Jangada Mines 117% increase in JORC Resource at Pedra Branca Project
Today Jangada mines announced a significant upgrade in the companies JORC resource, we took the opportunity to catch up with the companies chairman Brian McMaster, throughout the interview we hear McMaster explain not only the value of today’s news but more so review the progress made by the company and its associated parties.
During the last 12months, the company has added two key pieces of information which have left the companies Chairman bewildered given there technical partner elected to accept payment in equity rather than cash. The ore has been proven to be substantially better and in a larger quantity which has been categorised higher up the value curve, in addition to a significant reduction in the capex.
You can see some of the highlights from today’s news here (28th January 2019)
- 117% increase in JORC classified ore to 74.84 million tonnes:
- 64% increase in the Indicated category resources to 29.34 million tonnes
- 174% increase in Inferred category resources to 37.09 million tonnes
- 103% increase in palladium equivalent (‘Pd Eq’) resource to 3.05 million ounces, derived from the following increases:
- 48% increase in PGM+gold (‘Au’) resource to 2.17 million ounces
- 104% increase in base metal content to 362.5 million pounds (‘Mlbs’) attributed to newly discovered nickel sulphide resource including:
- 298 Mlbs nickel (‘Ni’)
- 49.5 Mlbs copper (‘Cu’)
- 15 Mlbs cobalt (‘Co’)
- Overall resource grade is 1.31 g/t Pd Eq
- Verification phase of the fully funded Bankable Feasibility Study (‘BFS’) on track for completion by end Q1 2019
We hear the rationale as to why the companies shares are perhaps light on their feet changing hands at approx 2.25p given the business is on a much stronger footing now than before. They have recently announced SilverStream SEZC (“SilverStream”), a dedicated precious metals streaming and royalty business with investments across Australasia, North and South America, has acquired the existing 1% Net Smelter Royalty (‘NSR’) on the Pedra Branca project from Solitario Zinc Corp. (“Solitario”) (NYSE American: XPL; TSX: SLR). This was described by Silverstream as “the centrepiece” royalty in a transaction which included one other royalty and an option to purchase a third royalty for a total consideration of CAN$600,000.
Brian McMaster, Chairman of Jangada, said: “We are delighted to welcome Silverstream as a partner in the Pedra Branca project. SilverStream has recognised the value in Pedra Branca and this transaction is the latest step in the 3rd party validation of Pedra Branca as we advance through the verification stages of the BFS this quarter. The BFS team in South Africa and the project team in Brasil are working very hard at progressing the study and we are looking forward to another busy year.”
You can hear the latest audio interview by clicking the play bar below
In September2018 we spoke exclusively to Jangada Mines COO Heinrich Muller Sept 2018
Jangada Mines keen to crack on with development at their ‘one of a kind’ project June 2018
The author was not remunerated but holds shares in the company