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JBL
JUJLP
JBL - Jubilee Platinum plc - Update on accelerated drilling programme at the
Tjate project
9 June 2008
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN: GB0031852162
JUBILEE PLATINUM PLC
("Jubilee" or "the Company")
Update on accelerated drilling programme at the Tjate project
Jubilee Platinum, the AIM listed mining exploration and development Company with
a focus on platinum group metals (PGM) and nickel/copper in South Africa, is
pleased to announce the results of its accelerated drilling programme at the
Tjate project in South Africa.
Highlights
A total of 15 000 metres (20 boreholes completed or in progress) has been
drilled since January 2008.
Five boreholes (DT11, 12, 13, 14, 16) in the Merensky Reef (MR) assayed a
weighted average of 5.98 g/t 4E (Pt, Pd, Rh and Au) over 0.97metres with
associated values of 0.19% Ni and 0.10% Cu.
DT13 intersected a wide mineralised interval assaying a weighted average of
9.30g/t 4E over 1.98 metres with associated base metals of 0.18% Ni and 0.10%
Cu.
DT13 mineralised intersection included 1.41 metres of exceptionally high grade
footwall assaying 19.36g/t 4E and contiguous with the MR.
DT13 is collared some 100m down dip of DT10, which also showed a wide 2.61 metre
thick contiguous (with MR) mineralised footwall assaying 5.44 g/t 4E (This was
announced on 10 January 2008).
DT15 intersected MR at 1064 metres - awaiting assay results.
DT17 to DT22 and DT23 ALL have intersected the MR. Cores have been submitted for
assay.
Borehole (DT20), which drilled to the UG2 reef, intersected it at a depth of
1515 metres below borehole collar.
Drilling commenced (DT25) on the Fernkloof farm, which is down dip and adjacent
to the Dsjate farm.
A summary of the results for the five boreholes reported and detailed results
for each borehole are given in the tables below.
Jubilee`s accelerated drilling programme, which commenced in January 2008 with
up to seven drilling rigs operating on site, has yielded these results, which
continue to confirm the extent and continuity of the PGM mineralisation. The
drilling programme, designed in conjunction with the Company`s geological and
feasibility study consultants, aims to define a resource estimate for the
feasibility study. The study is anticipated to be completed by the end of this
year. Since the last update (16 January 2008), a further 15 000 metres have
been drilled. Assays for five boreholes have been received; with the results for
further seven boreholes still outstanding. Assay laboratories are under immense
pressure given the scale of exploration in South Africa at present.
The five boreholes that have been detailed assayed a weighted average 5.98g/t 4E
over a weighted average apparent reef thickness of 0.97 metres. The associated
base metal sulphides assayed 0.18%Ni and 0.10%Cu.
The individual boreholes (see the tables below) show some variation in 4E grades
and reef thicknesses which are considered not untypical of that observed and
recognised generally for the Merensky reef layering in the eastern Bushveld.
Such variations can be seen for example in the adjacent Implats` Marula
property. DT13, which assayed a weighted average of 9.30 g/t 4E over 1.98 metres
included a mineralised footwall contiguous with the MR of 1.41 metres assaying a
weighted average of 19.36 g/t 4E. This result is of significance as it is about
100 metres down dip of DT10, which also intersected a wide contiguous
mineralised footwall of 2.41 metres assaying 5.44 g/t 4E. The inference is that
there may be a potential local area of thick and good grade mineralisation.
The drilling programme includes drilling a further 25% of boreholes (some 8
boreholes in total) into the UG2 reef in order to delineate an inferred UG2
resource. The first such UG2 borehole DT20 of this programme intersected the UG2
reef at 1515 meters below surface collar and some 30 metres shallower than
projected. The inference is that the reef dip may be flattening at depth.
Further information on outstanding results for both Merenksy reef and the UG2
will be released as soon as it becomes available.
Colin Bird, CEO of Jubilee and Tjate Project Manager, said: "These results
further confirm the Merensky reef and UG2 reef are continuous at depth and the
strong grades that have been intersected reinforce and justify the Board`s
decision to accelerate the feasibility study. The accelerated drilling is
rapidly advancing the project towards a definitive resource estimate. We
anticipate drilling a further 10 to 15 holes by September 2008.
Summarised results for boreholes DT11, 12 13 14 and 16 are shown in Table 1
below.
Table 1 Summary weighted averages @ 1.0g/t 4E cut-off Merensky Reef (MR)
Borehole * Reef Apparent 4E Pt Pd Rh Au Ni Cu Pt:Pd
intersected thickness g/t g/t g/t g/t g/t % % ratio
(m) (m)
DT11 1279 0.99 4.00 2.22 1.17 0.09 0.52 0.31 0.18 2.1
DT12 1050 0.66 1.99 1.16 0.51 0.04 0.28 0.10 0.06 2.3
DT13 1216 1.98 9.30 4.76 3.76 0.35 0.44 0.18 0.07 1.3
DT14 959 0.45 3.95 2.41 1.11 0.08 0.35 0.20 0.13 2.2
DT15 1064 Awaiting assays
DT16 921 0.75 5.00 2.93 1.62 0.12 0.33 0.22 0.12 1.8
Weighted average 0.97 5.98 3.22 2.18 0.20 0.39 0.19 0.10 1.5
DT11 results are with one deflection (second deflection to come); the other
boreholes are with two deflections each
Detailed results for boreholes DT11, 12, 13, 14 and 16 are given in Tables below
DT11 MR intersected at 1279m depth
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 1.00 4.88 2.70 1.47 0.11 0.60 0.37 0.21 1.811.34
Deflection 1 MR 1.77 2.39 1.50 0.55 0.11 0.22 0,12 0.08 2.7
Including ** 0.97 2.70 1.51 0.72 0.07 0.40 0.21 0.14 2.1
Deflection 2 Awaiting Assays
Weighted average 0.99 4.00 2.22 1.17 0.09 0.52 0.31 0.18 2.1
**
** 1g/t 4E cut-off
DT12 MR intersected at 1050m depth
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 1.28 2.40 1.43 0.60 0.08 0.09 0.11 0.07 2.4
Including (top Cr) 0.60 1.56 0.84 0.32 0.03 0.37 0.11 0.07 2.6
**
Deflection 1 1.40 2.43 1.65 0.54 0.12 0.12 0.06 0.04 3.0
Including (top Cr) 0.80 1.70 1.02 0.47 0.03 0.18 0.10 0.07 2.2
**
Deflection 2 1.51 1.34 0.84 0.32 0.04 0.13 0.04 0.02 2.6
Including ** 0.57 2.84 1.69 0.76 0.06 0.33 0.09 0.04 2.2
Weighted average 0.66 1.99 1.16 0.51 0.04 0.28 0.10 0.06 2.3
**
** 1.0g/t 4E cut-off
DT13 MR intersected at 1215.6m depth
Apparent 4E Pt Pd Rh Au Ni Cu Pt:Pd
thickness g/t g/t g/t g/t g/t % % ratio
(m)
Motherhole 2.18 2.47 1.58 0.66 0.09 0.14 0.05 0.05 2.4
Including ** 0.82 4.20 2.60 1.20 0.09 0.30 0.10 0.09 2.2
Deflection 1 ** 1.60 8.23 4.36 2.86 0.18 0.83 0.37 0.20 1.5
Deflection 2 ** 3.52 10.9 5.44 4.77 0.48 0.29 0.11 0.01 1.1
7
Inc. footwall 1.41 19.3 8.74 9.54 0.95 0.13 0.02 0.01 0.9
(F/W) * 6
Weighted average 1.98 9.30 4.76 3.76 0.35 0.44 0.18 0.07 1.3
**
* F/W contiguous with MR ** 1g/t 4E cut-off
DT14 MR intersected at 958.6m depth
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 1.40 1.31 0.92 0.24 0.07 0.08 0.04 0.03 3.8
Including ** 0.60 1.59 1.03 035 0.04 0.17 0.08 0.06 2.9
Deflection 1 MR 1.40 2.44 1.54 0.63 0.08 0.21 0.11 0.07 2.4
Including ** 0.40 6.66 4.00 1.96 0.11 0.59 0.37 0.22 2.0
Deflection 2 MR 1.35 1.76 1.14 0.44 0.06 0.11 0.06 0.04 1.5
Including ** 0.35 4.94 2.97 1.45 0.12 0.40 0.23 0.14 1.7
Wtd average ** 0.45 3.95 2.41 1.11 0.08 0.35 0.20 0.13 2.2
** 1.0g/t 4E cut-off
DT16 MR Intersected at 920.9 m depth
Apparent 4E Pt Pd Rh Au Ni Cu Pt:Pd
thicknes g/t g/t g/t g/t g/t % % ratio
s
(m)
Motherhole 1.88 2.65 1.60 0.79 0.10 0.18 0.11 0.07 2.0
Including ** 0.6 6.18 3.43 2.05 0.18 0.52 0.32 0.19 1.7
F/W* 0.18 53.0 44.70 5.82 2.46 0.11 0.01 0.03 7.7
9
Deflection 1 1.85 3.33 2.07 1.01 0.09 0.16 0.09 0.05 2.1
Including ** 0.84 5.85 3.40 2.00 0.12 0.33 0.19 0.11 1.7
Deflection 2 2.05 1.92 1.28 0.49 0.07 0.08 0.08 0.04 2.6
Including ** 0.82 3.26 2.08 0.92 0.08 0.19 0.18 0.08 2.2
Weighted average * 0.75 5.00 2.93 1.62 0.12 0.33 0.22 0.12 1.8
*F/W not contiguous with MR at cut-off so not included in weighted average
** 1g/t 4E cut-off
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 Nick Rome/Michael Kinirons
Jubilee Platinum plc Bishopsgate Communications Ltd
Tel: +44 (0) 20 7584 2155 Tel +44 (0) 20 7562 3350
Jan Bosch/Paul Brett
Investec Bank UK Limited
Tel +44 (0)20 7597 5000
Date: 09/06/2008 08:00:04 Produced by the JSE SENS Department.
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