| Wed 18 Feb 2009, 11:16 | | JBL - Jubilee - Completion of Drilling Programme at the Tjate project and |
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JBL
JUJLP
JBL - Jubilee - Completion of Drilling Programme at the Tjate project and
Results Update
JUBILEE PLATINUM PLC
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN: GB0031852162
("Jubilee" or "the Company")
Completion of Drilling Programme at the Tjate project and Results Update
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 the completion of its 42-borehole drilling programme
including new preliminary and final results from thirteen boreholes drilled on
Jubilee`s Tjate platinum project in the eastern Bushveld Complex in South
Africa. This drilling programme forms part of Phase two of the feasibility study
that commenced in early 2008.
Highlights
- The drilling programme for Phase two of the feasibility study has now been
completed;
- All 13 boreholes intersected the Merensky Reef (MR), (of which 2
intersected pothole facies), at expected projected depths (from plain
elevation), with grades and thicknesses generally in line with the variability
expected for this reef;
- Borehole DT35 intersected high assays in the motherhole MR (10.43 g/t 3PGE
+ Au) (combined platinum, palladium, rhodium and gold), 0.35% nickel (Ni) and
0.21% copper (Cu) over 0.99 metres - further results awaited from additional
deflection drilling;
- Borehole DT40 intersected MR averaging 3.04 metres thick and assaying 6.71
g/t 3PGE+Au with 0.16% Ni and 0.10% Cu - further deflection results awaited;
- Boreholes DT30 and DT33, intersected specifically targeted UG2 chromitite
(UG2) reef at projected depths with higher than expected grades of up to 7.8g/t
3PGE+Au; and
- Borehole FF01, which tested continuity of MR in the adjacent down dip farm
Fernkloof, intersected MR at approximate target depth (1,597m down hole from
collar).
Detailed results are summarised in Table 1 below.
Table 1 Summary of Merensky Reef (Optimal ("Mining") Cuts) and UG2 Chromitite
reef Intersections
Borehole Reef Depth Weighted averages
Intersected (from
collar)
m
Apparent 3PGE+Au Estimated Copper Nickel
Thickness g/t 5PGE+Au % %
m g/t **
DT21 MR 1,098 1.04 4.15 4.4 0.12 0.21
DT22 MR 852 1.55 4.43 4.7 0.12 0.21
DT24 MR 1,025 1.01 5.40 5.8 0.14 0.20
DT28 MR 1,016 1.02 2.04 2.2 0.09 0.13
DT29 MR pothole 1384 0.98 4.07 4.3 0.07 0.19
DT30 MR pothole * 1,291 1.13 0.00 0.00 0.00 0.00
DT31 MR 1,210 1.02 2.04 2.2 0.09 0.13
DT33 MR 1,344 1.08 2.65 2.8 0.09 0.13
DT35 MR 1,252 0.99 10.43 11.1 0.21 0.35
motherhole *
DT36 MR * 705 1.46 4.48 4.8 0.10 0.13
DT38 MR * 1,095 1.19 2.67 3.11 0.13 0.18
DT40 MR 1,314 3.04 6.71 7.1 0.10 0.16
FF01 MR 1,597 2.81 2.72 2.9 0.08 0.13
DT30 UG2 1,602 0.65 7.85 9.2 na na
DT33 UG2 1,700 0.66 7.74 9.1 na na
DT36 UG2 pothole 1104 0.55 1.51 1.8 na na
na not assayed/not applicable * deflections awaited ** factor applied to
3PGE+Au values to include ruthenium (Ru) and iridium (Ir) based on average of Ru
and Ir analysis of four MR drill core and two UG2 drill core intersections
selected.
Colin Bird, CEO of Jubilee and Tjate Project Manager said: "These new results
continue to confirm the continuity at depth of the Merensky and UG2 reefs. The
lower grades seen in some of the new borehole results correlate generally with a
regional pothole within a lower grade area confined to the northwest of the farm
Dsjate. The effect of this area will be considered in the options when
delineating the resource and defining a resource estimate. The drilling
programme for the second phase of the feasibility study was completed this month
and the project is now rapidly advancing towards a definitive compliant mineral
resource estimate."
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 is advancing the Project to
feasibility study (FS).
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
Gerard Kisbey-Green
Investec Bank plc
Tel +44 (0)20 7597 5000
18 February 2009
Sponsor: Investec Bank Limited
Date: 18/02/2009 11:16:24 Produced by the JSE SENS Department.
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