Jangada Mines on Monday revealed 'highly encouraging' drill results at its Pitombeiras West vanadium deposit in north-eastern Brazil showing potential of a 'very substantial' deposit.

Grades were reported as high as 0.83% vanadium, 11.6% titanium and 48.4% iron, the company said.

Total mineralised intersections ranged from 26 m to 46 m wide with average grades of 0.57% vanadium, 8.1% titanium and 37% iron.

'Preliminary metallurgical tests demonstrate that the material can be processed by conventional methods currently used for the ore type globally,' the company said.

'The findings of this drill campaign are highly encouraging and further support our belief that we are discovering a potentially world class vanadium deposit. The mineralisation is consistent in width and grade, with high grade mineralisation starting at surface, all of which are very positive indications,' said Brian McMaster, Executive Chairman of Jangada.

'The holes that we have drilled to date are shallow and have returned excellent results. The resource potential remains open at depth and along strike. If we continue to replicate these results in future holes then we will likely be holding a very substantial deposit. These results further confirm the breadth and potential scale of Pitombeiras West specifically, and Pedra Branca more widely.'

At 9:42am: (LON:JAN) Jangada Mines Plc Ord Gbp0.0004 share price was +0.1p at 2.75p