Jubilee Metals Regulatory News (JLP)

20 Sep 2006 12:35

Jubilee Platinum PLC20 September 2006 20 September 2006 JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Madagascar - Lavatrafo Project Update Jubilee announces results from its borehole LAV7 and from trench sampling of anew extension area of ultrabasic formation (Ranomena) on the Lavatrafo projectin Madagascar. The Lavatrafo project forms the southern licence area of theLondokomanana concession held by Mineral Resources of Madagascar Sarl, Jubilee's85 % owned operating subsidiary, and is located approximately 150km north of theMadagascan capital Antananarivo. LAV7 was the first borehole to test a model of "mineralised corridors" which theCompany is delineating from extensive soil sampling over the past several fieldseasons. The trench results from Ranomena area show high platinum group metal ("PGM") and nickel ("Ni") values over tens of metres, presenting an immediatetarget for mapping, soil sampling and drilling. Highlights • Borehole LAV7 intersected 19m continuous PGM, ("Ni") and copper ("Cu") mineralisation - this was intersected 36m down hole (25m vertical depth from surface) • The intersection included 3m thickness grading 1.13g/t platinum, palladium and gold ("3E"), 0.27% Ni, 0.19% Cu (in situ gross metal value ("GMV") at current prices*: $114/t), and 0.8m width grading 0.71g/t 3E, 0.21% Ni, 1.03% Cu (in situ GMV: $149/t) • Total mineralised intersection (35.6m to 54.7m) assayed 0.53g/t 3E, 0.18% Ni, 0.21% Cu (in situ GMV:$78/t) • Average Platinum to Palladium ratio of 1.3 to 1 • Identification of Ranomena, a new highly prospective PGE, Ni and Cu extension area located some 8km south of existing exploration • Four trenches sampled in Ranomena showed results that include runs of 8m @ 0.92g/t 3E, 0.36% Ni, 0.13% Cu (in situ GMV $127/t) and 26m @ 0.40g/t 3E, 0.19% Ni and 0.07% Cu (in situ GMV $67/t) Colin Bird, CEO of Jubilee, commented "I am pleased to report further successfulexploration results at Lavatrafo, which suggest the potential for a largeresource. Over the last three field seasons, we have "homed in" on the bestexploration methodology and are confident that we have now developed aneffective and cost-efficient exploration model. In essence, close spacedgeochemical sampling has enabled us to identify consistent corridors ofconcurrent PGM-Ni-Cu mineralisation, which defines drill targets. We havecurrently some 12km of mineralised corridor within Lavatrafo and areinvestigating further potential areas of interest." Borehole LAV7 Results Borehole LAV7, which was drilled approximately 1.1km south-south-west fromborehole LAV2A, was the first drill hole to target one of several "mineralisedcorridors" being delineated within the ultrabasic Lavatrafo project formation.The borehole intersected PGM, Ni and Cu mineralisation 35m down the hole (25mvertical depth). Over the past several field seasons, Jubilee has beenidentifying and delineating mineralised corridors on several ultrabasicformations through meticulous and focused geochemical soil sampling. TheCompany was able to accelerate this soil campaign utilising a hand-held X-rayfluorescence spectrometer, which it acquired to enable the very fast turnaroundof assays. Selected LAV7 intercept results are summarised in Table 1 below. The resultsfor the whole of the mineralised intersection are given in the table as anappendix hereto. Table 1 Borehole LAV7 - Selected results of mineralised intercepts: Mineralised Intersection weighted average grade From To Thickness Au Pt Pd 3E Ni Cu m m m g/t g/t g/t g/t % % Total 35.61 54.65 19.0 0.09 0.25 0.19 0.53 0.18 0.21including 35.61 43.25 7.6 0.11 0.42 0.29 0.82 0.16 0.15including 41.25 44.25 3.0 0.22 0.52 0.40 1.13 0.27 0.19including 45.25 46.00 0.8 0.13 0.31 0.27 0.71 0.21 1.03including 42.25 43.25 1.0 0.25 0.75 0.61 1.61 0.33 0.30including 52.48 53.48 1.0 0.04 0.06 0.07 0.17 0.20 1.05 Several new ultrabasic formations in Lavatrafo and Londokomanana have beenconfirmed through mapping. Significant mineralised corridors (i.e. areas alongstrike showing anomalous base metal values) are being delineated in theseformations including: • Amboasary (some 5km long) in the northern section; • Anomaly B (some 2km long) in the current central section; • Ranomena (some 3km long in the southern section; and • Mavoandro (some 2km long) in the northern section of the Londokomanana licence area. Concurrently, the Company is continuing in addition with ground mapping andanticipates that it will generate prospective drilling targets based oncollation of the above geochemical, geophysic and mapping data. In addition the Company drilled several reconnaissance boreholes in Lavatrafo totest a drill-target model based on dipole-dipole ("DPDP") measurements fromprevious induced polarisation geophyic surveys. This was predicated on thetheory of an association of disseminated sulphides with relative highchargeability response from DPDP measurements. The DPDP methodology, whichgenerally picks up anomalies at depth, identified several drill targets withinand on the current ultrabasic formations but generally outside of themineralised corridor. These reconnaissance boreholes intersected insignificantmineralisation, giving further weight to geochemistry in soils being the optimumexploration approach. The DPDP model has proved to be an inadequate tool in this geologicalenvironment. However, the gradient array data generated from the geophysicsurveys have proved an excellent mapping aide complementing conventional groundmapping, since outcrop is relatively sparse in the area. New Extension Area of Ultrabasic Formation (Ranomena) The Company confirmed a new ultrabasic formation area (Ranomena) seen inrecently acquired historic data and maps. The Ranomena formation is located inthe southern section of Lavatrafo some 8km south-south-west of the currentLavatrafo working area. Four trenches, C1 to C4, were recovered and sampled at 1m intervals. High PGMsand Ni mineralisation values were obtained across lengths of up to 60m,particularly in Trench C3 which included 8m run @ 0.92g/t 3E and 0.36% Ni andtwo 1m intervals assaying 1.38 g/t 3E and 1.68 g/t 3E. The results for the four trenches are summarised in Table 2 below. Table 2 Trench C1 to C4 - Summarised results Trench interval sampled 3E Au Pt Pd Ni Cu m g/t g/t g/t g/t % % C1total 26 0.4 0.01 0.23 0.17 0.19 0.06including 2 0.58 0.00 0.30 0.28 0.20 0.12including 2 0.61 0.00 0.40 0.21 0.18 0.06including 2 0.51 0.00 0.33 0.18 0.44 0.18 C2total 60 0.27 0.00 0.15 0.12 0.18 0.02including 3 0.90 0.02 0.31 0.57 0.78 0.18 C3total 16 0.64 0.01 0.32 0.31 0.27 0.08including 8 0.92 0.02 0.47 0.43 0.36 0.12including 1 1.38 0.00 0.86 0.52 0.44 0.18including 1 1.68 0.03 0.91 0.74 0.11 0.08 C4total 30 0.14 0.02 0.07 0.08 0.34 0.1including 2 0.30 0.04 0.13 0.13 0.53 0.13 The Company's initial mapping of the trench area shows a 3m to 4m wide band ofironstone/magnetite generally coincident with the metal values. The data suggestan immediate target for extensive mapping, soil sampling and drilling. Set Point Laboratories (ISO 17025 and SANAS Accredited) in Johannesburg, SouthAfrica, carried out the analyses of the borehole and trench samples. Qualitycontrol and assurance in place currently comprises of standards, blanks andcheck samples making between 10% and 20% of samples submitted. * prices used Pt $1160; Pd $310; Au $580; Ni $27,400 ; Cu $7,400 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 Table Borehole LAV7 - Results of the mineralised intersection Intersection Grade From To Interval Au Pt Pd 3E Ni Cu m m m g/t g/t g/t g/t % % 35.61 35.90 0.29 0.27 0.35 0.28 0.89 0.06 0.22 35.90 36.75 0.85 0.05 0.22 0.16 0.43 0.14 0.15 36.75 37.35 0.60 0.05 0.69 0.39 1.13 0.20 0.11 37.35 37.75 0.40 0.04 0.57 0.25 0.86 0.12 0.07 37.75 40.25 2.50 0.03 0.28 0.19 0.50 0.10 0.09 40.25 41.25 1.00 0.17 0.36 0.27 0.79 0.13 0.12 41.25 42.25 1.00 0.21 0.47 0.31 0.98 0.18 0.20 42.25 43.25 1.00 0.25 0.75 0.61 1.61 0.33 0.30 43.25 44.25 1.00 0.19 0.34 0.27 0.80 0.29 0.09 44.25 45.25 1.00 0.04 0.14 0.17 0.35 0.27 0.16 45.25 46.00 0.75 0.13 0.31 0.27 0.71 0.21 1.03 46.00 47.55 1.55 0.03 0.06 0.07 0.15 0.11 0.10 47.55 48.55 1.00 0.10 0.19 0.18 0.47 0.26 0.17 48.55 49.55 1.00 0.18 0.33 0.28 0.78 0.34 0.25 49.55 50.80 1.25 0.04 0.08 0.10 0.22 0.23 0.07 50.80 52.48 1.68