LONDON (ShareCast) - (Sharecast News) - Natural resources company Jangada Mines updated the market on recently-completed exploration activities at its Pitombeiras West vanadium deposit in north-eastern Brazil on Monday, reporting that drill results had confirmed the presence of a high-grade deposit with potential for "significant" resource delineation.
The AIM-traded firm said the high-grade zone contained an average of 0.83% vanadium pentoxide, 11.6% titanium dioxide, and 48.4% iron over a 12.8 metre average downhole width.

Total mineralised intersections ranged from 26 metres to 46 metres wide, with average grades of 0.57% vanadium pentoxide, 8.1% titanium oxide, and 37% iron.

High-grade mineralisation commenced at surface, Jangada reported, and remained open at depth and along strike.

Preliminary metallurgical tests demonstrated that the material could be processed by conventional methods currently used for the ore type globally, the board added.

"The findings of this drill campaign are highly encouraging and further support our belief that we are discovering a potentially world class vanadium deposit," said Jangada Mines executive chairman Brian McMaster.

"The mineralisation is consistent in width and grade, with high grade mineralisation starting at surface, all of which are very positive indications."

McMaster said the holes that the company had drilled to date were shallow, and had returned "excellent" results.

"The resource potential remains open at depth and along strike.

"If we continue to replicate these results in future holes then we will likely be holding a very substantial deposit.

"These results further confirm the breadth and potential scale of Pitombeiras West specifically, and Pedra Branca more widely."

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