The company said four drill holes at Pitombeiras West, totalling 300m, had picked up a an average 0.57% V₂O₅ and 8.1% TiO₂, with mineralised sections ranging from 26m to 46m wide.

The magnetite deposit starts at the surface and remains open at depth and along strike, the company said.

Last month, Jangada said 72 surface samples had given 0.91% V₂O₅ and 14.3% TiO₂.

Investors were keen on the drill results, pushing the share price up 4.7% to 2.78p (US3.61c).

Brazil is home to Largo Resources' Maracás Menchen mine, which is forecast to produce 10,000 tonnes of V₂O₅ this year.

Jangada chairman Brian McMaster floated more to come on the prospect.

"If we continue to replicate these results in future holes then we will likely be holding a very substantial deposit," he said.

"These results further confirm the breadth and potential scale of Pitombeiras West specifically, and Pedra Branca more widely."