| Thu 22 Feb 2007, 9:00 | | JBL/JLP - Jubilee - Update from Ambodilafa Project |
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JBL
JUJLP
JBL/JLP - Jubilee - Update from Ambodilafa Project, Madagascar
JUBILEE PLATINUM PLC
(Incorporated in England and Wales)
(Registration number4459850)
Share code on JSE: JBL & ISIN: GB0031852162
Share code on AIM: JLP
("Jubilee" or "the Company")
Update from Ambodilafa Project, Madagascar
Nickel-Copper Sulphide Mineralisation Intersected
Jubilee is pleased to announce that it has intersected semi-massive to
massive nickel ("Ni") - copper ("Cu") sulphide mineralisation with its
third diamond drill hole ALF3 on the Ambodilafa prospect in Madagascar.
The large 4km wide by 14km long Ambodilafa concession lies within the
extensive Vohipaha mafic ultramafic intrusive system, 160km southeast of
the Madagascan capital Antananarivo. The prospecting licence is held 100%
by Jubilee`s wholly owned Madagascan subsidiary Mineral Resources of
Madagascar ("MRM"). Impala Platinum Holdings ("Implats") has an option
agreement with Jubilee to earn in a 51% interest in the project.
Highlights:
- Massive, semi-massive, net textured and disseminated nickel-copper
sulphide mineralisation was intersected at a depth of 24m and
generally persisted, although not continuously, to a depth of some
220m
- The intersections include at a cut-off of 0.2%Ni over 1m:
2.4m (from 24.4m to 26.8m) grading 0.76% Ni, 0.31% Cu, 0.31g/t
gold-platinum-palladium ("3E") and 0.04% cobalt ("Co"). Gross
metal value ("GMV") of US$300/t rock at current prices*
2.2m (from 50.8m to 52.9m) of 1.29% Ni, 0.76%Cu, 0.11g/t 3E and
0.05% Co (GMV US$515/t)
5.5m (from 93.4 to 98.9m) of 0.63 % Ni, 0.16% Cu, 0.06g/t 3E and
0.03% Co (GMV US$242/t)
6.5m (from 197.7m to 204.2m) of 0.61% Ni, 0.30% Cu, 0.12g/t 3E
and 0.02%Co (GMV US$241/t)
- The discontinuous bands of mineralisation between 24m and 222m total
55m with weighted average grade of 0.42 % Ni and 0.23% Cu at a cut-off
of 0.20% Ni and 28m with weighted average grade of 0.61% Ni and 0.28%
Cu at a cut-off 0.3% Ni.
*Current Prices US$/oz: Pt 1100; Pd 300; gold 600. US$/t: Ni 35000; Cu
5000; Co US$20/lb
GMV does not take into account any geological and metallurgical losses.
Although earlier drillholes ALF01 and ALF02, which targeted the VTEM
geophysical anomaly announced in December 2005, did not intersect
significant base metal sulphide mineralisation, a significant value of
0.35g/t 3E was encountered at the end of ALF01 over a 2m intersection from
198m to 200m (end of hole). Drilling depth was limited in this early
exploration phase by the equipment available. The nature and significance
of the VTEM anomaly is still being evaluated with further downhole
geophysics proposed for the coming field season. Historical data indicated
sulphide mineralisation to the immediate west of the VTEM anomaly and ALF03
was sited to confirm and characterise the mineralisation.
Selected mineralised intersections are summarised in Tables 1 and 2 below
for different Ni cut-off grades, namely 0.20%Ni over 1m and 0.30% Ni over
0.5m.
Table 1: ALF 3 Selected drill intersection results at a cut-off of 0.20% Ni
over 1m
From To Interval 3E Cu Ni Co GMV
m* m* m* g/t % % % US$/t**
24.4 26.8 2.4 0.13 0.31 0.76 0.04 301
50.8 52.9 2.2 0.11 0.76 1.29 0.05 515
90.9 98.9 8.0 0.06 0.23 0.55 0.03 216
including
93.4 98.9 5.5 0.06 0.16 0.63 0.03 242
104.4 112.4 8.0 0.06 0.13 0.28 0.01 111
including
109.9 112.4 2.4 0.12 0.21 0.54 0.02 210
133.2 139.3 6.0 0.06 0.13 0.28 0.01 144
including
138.0 139.3 1.3 0.08 0.17 0.54 0.03 210
163.6 169.3 5.7 0.09 0.24 0.28 0.01 119
including
163.6 165.4 1.7 0.08 0.24 0.34 0.02 141
166.5 169.4 2.9 0.10 0.27 0.30 0.01 126
180.2 186.5 6.3 0.08 0.21 0.34 0.02 139
including
185.0 186.5 1.5 0.11 0.25 0.49 0.02 197
191.8 196.9 5.1 0.09 0.19 0.25 0.01 104
197.7 204.2 6.5 0.12 0.30 0.61 0.02 241
222.0 226.7 4.7 0.12 0.19 0.20 0.01 86
including
222.0 224.2 2.2 0.13 0.22 0.24 0.01 101
Table 2: ALF3 Selected drill intersection results at a cut-off of 0.3% Ni
over 0.5m
From To Interval 3E Cu Ni Co GMV
m* m* m* g/t % % % US$/t**
24.4 25.9 1.5 0.20 0.46 1.11 0.05 437
50.8 52.4 1.6 0.14 0.99 1.64 0.06 654
94.4 98.9 4.5 0.06 0.17 0.72 0.03 276
including
95.4 96.0 0.6 0.10 0.21 1.04 0.04 394
98.0 98.9 0.9 0.10 0.22 1.16 0.06 444
109.9 112.4 2.4 0.08 0.15 0.39 0.02 153
134.4 139.2 4.8 0.06 0.16 0.38 0.02 150
including
134.4 136.7 2.3 0.07 0.16 0.39 0.02 154
138.4 139.2 0.8 0.11 0.19 0.69 0.03 267
164.5 165.4 0.9 0.10 0.30 0.47 0.02 194
166.5 167.7 1.3 0.09 0.31 0.39 0.02 161
180.3 185.9 5.9 0.08 0.22 0.35 0.02 143
including
182.7 183.8 1.1 0.10 0.24 0.48 0.02 190
185.0 185.9 0.8 0.12 0.30 0.69 0.04 275
192.7 193.7 1.0 0.09 0.17 0.34 0.01 136
197.7 202.1 4.4 0.11 0.35 0.80 0.03 312
* Apparent thickness
**Prices US$/oz: Pt 1100; Pd 300; gold 600 US$/t: Ni 35000; Cu 5000; Co
US$20/lb
Colin Bird, CEO of Jubilee commented, "These significant drilling results
confirm our belief that the Ambodilafa project has substantial nickel and
copper mineralisation. We have now identified a highly prospective target
and in the coming season we will embark on continued exploration work
focussing on further regional mapping, soil sampling, geophysics and
drilling."
Ambodilafa JV Project
Jubilee/MRM have granted Implats, the world`s second largest platinum
producer and one of the most efficient platinum group metal metal producers
in the world, the sole exclusive right and option to acquire incrementally
an undivided 51% interest in the Ambodilafa property by funding, in four
phases, a total of US$5 million towards exploration. Implats may accelerate
this expenditure if it elects.
Mineralisation is associated with massive, semi-massive, net textured and
disseminated pyrrhotite and chalcopyrite, hosted by pyroxenite, olivine
pyroxenite, peridotite and olivine gabbro lithologies. The textures
observed suggest an orthomagmatic origin to the mineralisation due to
primary magmatic sulphide segregation within an ultrabasic intrusive body.
Borehole ALF3 was sited to confirm and characterise mineralisation
previously reported by the Bureau de Recherches Geologiques et Minieres
("BRGM") during their 1960`s drilling campaign. The original BRGM drill
logs and drill core for this area are not available.
Set Point Laboratories (ISO 17025 and SANAS Accredited) in Johannesburg,
South Africa, carried out the analyses of the borehole samples. Quality
control and assurance in place currently comprises of standards, blanks and
check samples accounting for between 10% and 20% of samples submitted.
For further information please contact:
Colin Bird Cathy Malins / Annabel Leather
Jubilee Platinum plc Parkgreen Communications Ltd
Tel: +44 (0)7768 397 627 Tel +44 20 7851 7480
22 February 2007
Date: 22/02/2007 09:00:04 Produced by the JSE SENS Department.
