Jangada Mines said samples collected at its Ptombeiras West prospect in north-eastern Brazil had confirmed continuous high vanadium, titanium and iron grades at surface.
Grades were reported as high as 1.1% vanadium, 14.3% titanium and 61.4% iron from 72 samples, the company said.
'Given the strong market fundamentals for vanadium, these results are excellent news for the company and further enhance Pedra Branca's already strong economics,' executive chairman Brian McMaster said.
'Vanadium had a particularly strong year in 2018, a trend anticipated to continue as word spreads of its energy storage potential, particularly the vanadium redox flow battery.'
With production output from China dropping, we anticipate that interest in other vanadium projects, including ours, is likely to rise.'
At 2:20pm: (LON:JAN) Jangada Mines Plc Ord Gbp0.0004 share price was +0.25p at 2.6p