Exploration firm Jangada Mines has increased the mineral resources at its Pedra Branca platinum group metals (PGM) project in north-eastern Brazil.

The increase in Joint Ore Reserves Committee (JORC) compliant resources at the site is a result of the inclusion of the Santo Amaro prospect in the project’s inferred resources.

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The company has reported a 50% increase in global ore volume to 34.5 million tonnes (Mt) at 1.3 grams per tonne (g/t) PGM and gold, while the PGM resource has been raised 53% to 1.45 million ounces (Moz).

"We believe this is an industry-important project, given that it’s not located in the increasingly expensive and geopolitical turbulent historical areas of PGM exploitation."

In addition, the nickel resource was increased 28% to 140 million pounds (lb), copper resource witnessed a hike of 11% to 26 million pounds and the project’s cobalt resource surged 4% to reach a total of 6.7 million pounds.

Jangada Mines executive chairman Brian McMaster said: “The increase in the JORC resource by half a million ounces of PGMs and the strengthening of major base metal credits, including nickel, copper and cobalt, all significant commodities in the electric battery economy, are expected to have a major material impact on the already positive economics of Pedra Branca.”

Jangada noted that the company is planning to evaluate an additional six known targets at the project, which could potentially lead to a further improvement in future resource figures.

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McMaster added: “We believe this is an industry-important project, given that it’s not located in the increasingly expensive and geopolitical turbulent historical areas of PGM exploitation, and it has scale, grade and credits.”

Jangada is slated to publish metallurgical test results in the near future, which will be followed by the publication of an additional technical assessment.

Pedra Branca is located 280km from the port city of Fortaleza.

The project holds three mining licences and 43 exploration licences, spanning a total area of 50,000ha.