Jangada Mines (AIM:JAN) has completed the Phase 1 drilling programme at its Molly Gold Project in Brazil, the AIM-listed natural resources company said.
The drilling validated historical exploration data at the Molly 1 deposit, which already carries an inferred resource of 130,000 ounces of gold at an average grade of 2 g/t.
Hole 4A returned 14.15 metres grading 1.19 g/t gold, including a higher-grade core of 8.39 g/t over 0.50 metres, a disseminated style of mineralisation the company said could open a path to low-cost, bulk-tonnage open pit mining. Hole 13A returned 21.81 g/t gold, 9.50 g/t silver and 0.67% copper over 0.5 metres.
The standout news came from the newly identified Vivi target, roughly 800 metres west of the Molly 2 deposit, where four rock-chip samples returned grades as high as 306.2 g/t gold, 166.0 g/t silver, 2.24% copper, 2.19% lead and 1.12% zinc.
Further rock-chip sampling along the exposed Vivi 1 quartz vein returned 151.23 g/t, 49.93 g/t and 39.74 g/t gold.
Drilling at Molly 2 confirmed a structurally controlled boudinage-type mineralised system, with hole 7A returning 5.42 metres at 1.41% lead, including 1.00 metre at 4.97% lead.
"We are equally excited by the emergence of Vivi as a compelling new target," chief executive Paulo Misk said, adding that the bonanza rock-chip results "point to a high-grade system that warrants immediate follow-up".
Jangada holds over £1 million in cash and says it is fully funded for the next exploration phase, which includes a maiden drill programme at Vivi once a 350 line-kilometre drone magnetic survey and induced polarisation survey now underway are interpreted.
News Intelligence what this means for the company
Jangada completed Phase 1 drilling at Molly, validating the existing 130,000 oz inferred resource at Molly 1 while uncovering a new high-grade target (Vivi) 800 m away with rock-chip samples reaching 306.2 g/t gold—grades that, if confirmed by drilling, would represent a material discovery. The company holds over £1 million in cash and is fully funded for a maiden drill programme at Vivi once geophysical surveys now underway are interpreted, removing near-term funding risk.
The Vivi discovery materially expands the exploration upside at Molly beyond the existing resource base, but remains undrilled; rock-chip grades alone do not establish a mineable resource. Execution risk on the maiden Vivi drill programme and resource definition will determine whether this bonanza-grade signal translates into economic ore.
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