Jangada's 117% jump in JORC resource is 'significant step forward'

Jangada Mines climbed on Monday after announcing the doubling of its resource at the Pedra Branca platinum group metals project in Brazil.

The 117% increase in JORC resources to 74.84m tonnes of ore at the project included a 103% increase in palladium equivalent resource to 3.05m ounces, with an overall resource grade of 1.31 grams per tonne of palladium equivalent.

Meanwhile, gold and platinum group metals rose 48% to 2.2m ounces and the base metal resource has doubled to 362.5m pounds, including 298m pounds of nickel.

Brian McMaster, executive chairman of Jangada said, "Clearly today's announcement is a significant step forward for Jangada. We have been working with a highly skilled team on the BFS (Bankable Feasibility Study) work, which has identified significant increases in grade and classification that will help form extremely exciting inputs to the BFS model. Investors can now see that labelling this a 'PGM project' doesn't do it justice; it is clearly much more than that."

The AIM traded company also confirmed that the verification phase of its fully funded BFS was on track for completion by end the first quarter of 2019.

"The key economic drivers of the project are palladium and nickel, two of the most in favour minerals of today and for the foreseeable future. Additionally, the increase in resource size will potentially drive a longer mine life and higher annual tonnage, all of which are positive developments. The work being done to finalise the BFS and prepare the project for development is exceptional and the results are coming through better than expected," said McMaster.

Jangada Mines' shares were up 5.48% at 2.22p at 1248 GMT.