Jangada Mines plc (LSE:JAN) has reported encouraging exploration results from trenching, soil sampling, and drilling at its Paranaíta Gold Project in Brazil. Work at the TP-02 target has confirmed an 800-metre-long mineralised structure, with trench samples returning gold grades of up to 4.3 g/t. Additional soil sampling at the TP-3.2 area delivered strong results of up to 6.4 g/t, further highlighting the project’s potential.
The company has now completed around 1,100 metres of drilling, with initial assays from the first drill hole intersecting multiple mineralised zones grading up to 3.1 g/t over a combined 16.2 metres. Management said the results support its strategy to outline a shallow, open-pit mining operation and to significantly expand the existing JORC-compliant gold resource from 210,000 ounces toward a target of around 350,000 ounces, potentially increasing the project’s scale and value in the current gold price environment.
From a financial perspective, Jangada remains pre-revenue and continues to report losses and cash outflows, although it carries no debt. Technically, the shares show comparatively stronger signals, trading above key moving averages with moderately positive momentum. Valuation remains constrained by negative earnings and the absence of dividend support.
More about Jangada Mines plc
Jangada Mines plc is an AIM-quoted natural resources development company focused on Brazil, with gold as its primary commodity. The group’s core asset is the 7,211-hectare Paranaíta Gold Project, located in the Alta Floresta-Juruena Gold Province, where it is advancing open-pittable gold targets and working to expand compliant mineral resources under international reporting standards.
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