.

"In total, we have identified eight magnetic anomaly targets to follow up with further exploration work.

"Additionally, our exploration license was extended for an additional three years by the Brazilian mineral authority.

"Jangada is entering a truly exciting phase."

At 1553 GMT, shares in Jangada Mines were up 8.16% at 2p.

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