| Wed 16 Jan 2008, 9:00 | | JBL - Jubilee Platinum Plc - Announcement |
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JBL
JUJLP
JBL - Jubilee Platinum Plc - Announcement
JUBILEE PLATINUM PLC
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN: GB0031852162
("Jubilee" or "the Company")
Step-out Borehole DT11 Confirms continuity of Platinum Group Element
Mineralisation at Depth on Tjate Project
In-fill borehole DT10 intersects very wide Merensky reef (MR) layer
Highlights
- Step-out borehole DT11 (motherhole) intersected the Merensky Reef (MR) at
1280 metres
- DT11 results show 5.57g/t 4E (platinum, palladium, rhodium and gold) over
0.8metres apparent thickness with associated 0.39% nickel (Ni) and 0.22% copper
(Cu).
- Significant Platinum Group Element (PGE) mineralisation in the hanging wall
contact increases mineralised reef thickness to 1.0 metre apparent, grading
4.88g/t 4E with associated 0.37% Ni and 0.21% Cu
- In-fill borehole DT10 intersected a wide zone (2.41 metres) of MR at 997
metres
- The zone indicates two mineralised layers: the lower assaying 4.71g/t 4E
over 3.4metres (including mineralised footwall) and the upper 7.94 g/t 4E over
0.41 metres with associated 0.33% Ni and 0.16% Cu
Jubilee is pleased to announce results for a deep step-out borehole DT11 and an
in-fill bore hole DT10 on the Dsjate farm of its Tjate Project in the eastern
Bushveld Complex. DT11 was drilled to test the continuity of PGE mineralisation
at depth and was a marked step out of some 1.5 kilometres to the west and down
dip of the line of strike of drilled boreholes to date. The successful
intersection of the MR markedly increases the area of PGE mineralisation beyond
that used in the scoping study announced 20 September 2007, and in turn
increases significantly the area for inclusion in the geological resource
estimate. The result provides increasing vindication that continuity of PGE
mineralisation is highly likely over the more than 5000 hectare Tjate property,
which could contain up to 65 million ozs PGE plus gold in situ net of geological
losses.
Colin Bird, CEO of Jubilee and Tjate Project Manager, said: "Tjate represents a
major undeveloped block of PGE resource. The Company stepped out DT11 well
beyond the boundaries reported in Tjate`s scoping study in order to confirm the
potential for the Project to be a larger mine or to have an extended mine life.
The results continue to confirm the Company`s belief that PGE mineralisation
underlies the entire 5000 plus hectare Tjate property, which could host up to 65
million ozs PGE plus gold in situ ."
Results for DT11 are shown in Table 1 below.
Table 1 Borehole DT11 results (cut off <1g/t 4E)
Apparent 4E Pt Pd Rh Au Ni Cu Pt:Pd
thickness g/t g/t g/t g/t g/t % % ratio
(m)
Motherhole MR 0.80 5.57 3.27 1.71 0.14 0.46 0.39 0.22 1.9
Hanging Wall 0.20 2.11 0.43 0.50 0.02 1.16 0.31 0.17 0.9
(HW)
Total MR+HW 1.00 4.88 2.70 1.47 0.11 0.60 0.37 0.21 1.7
The MR in borehole DT11 is fairly well mineralized with a top-chrome stringer
only, below which base metal sulphide mineralization continues for about 60
centimetres. This top-chrome stringer is at 1280.2 metres and the Merensky
pyroxenite of the reef grades into the footwall pyroxenite at about 1280.8
metres.
Detailed results for borehole DT10 are given in Table 2
Table 2 Borehole DT10 results (cut off <1g/t 4E)
Apparent Au Pt Pd Rh Cu Ni 4E Pt:Pd
thickness g/t g/t g/t g/t % % g/t ratio
(m)
Lower chromite
stringer
Motherhole (MH) 0.94 0.33 3.15 1.81 0.21 0.06 0.11 5.50 1.7
MR
Deflection 1 1.20 0.18 0.98 0.60 0.07 0.05 0.07 1.83
Deflection 2 1.02 0.07 1.56 0.53 0.16 0.04 0.04 2.33
MR weighted 1.05 0.19 1.81 0.94 0.14 0.05 0.07 3.08 1.9
average
MH Footwall 2.36 0.34 3.31 1.57 0.21 0.07 0.10 5.44 2.1
(FW)
MH (MR+FW) 3.30 0.34 3.26 1.64 0.21 0.07 0.10 5.46 2.0
MR weighted 3.41 0.30 2.85 1.38 0.19 0.06 0.09 4.71 2.1
average + FW
Upper chromite
stringer
MH MR 0.32 0.13 3.16 1.24 0.18 0.08 0.17 4.71 2.5
Deflection 1 0.50 0.78 5.14 3.13 0.21 0.21 0.44 8.98
Deflection 2 0.40 0.39 5.98 2.58 0.27 0.17 0.33 9.22
MR weighted 0.41 0.48 4.89 2.45 0.22 0.16 0.33 7.94 2.0
average
normalized 0.8 0.24 2.49 1.25 0.11 0.08 0.17 4.03 2.0
(min. mining
width)
Note to Editors
The Tjate Project comprises three contiguous farms, totalling 5,143 hectares in
the eastern Bushveld: Dsjate, Fernkloof and Quartz Hill. The farms are downdip
of Impala Platinum`s operating Marula platinum mine and of Anglo Platinum`s
developing Twickenham platinum mine. Jubilee, which last year completed a
positive scoping study, has announced its decision to advance the Project to
feasibility study. The Tjate drilling programme is now being accelerated with an
increase in drill rigs from three to seven.
SGS Lakefield Research Africa in Johannesburg carried out the analyses of the
borehole core samples. This laboratory is SNAS TO169 accredited.
For further information please contact:
Colin Bird Louise Goodeve / Justine Howarth
Jubilee Platinum plc Parkgreen Communications Ltd
Tel: +44 (0) 20 7584 2155 Tel +44 (0) 20 7851 7480
Date: 16/01/2008 09:00:01 Produced by the JSE SENS Department.
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