| Wed 14 Nov 2007, 11:08 | | JBL - Jubilee Platinum Plc - Madagascar - Drilling |
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JBL
JUJLP
JBL - Jubilee Platinum Plc - Madagascar - Drilling update at Londokomanana
project
JUBILEE PLATINUM PLC
("Jubilee" or "the Company")
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN: GB0031852162
Madagascar - Drilling Update at Londokomanana Project
New Nickel-PGE Mineralisation Discovered In Northern Londokomanana
Highlights:
* Initial drilling in the previously untested Mavoandro ultramafic
formation intersects mineable widths of disseminated nickel (Ni)
sulphide with platinum group element (PGE) mineralisation.
* Borehole MAV002 intersects 2 metres at 0.48% Ni and 0.56g/t
platinum+palladium+gold (3E), 3 metres at 0.6g/t (3E) and 5 metres at
0.23% Ni and 0.7g/t 3E within a mineralised disseminated sulphide zone
of 69 metres (from 37m to 106m) assaying a weighted average of 0.16% Ni
and 0.12 g/t 3E
* This discovery extends significantly the aggregate strike length of
mineralised ultramafic formations in the Londokomanana/Lavatrafo
licences by some 4 kilometres to a total 16 kilometres.
* Thick widths of shallow mineralisation confirm the Company`s belief that
Londokomanana is a potential bulk-mining target.
Jubilee announces encouraging results from borehole MAV002, which was drilled
in the Mavoandro prospect, a previously untested ultramafic extension 8
kilometres to the north of the Antsahabe prospect in Londokomanana. The
borehole intersected mineable widths of 2 metres at 0.48% Ni and 0.56g/t 3E
(from 40.6m to 43,6m), 3 metres assaying 0.6g/t 3E (from 66m to 109m) and 5
metres assaying 0.23% Ni and 0.7 g/t 3E (from 101m to 106m)at shallow depth
within a 69 metre (from 37m to 106m) run of disseminated nickel sulphide
mineralisation assaying 0.16% Ni with 0.12g/t 3E.
This borehole targeted coincident electromagnetic conductivity and
geochemical copper anomalies. The Mavoandro ultramafic formation lies some 8
kilometres north along strike of the mineralised ultramafics at Antsahabe,
where previously announced drilling intersected two zones of 48 metres and 32
metres respectively of excellent sulphide mineralisation. Relatively high
magnesium oxide levels (>20%) determined in whole rock analysis of drill core
samples from Mavoandro suggest a komatiitic lithology for these ultramafics
and the possibility is inferred of basal sulphide mineralisation in this
formation. The mineralised formations at Mavoandro, Antsahabe and Lavatrafo
lie on a north - south striking trend some 40 kilometres long.
Colin Bird, CEO of Jubilee commented, "The discovery of new mineralisation in
the Mavoandro prospect, which had shown favourable coincident geochemical and
geophysical anomalies extends the aggregate strike length of mineralised
formations in the Londokomanana/Lavatrafo licence area a significant further
4 kilometres to a total of 16 kilometres. This initial drilling result now
suggests the existence of a potentially new Ni-PGE mineralised zone and we
await the results of further assays from current drilling in the area."
Borehole MAV002 - Selected results
intersection From To Interval Ni 3E
metres metres metres % g/t
Total 37 106 69 0.16 0.12
Including 41.6 43.6 2.0 0.48 0.56
including 65.6 68.7 3.1 0.08 0.59
including 101.6 106.7 5.1 0.23 0.71
Set Point Laboratories (ISO 17025 and SANAS Accredited) in Johannesburg,
South Africa, carried out analyses of the samples. Quality control and
assurance in place currently comprises of standards, blanks and check samples
making up between 10% and 20% of samples submitted.
Note to Editors
The Londokomanana project is a joint venture with TransAsia Minerals Limited,
who has the right to earn-in 51% of the project in return for an expenditure
of US$7 million. TransAsia has an option of first right of refusal over
Jubilee`s Lavatrafo prospect, which is located south of and adjacent to the
Londokomanana licence.
14 November 2007 Sponsor:Investec Bank Limited
For further information please contact:
Colin Bird Louise Goodeve / Justine Howarth
Jubilee Platinum plc Parkgreen Communications Ltd
Tel: 07768 397 627 Tel + 44 20 7851 7480
Date: 14/11/2007 11:08:01 Produced by the JSE SENS Department.
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