6th Oct 2005 07:00
Jubilee Platinum PLC06 October 2005 6th October 2005 AIM: JLP JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Second Borehole Confirms Continuity of Recent Discovery in Madagascar Jubilee announces the results of its second borehole LAV2A, drilled on theLavatrafo property (Londokomanana Project) in Madagascar. The Lavatrafo depositis the southern unit of two currently disparate nickel-copper-platinum-palladiumdeposits that fall within the Londokomanana concession held by Mineral Resourcesof Madagascar Sarl, Jubilee's 85% owned subsidiary. This borehole was steppedout 150 metres southeast of borehole LAV1. The Londokomanana project is locatedapproximately 150 kilometres north of the Madagascan capital Antananarivo. Highlights • Multi-metal intersection in the second borehole confirms continuity along strike of formation • The 75-metre true width of mineralization lends itself to low cost bulk mining • Mineralization is consistent with that identified in borehole LAV1 - as reported on 5th September 2005 • In-situ gross metal value (GMV) of the intersection is US$52/t rock or 1.32% Cu equivalent at current metal prices • Intersections of higher GMV include 20 metres at US$98 per tonne rock and 43.8 metres at $77/tonne rock. • These results compare favourably with bulk mining projects currently being developed world-wide Results of the full 92 metres (from 72 to 164 metres) apparent width ofmineralised intersection are appended and selected intercepts summarised below: From metres To Intercept Nickel Copper 3E* % Cu In-situ GMV $/ t (at current metres metres % % g/t equiv. prices) 72.35 164.05 91.7 0.26 0.14 0.66 1.32 52 82.35 162.05 79.7 0.29 0.16 0.73 1.46 57 115.0 158.8 43.8 0.40 0.25 0.80 1.95 77 136.1 156.2 20.1 0.52 0.33 0.92 2.49 98 *3E platinum, palladium, gold The continuity of the formation, its strike direction and the lithology of thehost and contact rocks generally correlate well with the geophysical datagenerated in our earlier exploration. A stratigraphic sequential pattern oflithologies is emerging, and it is anticipated that this pattern will direct thedrilling in several formations in the vicinity, showing similar geophysicsfurther to the south and to the north of the current drilling programme. Set Point Laboratories (ISO 17025 and SANAS Accredited) in Johannesburg, SouthAfrica carried out the analyses of the borehole core samples. Quality assurancein place currently comprises of standards, blanks and check samples making 10%of samples submitted. Colin Bird, CEO of Jubilee, said: "The results of this step out hole haveconfirmed our prediction of the continuity of a wide mineralised package atLavatrafo. Assuming this formation continues, we are potentially looking at alarge open-pit mineable bulk deposit, at an $11/t cut-off. Our immediateobjective is to delineate the strike of the formation and then prove up themodel. We believe that the results could lead to Lavatrafo becoming asignificant mining region and we will report further on our drilling programmeas soon as possible." Ends For further information please contact: Colin Bird Cathy Malins / Annabel LeatherJubilee Platinum plc Parkgreen Communications LtdTel: 07768 397 627 Tel +44 20 7493 3713 Appendix Lavatrafo drill results - Borehole LAV2A Grade Sample From To Interval Au Pt Pd Ni Cu no. metres metres metres ppm ppm ppm ppm ppm S7469 72.35 73.35 1.00 0.01 0.16 0.12 856 94 S7471 73.35 74.35 1.00Related Shares:
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