Jubilee Metals Regulatory News (JLP)

6 Jan 2005 09:37

Jubilee Platinum PLC06 January 2005 AIM: JLP JUBILEE PLATINUM PLC ("Jubilee" or "the Company") High gold values obtained on Madagascar property Drilling in Dullstroom South Africa confirms property is in the Bushveld Complex Jubilee announces the following exploration updates on its properties inMadagascar and South Africa. Madagascar High gold values have been obtained, during the second reconnaissance programme.These were recorded from excavations on two Ambonitra quartz veins, 3 metresapart, in the Bebasy gold area of Ambodilafa. Four chip samples, two takenacross each 0.5metre-wide quartz vein, assayed 42g/t Au and 91g/t Au in thefirst vein, and 71g/t Au and 108g/t Au in the second. These results confirm thepreviously announced (on 22 October 2004) high gold values recorded in two grabsamples taken at Ambonitra. These findings, together with the reconnaissanceprogramme undertaken in Bebasy, suggest that the area could be a multi-veinedtarget, which could lead to a significant primary source of gold. South Africa - Dullstroom Property The Company completed its first diamond drill hole DP001 (700 metres) on itsMapochsgronde farm 500JS portion 800, to establish its stratigraphic position inthe Bushveld Complex. Two intervals of platinum group metals ("PGMs") indisseminated pyrite and chalcopyrite were intersected in drilling through rockcomprised predominantly of gabbronorites. The first intersection, 1.43 metresthick at 285.3 metres depth, assayed (weighted average) 1.31g/t platinum pluspalladium and minor copper and nickel. The second intersection, 0.2 metres thickat 287.7metres depth, assayed 2.88g/t platinum plus palladium and 0.09% copperand 0.12% nickel. Strontium isotope analysis on core samples, undertaken at theUniversity of the Witwatersrand, confirms that drilling was in the BushveldComplex and apparently close to the Upper Critical Zone, which hosts the twoplatinum-bearing Merensky and UG2 reefs. South Africa - Vlaklaagte/Zwartdoorns Properties The Company carried out a shallow percussion drilling programme to establish thelithology on its Vlaklaagte/Zwartdoorns properties in the western Bushveld andto follow up previously identified chrome soil sample anomalies on Vlaklaagte.The results concluded that the Critical Zone of the Bushveld Complex is notdeveloped on Vlaklaagte and Zwartdoorns is underlain by hornfels within theTransvaal sequence. Following these results, Vlaklaagte/Zwartdoorns will besubordinated to the Company's other more encouraging properties. Commenting on the test results, Colin Bird, Chief Executive Officer, said: "Oursecond reconnaissance programme in the Ambodilafa gold area in Madagascar hasbeen very encouraging and the Company is moving towards identifying targetdefinition. "In South Africa, whilst we would have hoped for a better result at ourVlaklaagte/Zwartdoorns properties, our drilling results in Dullstroom confirmthat there we are in the Bushveld Complex and apparently close to the CriticalZone. We will be plotting the site for a new borehole in the area, as suggestedby the results, whilst commissioning drilling work for our newly acquired Tjateproperty interest to the north from which we would expect results by the end ofthe first quarter 2005." For further information please contact: Colin Bird Justine Howarth / Annabel Leather Jubilee Platinum plc Parkgreen Communications Ltd Tel 020 7584 2155 Tel 020 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange