LONDON (ShareCast) - (Sharecast News) - Natural resources company Jangada Mines released an updated 'NI 43-101-compliant mineral resource estimate for the Pitombeiras North and South targets at its wholly-owned Pitombeiras vanadium project in the Brazilian state of Ceará on Wednesday.
The AIM-traded firm reported a 221% increase in measured and indicated resources based on two of eight identified targets.

It reported 5.1 million tonnes of measured and indicated resources at 0.46% vanadium pentoxide, 9.04% titanium dioxide and 46.06% of ferric oxide, and inferred resource of 2.33 million tonnes at 0.41% vanadium pentoxide, 8.26% titanium dioxide and 43.18% ferric oxide.

Exploration potential remained open along strike and at depth, with Jangada having established a target to potentially delineate 10 million tonnes of total mineral resources.

A drilling programme at the Goela target started in late April, and was expected to be finished by the end of June.

An updated preliminary economic assessment would be completed following the delivery of the updated mineral resources for both Pitombeiras' and Goela, which would include new metallurgical tests.

"We are thrilled by these results as they sit firmly within expectations and bode well for future development as we look to fast-track plans to take the Project to production," said executive chairman Brian McMaster.

"The updated mineral resources estimate for Pitombeiras North confirms our expectations of a well-defined deposit with about 71% within the measured and indicated categories, which brings a higher level of confidence to an already-robust preliminary economic assessment."

McMaster noted that drilling on the Goela target was underway, with the company "confident" it would add to its previously-disclosed resources.

"While we await the conclusion of the works at Goela, our team has advanced many other workstreams, including new metallurgical tests, that will be part of the updated preliminary economic assessment, scheduled for completion in the third quarter."

At 1150 BST, shares in Jangada Mines were up 6.54% at 8.47p.

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