Jubilee Metals Regulatory News (JLP)

28 Jan 2005 07:00

Jubilee Platinum PLC28 January 2005 28 January 2005 AIM: JLP JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Jubilee Reports On Its Extensive Ground Geophysics Survey On Its Londokomanana Concession in Madagascar Jubilee announces findings from the geophysical survey on its Londokomananaconcession in Madagascar, where it has recorded to date encouraging nickel,copper, platinum group metals ("PGM") and gold values. Jubilee commissionedSpectral Geophysics to undertake Induced Polarization ("IP") surveys in northLondokomanana, over the Mavoandro-Antsahabe-Borokely areas and a gravity surveyin south Londokomanana over the Lavatrafo area, located 30 kilometres furthersouth. The Londokomanana project is located approximately 150 kilometres northof the capital Antananarivo. The survey commenced in October 2004 and fieldwork terminated on 21 December 2004. Spectral Geophysics, a geophysical consulting and contracting company fromGaborone, Botswana, has more than 20 clients, including Rio Tinto, BHP Billitonand Barrick, and extensive experience throughout Africa. Cas Lotter, theconsulting geophysicist, is the managing director and consulting geophysicistfor Spectral Geophysics. He has been involved in geophysical exploration forminerals and groundwater in Africa for 25 years, with experience working oncopper-nickel prospects in Botswana, Namibia, Zimbabwe, Zambia and Tanzania. Hehas also been involved in PGM exploration in South Africa, Botswana andZimbabwe. Results Highlights • IP survey programme confirms previously reported 15 kilometre strikeof geochemical and trenching anomalies and has extended the anomaly trend tosome 22 kilometres with a width of up to 3 kilometres • The IP programme further identified two new parallel structures,respectively 1.7 and 1.3 kilometres along strike, running parallel and directlynortheast of the previously reported Antsahabe hill, with an even largermetallic sulphide signature than that indicated at Antsahabe hill • In the prospective nickel-platinum Lavatrafo area, the gravitysurvey confirmed a minimum 2.7 kilometres strike of ultramafic rocks, a rocktype which typically hosts nickel and platinum • These geophysics overlie and add to those areas, in which Jubileehas previously identified high nickel and platinum values from its geochemicalsampling and trenching work Colin Bird, CEO of Jubilee, said "In progressing the logical process ofgeophysics following geochemical sampling , these results confirm the potentialsize and continuity of mineralisation as well as the appropriate and effectivenature of gravity and IP-based surveying as an exploration tool in thislocation. Our Londokomanana project is demonstrating 22 kilometres of a highlyprospective thick-width system. The more work we do on Londokomanana, the morewe see the project developing as a potentially world-classnickel-copper-platinum deposit." Cas Lotter of Spectral Geophysics reports on the findings to date as follows: North Londokomanana In north Londokomanana, the gradient array IP survey covered an area of some 20square kilometres. Selected areas were followed up with dipole-dipole IP andgravity. The location and extent of IP anomalies (high chargeabilities) detected by theBureau de Recherches Geologiques et Minieres (BRGM) over the Antsahabe hill(roughly in the middle of the area tested) in the late 1960s were confirmed.The Antsahabe hill mineralisation has a strike length of approximately 400metres and the strike direction is northwest. A new zone of IP anomalies was detected parallel to and roughly 250 metres tothe northeast of the Antsahabe hill, with a total strike length of more than 1.7kilometres. A second sub-parallel chargeable zone with a strike length of 1.3kilometres was mapped within 1 kilometre to the northeast of Antsahabe hill.The characteristics of the IP response (amplitude, decay) of these two zonesindicate the presence of larger amounts of metallic sulphides than is the caseat Antsahabe hill. These are highly prospective targets for drilling. The known chargeable zone at Antsahabe Hill and the first new parallel zone areassociated with faulting, as indicated by the IP survey resistivity information. The Antsahabe hill mineralised zone dips steeper than 80 degrees eastnortheast and the depth to the top of the unoxidised sulphide mineralisation isapproximately 35 metres. The first parallel zone has a vertical dip and thesecond chargeable zone dips to the southwest. A limited number of gravity survey profiles were conducted over the Antsahabearea. The results confirm that the ultramafic intrusions occurring in theproject area can be successfully mapped and delineated with the gravity method. In view of the drilling results obtained by BRGM and the IP responses measuredby Spectral Geophysics, the two new chargeable zones at Antsahabe are highlyprospective for copper-nickel sulphides. In addition to the above, the survey outlined new IP anomalies runningcontinuously some 14 kilometres along strike and over some 3 kilometres width tothe north northwest of the Antsahabe hill and some 5 kilometres along strike tothe south east of Antsahabe hill extending over 1.7 kilometre width. Thesechargeable zones are prospective with regards to base-metal sulphides and PGMs.The main PGM mineral found in the project area is sperrylite, which can beassociated with pyrrhotite, a highly chargeable metallic sulphide. These newanomalies are being interpreted and require further follow-up with dipole-dipoleIP and or gravity surveys. South Londokomanana (Lavatrafo) The objective of the gravity survey conducted in the Lavatrafo area was toidentify contacts between north-northwest striking ultramafic intrusive bodiesand the surrounding mafic rocks. The survey delineated a total of approximately2.7 kilometres of western contacts. More contacts could possibly be mappedusing a combination of infill gravity and magnetic profiling. For further information please contact: Colin Bird Cathy Malins /Annabel LeatherJubilee Platinum plc Parkgreen Communications LtdTel +44 20 7584 2155 Tel +44 20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange