Jangada Mines (AIM:JAN), the Brazil-focused natural resources company, has started its Phase 2 exploration programme at the Molly Gold Project to test high‑grade mineralisation and extensions of the newly discovered Molly 2 corridor.
The programme begins with a 10‑hole diamond drilling campaign totalling approximately 1,100 metres, a 350 line‑kilometre Mag‑drone survey and a 20.8 line‑kilometre ground IP survey, and will be followed by an eight‑hole, c.1,400 metre diamond drilling phase, with the work funded from cash of c. US$2 million as at 1 June.
"The recent drilling has already highlighted the potential of Molly 1 to materially increase its existing 130,000 oz Au JORC resource," said Chief Executive Paulo Misk.
The Phase 2 work aims to refine geological models, expand known high‑grade narrow‑vein zones and generate new drill targets across the Boomerang, Molly 1, Molly 2 and Vivi targets through integrated geophysics and targeted diamond drilling.
At Molly 1 drilling will focus on the eastern portion to test continuity of high‑grade intercepts from the recent 2,076 metre programme and earlier campaigns, while at Molly 2 and Vivi the geophysics will prioritise western and southern extensions and chargeability anomalies linked to sulphide mineralisation.
Jangada said work is also underway at the Paranaíta gold project and it expects to provide updates over the coming weeks across both licences.
