| Thu 4 Jun 2009, 12:04 | | JBL - Jubilee - Jubilee announces completion of an independent SAMREC compliant |
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JBL
JUJLP
JBL - Jubilee - Jubilee announces completion of an independent SAMREC compliant
mineral resource statement on its flagship Tjate project in South Africa.
Jubilee Platinum Plc
AIM: JLP
JSE: JBL
Registration no: 4459850
ISIN Code: GB0031852162
("Jubilee")
Jubilee Announces Completion Of An Independent SAMREC Compliant Mineral
Resource Statement On Its Flagship Tjate Project In South Africa.
Jubilee is pleased to announce the results of a recently completed independent
SAMREC compliant mineral resource statement by The Mineral Corporation Ltd for
the "First mine" area on its 63% owned flagship Tjate project in the eastern
Bushveld of South Africa.
Highlights
- "First mine" Mineral Resource estimate area shows a combined Indicated and
Inferred Mineral Resource of 132.5 million tonnes (after geological losses) of
the Merensky and UG2 Reefs at a combined Indicated and Inferred grade of 5.24g/t
3PGE+Au (platinum palladium rhodium and gold) containing 22 million oz 3PGE+Au
and at an inferred grade of 5.94 g/t 6PGE*+Au (platinum, palladium, rhodium,
iridium, ruthenium, osmium and gold) this area contains 25 million oz 6PGE+Au.
This is based on the completion of 42 boreholes containing 154 reef
intersections over the "First mine" target area.
- This area contains two coherent widely mineralised Merensky Reef sub-areas
that have on average a 3PGE+Au grade of 5.39g/t over an average width of 1.46m.
The block widths vary from 1.16 m to 1.71m and have grades in excess of 5.0g/t
3PGE+Au. These widely mineralised Merensky reef areas represent 18% of the
Merensky reef tonnage and 21% of the 3PGE+Au.
- Based on the boreholes drilled and the First mine resource data, the company
believes an exploration target of some 368 million tonnes (before geological
losses) containing 70 million oz 6PGE+Au is possible for the three farms of the
Tjate project.
- The company calculates an attributable value at prevailing market prices of
US$30 billion to the aforementioned possible metal, for which the viability of
its recovery has yet to be established in future studies as the project
develops,
- The company is progressing the bankable feasibility study of the First mine
and the above mentioned resource estimate is a key step in this process.
* All figures that include ruthenium, iridium and osmium (in addition to
3PGE+AU) are in Inferred Mineral Resource category
The Mineral Resource Statement completed by The Mineral Corporation for the
Merensky and UG2 Reefs is SAMREC compliant and is provided appended to this
announcement.
Colin Bird, CEO of Jubilee and Tjate said: "This is a major advance for the
Tjate project and confirms the statements made by management and the board over
the last four years that Tjate represents a major PGE resource that as yet has
not been developed. These results give Jubilee the confidence to proceed to
feasibility study and if appropriate development."
Chris Molefe, Chairman of Tjate said: "I am delighted with the results, which
highlight this large eastern Bushveld resource. I compliment the project team on
their diligence and focus in bringing this resource together"
The results of the resource statement indicate that the Merensky reef resource
is of a size and grade that could possibly provide a stand alone resource to
sustain a projected 20-year life of mine treating 200,000 tonnes per month and
producing approximately 320,000 oz 3PGE+Au annually.
Geo-Consult International (Pty) Ltd, geological advisers and exploration manager
for the Tjate project commented that on the basis of the aforementioned
compliant mineral resource statement, estimated over some 40-45% of the project
area and their overall understanding of the geology of the Merensky and UG2
Reefs, that it is reasonable to assume that these reefs are possibly developed
across the full extent of the project area, albeit with the balance being down-
dip of the current resource estimate area.
On this assumption, the company believes that the three farms, which measure
some 51 square kilometres, could potentially represent an exploration target of
up to 52 million oz 3PGE+Au (59 million oz 6PGE+Au) - after geological losses -
(before geological losses approximately 62 Moz 3PGE+Au or 70 Moz 6PGE+Au), for
which the viability of recovery the company has yet to establish in future
studies as the project develops.
Accordingly, the company believes the total three farms could possibly contain
an attributable 44 million oz 6PGE+Au (before geological losses), the gross
metal value of which the company calculates at approximately US$30 billion,
using current market prices of around US$1,200/oz Pt, US$200/oz Pd, US$1,450/oz
Rh, US$400/oz Ir, US$90/oz Ru and US$900/oz Au.
Andrew Sarosi, Technical Director of Jubilee Platinum, who holds a B.Sc
Metallurgy and M.Sc Engineering, University of Witwatersrand and is a member of
The Institute of Materials, Minerals and Mining, has approved this release.
Notes 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 Anglo Platinum`s
developing Twickenham platinum mine. Jubilee is advancing the Project to
feasibility study.
For further information please contact:
Colin Bird
Jubilee Platinum plc
Tel +44 (0) 20 7584 2155
Suzanne Johnson-Walsh
Bishopsgate Communications Ltd
Tel +44 (0) 20 7562 3350
Andrew Sarosi
Jubilee Platinum plc
Tel +44 (0) 1752 221937
Brian Chistie/Leonard Eiser
Sasfin Capital
Tel +27 (0) 11 809 7500
Matthew Robinson/Rose Herbert
FinnCap
Tel +44 (0) 20 7600 1658
Dennis Tucker
Qinisele Resources
Tel +27 (0) 82 492 4957
Johannesburg
4 June 2009
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Tjate First mine mineral resource estimate (after 16% and 20%
geological losses for Merensky and UG2 reefs respectively)
Merensky Reef
Total MR Resource Width (m) 3PGE+Au 3PGE+Au
Tonnes (g/t) (Mozs)
56,273,224 1.10 4.66 8.429
Mineral Resources by Classification
Classification Resource Width (m) 3PGE+Au 3PGE+Au
Tonnes (g/t) (MOzs)
Indicated 6,759,711 1.01 4.85 1.055
Inferred 49,513,514 1.11 4.63 7.374
Mineral Resources by Farm and classification
Farm Classification Resource Width (m) 3PGE+Au 3PGE+Au
Tonnes (g/t) (MOzs)
Dsjate Indicated 6,759,711 1.01 4.85 1.055
Dsjate Inferred 43,252,250 1.12 4.66 6.479
Fernkloof Inferred 6,261,264 1.02 4.45 0.896
Merensky Reef Inferred
Mineral
Resources
Ni (%) Cu (%) 6PGE+Au 6PGE+Au
(g/t) (Mozs)
0.17 0.10 4.90 8.858
Ni (%) Cu (%) 6PGE+Au 6PGE+Au
(g/t) (Mozs)
0.18 0.11 5.10 1.108
0.17 0.10 4.86 7.750
Ni (%) Cu (%) 6PGE+Au 6PGE+Au
(g/t) (Mozs)
0.18 0.11 5.10 1.108
0.12 0.10 4.89 6.809
0.10 0.10 4.67 0.941
Total UG2 Resource Width (m) 3PGE+Au 3PGE+Au
Tonnes (g/t) (MOzs)
76,207,268 1.24 5.67 13.900
Mineral Resources by Classification
Classification Resource Width (m) 3PGE+Au 3PGE+Au
Tonnes (g/t) (MOzs)
Indicated 4,801,649 1.10 5.89 0.910
Inferred 71,405,620 1.25 5.66 12.990
Mineral Resources by Farm and Classification
Farm Classification Resource Width (m) 3PGE+Au 3PGE+Au
Tonnes (g/t) (MOzs)
Dsjate Indicated 4,801,649 1.10 5.89 0.910
Dsjate Inferred 63,706,060 1.24 5.66 11.586
Fernkloof Inferred 7,699,560 1.32 5.67 1.405
UG2 Reef Inferred Mineral
Resources
Ni (%) Cu (%) 6PGE+Au 6PGE+Au
(g/t) (Mozs)
0.06 0.03 6.69 16.432
Ni (%) Cu (%) 6PGE+Au 6PGE+Au
(g/t) (Mozs)
0.06 0.03 6.95 1.075
0.06 0.03 6.68 15.357
Ni (%) Cu (%) 6PGE+Au 6PGE+Au
(g/t) (Mozs)
0.06 0.03 6.95 1.075
0.06 0.03 6.67 13.696
0.06 0.03 6.70 1.661
Total Merensky and UG2
Resource Tonnes Width (m) 3PGE+Au 3PGE+Au
(g/t) (MOzs)
132,480,493 1.18 5.24 22.329
Mineral Resources by Classification
Classification Resource Tonnes Width (m) 3PGE+Au 3PGE+Au
(g/t) (MOzs)
Indicated 11,561,359 1.05 5.28 1.964
Inferred 120,919,133 1.19 5.24 20.365
Total Merensky and UG2 Inferred Mineral Resources
Ni (%) Cu (%) 6PGE+Au 6PGE+Au (Mozs)
(g/t)
0.11 0.00 5.93 25.291
Ni (%) Cu (%) 6PGE+Au 6PGE+Au (Mozs)
(g/t)
0.13 0.08 5.87 2.184
0.11 0.06 5.93 23.107
Date: 04/06/2009 12:04:02 Produced by the JSE SENS Department.
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