Jangada Mines PLC estimated a maiden nickel-copper inferred mineral resource at its Pedra Branca platinum group metals project in Brazil of 8.3 million tonnes of ore at 0.22% nickel, 0.04% copper, 135 g/t cobalt and 0.21 g/t platinum group metals and gold.

The new resource could add about US$110 million to the project's revenue, a 10% increase over the current estimate, the company said Dec. 17.

The new nickel and copper resource will be included in the bankable feasibility study scheduled for the first half of 2019.

The company announced in mid-November a 32% decrease in total capital expenditures for Pedra Branca to US$43.9 million, after creating an updated process flowsheet for the property.

A preliminary economic assessment for Pedra Branca outlined a net present value, discounted at 7%, of US$192 million, an internal rate of return of 67% and a 1.6-year payback period.