Last checked at 4 Jun 2009 10:30
Jubilee Platinum plc ("Jubilee")
4 June 2009
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN GB0031852162
Jubilee Announces Completion Of An Independent SAMREC Compliant Mineral Resource Statement On Its Flagship Tjate Project In South Africa.
Jubilee is pleased to announce the results of a recently completed independent SAMREC compliant mineral resource statement by The Mineral Corporation Ltd for the "First mine" area on its 63% owned flagship Tjate project in the eastern Bushveld of South Africa.
Highlights
This area contains two coherent widely mineralised Merensky Reef sub-areas that have on average a 3PGE+Au grade of 5.39g/t over an average width of 1.46m. The block widths vary from 1.16 m to 1.71m and have grades in excess of 5.0g/t 3PGE+Au. These widely mineralised Merensky reef areas represent 18% of the Merensky reef tonnage and 21% of the 3PGE+Au.
Based on the boreholes drilled and the First mine resource data, the company believes an exploration target of some 368 million tonnes (before geological losses) containing 70 million oz 6PGE+Au is possible for the three farms of the Tjate project.
The company calculates an attributable value at prevailing market prices of US$30 billion to the aforementioned possible metal, for which the viability of its recovery has yet to be established in future studies as the project develops,
* All figures that include ruthenium, iridium and osmium (in addition to 3PGE+AU) are in Inferred Mineral Resource category
The Mineral Resource Statement completed by The Mineral Corporation for the Merensky and UG2 Reefs is SAMREC compliant and is provided appended to this announcement.
Colin Bird, CEO of Jubilee and Tjate said: "This is a major advance for the Tjate project and confirms the statements made by management and the board over the last four years that Tjate represents a major PGE resource that as yet has not been developed. These results give Jubilee the confidence to proceed to feasibility study and if appropriate development."
Chris Molefe, Chairman of Tjate said: "I am delighted with the results, which highlight this large eastern Bushveld resource. I compliment the project team on their diligence and focus in bringing this resource together"
The results of the resource statement indicate that the Merensky reef resource is of a size and grade that could possibly provide a stand alone resource to sustain a projected 20-year life of mine treating 200,000 tonnes per month and producing approximately 320,000 oz 3PGE+Au annually.
Geo-Consult International (Pty) Ltd, geological advisers and exploration manager for the Tjate project commented that on the basis of the aforementioned compliant mineral resource statement, estimated over some 40-45% of the project area and their overall understanding of the geology of the Merensky and UG2 Reefs, that it is reasonable to assume that these reefs are possibly developed across the full extent of the project area, albeit with the balance being down-dip of the current resource estimate area.
On this assumption, the company believes that the three farms, which measure some 51 square kilometres, could potentially represent an exploration target of up to 52 million oz 3PGE+Au (59 million oz 6PGE+Au) - after geological losses - (before geological losses approximately 62 Moz 3PGE+Au or 70 Moz 6PGE+Au), for which the viability of recovery the company has yet to establish in future studies as the project develops.
Accordingly, the company believes the total three farms could possibly contain an attributable 44 million oz 6PGE+Au (before geological losses), the gross metal value of which the company calculates at approximately US$30 billion, using current market prices of around US$1,200/oz Pt, US$200/oz Pd, US$1,450/oz Rh, US$400/oz Ir, US$90/oz Ru and US$900/oz Au.
Andrew Sarosi, Technical Director of Jubilee Platinum, who holds a B.Sc Metallurgy and M.Sc Engineering, University of Witwatersrand and is a member of The Institute of Materials, Minerals and Mining, has approved this release.
Notes 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 Anglo Platinum's developing Twickenham platinum mine. Jubilee is advancing the Project to feasibility study.
For further information please contact:
Colin Bird Suzanne Johnson-Walsh
Jubilee Platinum plc Bishopsgate Communications Ltd
Tel +44 (0) 20 7584 2155 Tel +44 (0) 20 7562 3350
Andrew Sarosi Brian Chistie/Leonard Eiser
Jubilee Platinum plc Sasfin Capital
Tel +44 (0) 1752 221937 Tel +27 (0) 11 809 7500
Matthew Robinson/Rose Herbert Dennis Tucker
FinnCap Qinisele Resources
Tel +44 (0) 20 7600 1658 Tel +27 (0) 82 492 4957
Table Tjate First mine mineral resource estimate (after 16% and 20%
geological losses for Merensky and UG2 reefs respectively)
| Merensky Reef | Inferred Mineral Resources | ||||||||
| Total MR |
| Resource Tonnes | Width (m) | 3PGE+Au (g/t) | 3PGE+Au (Mozs) | Ni (%) | Cu (%) | 6PGE+Au (g/t) | 6PGE+Au (Mozs) |
|
|
| 56,273,224 | 1.10 | 4.66 | 8.429 | 0.17 | 0.10 | 4.90 | 8.858 |
| Mineral Resources by Classification |
|
|
|
| |||||
| Classification | Resource Tonnes | Width (m) | 3PGE+Au (g/t) | 3PGE+Au (MOzs) | Ni (%) | Cu (%) | 6PGE+Au (g/t) | 6PGE+Au (Mozs) | |
| Indicated | 6,759,711 | 1.01 | 4.85 | 1.055 | 0.18 | 0.11 | 5.10 | 1.108 | |
| Inferred | 49,513,514 | 1.11 | 4.63 | 7.374 | 0.17 | 0.10 | 4.86 | 7.750 | |
| Mineral Resources by Farm and classification |
|
|
|
| |||||
| Farm | Classification | Resource Tonnes | Width (m) | 3PGE+Au (g/t) | 3PGE+Au (MOzs) | Ni (%) | Cu (%) | 6PGE+Au (g/t) | 6PGE+Au (Mozs) |
| Dsjate | Indicated | 6,759,711 | 1.01 | 4.85 | 1.055 | 0.18 | 0.11 | 5.10 | 1.108 |
| Dsjate | Inferred | 43,252,250 | 1.12 | 4.66 | 6.479 | 0.12 | 0.10 | 4.89 | 6.809 |
| Fernkloof | Inferred | 6,261,264 | 1.02 | 4.45 | 0.896 | 0.10 | 0.10 | 4.67 | 0.941 |
| UG2 Reef | Inferred Mineral Resources | ||||||||
| Total UG2 |
| Resource Tonnes | Width (m) | 3PGE+Au (g/t) | 3PGE+Au (MOzs) | Ni (%) | Cu (%) | 6PGE+Au (g/t) | 6PGE+Au (Mozs) |
|
|
| 76,207,268 | 1.24 | 5.67 | 13.900 | 0.06 | 0.03 | 6.69 | 16.432 |
| Mineral Resources by Classification |
|
|
|
| |||||
| Classification | Resource Tonnes | Width (m) | 3PGE+Au (g/t) | 3PGE+Au (MOzs) | Ni (%) | Cu (%) | 6PGE+Au (g/t) | 6PGE+Au (Mozs) | |
| Indicated | 4,801,649 | 1.10 | 5.89 | 0.910 | 0.06 | 0.03 | 6.95 | 1.075 | |
| Inferred | 71,405,620 | 1.25 | 5.66 | 12.990 | 0.06 | 0.03 | 6.68 | 15.357 | |
| Mineral Resources by Farm and Classification |
|
|
|
| |||||
| Farm | Classification | Resource Tonnes | Width (m) | 3PGE+Au (g/t) | 3PGE+Au (MOzs) | Ni (%) | Cu (%) | 6PGE+Au (g/t) | 6PGE+Au (Mozs) |
| Dsjate | Indicated | 4,801,649 | 1.10 | 5.89 | 0.910 | 0.06 | 0.03 | 6.95 | 1.075 |
| Dsjate | Inferred | 63,706,060 | 1.24 | 5.66 | 11.586 | 0.06 | 0.03 | 6.67 | 13.696 |
| Fernkloof | Inferred | 7,699,560 | 1.32 | 5.67 | 1.405 | 0.06 | 0.03 | 6.70 | 1.661 |
| Total Merensky and UG2 | Inferred Mineral Resources | ||||||||
|
|
| Resource Tonnes | Width (m) | 3PGE+Au (g/t) | 3PGE+Au (MOzs) | Ni (%) | Cu (%) | 6PGE+Au (g/t) | 6PGE+Au (Mozs) |
|
| 132,480,493 | 1.18 | 5.24 | 22.329 | 0.11 | 0.00 | 5.93 | 25.291 | |
| Mineral Resources by Classification |
|
|
|
| |||||
| Classification | Resource Tonnes | Width (m) | 3PGE+Au (g/t) | 3PGE+Au (MOzs) | Ni (%) | Cu (%) | 6PGE+Au (g/t) | 6PGE+Au (Mozs) | |
| Indicated | 11,561,359 | 1.05 | 5.28 | 1.964 | 0.13 | 0.08 | 5.87 | 2.184 | |
| Inferred | 120,919,133 | 1.19 | 5.24 | 20.365 | 0.11 | 0.06 | 5.93 | 23.107 | |