| Mon 11 Aug 2008, 8:39 | | JBL - Jubilee Platinum Plc - Update on drilling programme at the Tjate project |
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JBL
JUJLP
JBL - Jubilee Platinum Plc - Update on drilling programme at the Tjate project
Jubilee Platinum Plc
Registration number: 4459850
AIM: JLP
JSE: JBL
ISIN: GB0031852162
Jubilee Platinum Plc
("Jubilee" or "the Company")
Update on drilling programme at the Tjate project
Jubilee Platinum, the AIM quoted and JSE Limited listed mining exploration and
development Company with a focus on platinum group metals (PGM) in South Africa,
is pleased to announce recently received results from six new boreholes on the
Tjate project, DT15, DT17, DT18, DT19, DT20 and DT23, These boreholes are part
of the Company`s accelerated drilling programme at the Tjate Project.
Highlights
- All six boreholes intersected the Merensky Reef (MR) at expected projected
depths, with grades and thicknesses generally in line with the variability
expected for this reef.
- Borehole DT20 targeted the UG2 reef as well as the MR and intersected both
reefs at expected target depths.
- Borehole DT23 intersected exceptionally high assays in the motherhole
(12.04 g/t 3PGE + Au) (combined platinum, palladium, rhodium and gold) and
the two deflections (7.46 g/t 3PGE + Au and 18.03 g/t 3PGE+Au respectively)
giving a weighted average assay for the hole of 12.52 g/t 3PGE + Au over
0.98m apparent thickness.
- DT15 (mother hole and two deflections) MR plus contiguous footwall assayed
a weighted average of 4.04 g/t 3PGE+Au, over combined 1.96m apparent
thickness.
- One deflection in DT15 intersected 3.8m apparent thickness of mineralised
MR and contiguous footwall assaying weighted average 5.40 g/t 3PGE+Au
including 0.98m MR assaying 6.31 g/t 3PGE+AU and 1.83m of footwall
assaying weighted average 7.80g/t 3PGE+Au with associated base metals
assaying 0.57% nickel (Ni) and 0.20% copper (Cu).
Detailed results are provided in Tables 1 and 2 below
Preliminary results from an independent structural modelling exercise conducted
as part of phase1 of the current feasibility study programme suggest that the
Merensky Reef in the area identified occurs as two distinct types:
- a wide type MR thicker than 1.84m; and
- a thinner type MR approximately 1.01m thick.
The wide type MR represents more than 70% of the identified MR tonnage and
accounts for 77% of the 3PGE+Au content. If the exploration programme proves
this assumption to be correct then overall mining costs could be affected very
favourably.
Colin Bird, CEO of Jubilee and Tjate Project Manager said: "These new results
continue to confirm the expected consistency of grade and continuity at depth of
the Merensky and UG2 reefs. The newly identified thicker areas, if they
continue, could have a significant impact on the project economics. The
accelerated drilling is rapidly advancing the project towards a definitive
resource estimate."
Table 1 Summary of Selected Merensky Reef and UG2 results
Borehole Reef Depth Weighted averages
Intersected m
Apparent 3PGE+Au Copper Nickel
Thickness g/t % %
m
DT15 Merensky 1070 1.01 3.78 0.11 0.15
DT17 Merensky 770 1.55 4.74 0.07 0.14
DT18 Merensky 1144 1.05 4.69 0.09 0.09
DT19 Merensky 1023 1.00 3.99 0.08 0.14
DT20 Merensky 1141 1.02 2.26 0.04 0.90
DT20 UG2 1518 1.26 4.17 na na
DT23 Merensky 993 0.98 12.52 0.13 0.22
na not applicable
Table 2 Detailed drilling results for boreholes in Table 1
Borehole & Thickness Au Pt Pd Rh Cu Ni 3PGE +
deflections m g/t g/t g/t g/t % % Au
DT15 Motherhole 1.06 0.49 1.25 0.51 0.06 0.11 0.11 2.31
Deflection 4 0.98 0.37 3.48 2.25 0.21 0.15 0.26 6.31
Deflection 5 1.00 0.37 1.75 0.66 0.07 0.08 0.10 2.85
wtd average 1.01 0.41 2.13 1.12 0.11 0.11 0.15 3.78
DT15
(footwall)
Motherhole 0.40 0.01 1.93 0.41 0.19 0.01 0.02 2.53
Deflection 4 1.83 0.11 4.25 3.09 0.35 0.20 0.57 7.80
Deflection 5 0.87 0.33 1.12 1.07 0.09 0.01 0.04 2.62
wtd average 1.03 0.16 3.07 2.18 0.26 0.12 0.35 5.66
Dt16 m au pt pd rh cu ni 4e
MH 0.60 0.52 3.43 2.05 0.18 0.19 0.32 6.18
def1 0.84 0.33 3.40 2.00 0.12 0.11 0.19 5.85
def2 0.82 0.19 2.08 0.92 0.08 0.08 0.18 3.26
total 2.26
wtd average 0.75 0.33 2.93 1.62 0.12 0.12 0.22 5.00
DT17 Motherhole 1.63 0.38 4.40 2.11 0.16 0.05 0.10 7.05
Deflection 1 1.61 0.26 2.65 1.17 0.14 0.08 0.16 4.21
Including 1.42 0.23 1.65 0.71 0.10 0.07 0.15 2.70
wtd average 1.55 0.29 2.96 1.36 0.13 0.07 0.14 4.74
DT18 Motherhole 0.96 0.15 1.39 0.54 0.07 0.04 0.06 2.16
Deflection 3 1.75 0.45 3.17 1.78 0.13 0.12 0.23 5.53
Including 1.12 0.52 3.37 2.00 0.12 0.12 0.26 6.01
Deflection 5 1.79 0.34 2.99 1.34 0.16 0.08 0.14 4.83
Including 1.06 0.39 3.42 1.65 0.16 0.09 0.16 5.62
wtd average 1.05 0.36 2.78 1.43 0.12 0.09 0.17 4.69
DT19 Motherhole 1.01 0.27 1.75 0.94 0.08 0.06 0.10 3.03
Deflection 1 1.01 0.35 2.02 0.98 0.12 0.08 0.16 3.47
Deflection 2 0.99 0.43 3.22 1.70 0.14 0.10 0.16 5.49
wtd average 1.00 0.35 2.32 1.20 0.11 0.08 0.14 3.99
DT20 Merensky
Motherhole 1.04 0.07 1.19 0.46 0.07 0.04 0.08 1.79
Deflection 4 1.03 0.11 1.65 0.50 0.12 0.04 0.12 2.39
Deflection 5 0.99 0.08 1.62 0.78 0.14 0.03 0.07 2.62
wtd average 1.02 0.09 1.48 0.58 0.11 0.04 0.09 2.26
DT20 UG2
Motherhole 1.29 0.08 2.35 2.25 0.46 0.02 0.04 5.14
Deflection 1 1.21 0.06 1.39 1.20 0.26 0.02 0.05 2.91
Deflection 2 1.28 0.07 1.98 1.90 0.44 0.02 0.03 4.39
wtd average 1.26 0.07 1.92 1.80 0.39 0.02 0.04 4.17
DT23 Motherhole 0.95 0.82 6.72 4.16 0.35 0.18 0.28 12.04
Deflection 1 1.00 0.40 4.29 2.47 0.31 0.11 0.21 7.46
Deflection 3 1.00 1.00 10.71 5.72 0.60 0.10 0.17 18.03
wtd average 0.98 0.74 7.25 4.11 0.42 0.13 0.22 12.52
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
eight drill rigs on site.
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
11 August 2008
Sponsor: Investec Bank Limited
Date: 11/08/2008 08:39:13 Produced by the JSE SENS Department.
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