Completion of Drilling Progra

RNS Number : 4995N

Jubilee Platinum PLC

18 February 2009

 



18 February 2009  

AIM: JLP

JSE: JBL

Registration number: 4459850

ISIN: GB0031852162

JUBILEE PLATINUM PLC

('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  Intersected	Depth  (from collar)  m	Weighted averages
			Apparent Thickness m	3PGE+Au  g/t	Estimated 5PGE+Au g/t **	Copper  %	Nickel %
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 motherhole *	1,252	0.99	10.43	11.1	0.21	0.35
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: [phone]                           Tel [phone]

Gerard Kisbey-Green

Investec Bank plc

Tel [phone]

 

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