Jubilee Metals Regulatory News (JLP)

22 Feb 2007 07:01

Jubilee Platinum PLC22 February 2007 JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Update from Ambodilafa Project, Madagascar Nickel-Copper Sulphide Mineralisation Intersected Jubilee is pleased to announce that it has intersected semi-massive to massivenickel ("Ni") - copper ("Cu") sulphide mineralisation with its third diamonddrill hole ALF3 on the Ambodilafa prospect in Madagascar. The large 4km wide by 14km long Ambodilafa concession lies within the extensiveVohipaha mafic ultramafic intrusive system, 160km southeast of the Madagascancapital Antananarivo. The prospecting licence is held 100% by Jubilee's whollyowned Madagascan subsidiary Mineral Resources of Madagascar ("MRM"). ImpalaPlatinum Holdings ("Implats") has an option agreement with Jubilee to earn in a51% interest in the project. Highlights: • Massive, semi-massive, net textured and disseminated nickel-coppersulphide mineralisation was intersected at a depth of 24m and generallypersisted, although not continuously, to a depth of some 220m • The intersections include at a cut-off of 0.2%Ni over 1m: 2.4m (from 24.4m to 26.8m) grading 0.76% Ni, 0.31% Cu, 0.31g/tgold-platinum-palladium ("3E") and 0.04% cobalt ("Co"). Gross metal value ("GMV") of US$300/t rock at current prices* 2.2m (from 50.8m to 52.9m) of 1.29% Ni, 0.76%Cu, 0.11g/t 3E and 0.05% Co (GMVUS$515/t) 5.5m (from 93.4 to 98.9m) of 0.63 % Ni, 0.16% Cu, 0.06g/t 3E and 0.03% Co (GMVUS$242/t) 6.5m (from 197.7m to 204.2m) of 0.61% Ni, 0.30% Cu, 0.12g/t 3E and 0.02%Co(GMV US$241/t) • The discontinuous bands of mineralisation between 24m and 222mtotal 55m with weighted average grade of 0.42 % Ni and 0.23% Cu at a cut-off of0.20% Ni and 28m with weighted average grade of 0.61% Ni and 0.28% Cu at acut-off 0.3% Ni. *Current Prices US$/oz: Pt 1100; Pd 300; gold 600. US$/t: Ni 35000; Cu 5000;Co US$20/lb GMV does not take into account any geological and metallurgical losses. Although earlier drillholes ALF01 and ALF02, which targeted the VTEM geophysicalanomaly announced in December 2005, did not intersect significant base metalsulphide mineralisation, a significant value of 0.35g/t 3E was encountered atthe end of ALF01 over a 2m intersection from 198m to 200m (end of hole).Drilling depth was limited in this early exploration phase by the equipmentavailable. The nature and significance of the VTEM anomaly is still beingevaluated with further downhole geophysics proposed for the coming field season. Historical data indicated sulphide mineralisation to the immediate west of theVTEM anomaly and ALF03 was sited to confirm and characterise the mineralisation. Selected mineralised intersections are summarised in Tables 1 and 2 below fordifferent Ni cut-off grades, namely 0.20%Ni over 1m and 0.30% Ni over 0.5m. Table 1: ALF 3 Selected drill intersection results at a cut-off of 0.20% Ni over1m From To Interval 3E Cu Ni Co GMV m* m* m* g/t % % % US$/t** 24.4 26.8 2.4 0.13 0.31 0.76 0.04 301 50.8 52.9 2.2 0.11 0.76 1.29 0.05 515 90.9 98.9 8.0 0.06 0.23 0.55 0.03 216 including 93.4 98.9 5.5 0.06 0.16 0.63 0.03 242 104.4 112.4 8.0 0.06 0.13 0.28 0.01 111 including 109.9 112.4 2.4 0.12 0.21 0.54 0.02 210 133.2 139.3 6.0 0.06 0.13 0.28 0.01 144 including 138.0 139.3 1.3 0.08 0.17 0.54 0.03 210 163.6 169.3 5.7 0.09 0.24 0.28 0.01 119 including 163.6 165.4 1.7 0.08 0.24 0.34 0.02 141 166.5 169.4 2.9 0.10 0.27 0.30 0.01 126 180.2 186.5 6.3 0.08 0.21 0.34 0.02 139 including 185.0 186.5 1.5 0.11 0.25 0.49 0.02 197 191.8 196.9 5.1 0.09 0.19 0.25 0.01 104 197.7 204.2 6.5 0.12 0.30 0.61 0.02 241 222.0 226.7 4.7 0.12 0.19 0.20 0.01 86 including 222.0 224.2 2.2 0.13 0.22 0.24 0.01 101 Table 2: ALF3 Selected drill intersection results at a cut-off of 0.3% Ni over0.5m From To Interval 3E Cu Ni Co GMV m* m* m* g/t % % % US$/t** 24.4 25.9 1.5 0.20 0.46 1.11 0.05 437 50.8 52.4 1.6 0.14 0.99 1.64 0.06 654 94.4 98.9 4.5 0.06 0.17 0.72 0.03 276 including 95.4 96.0 0.6 0.10 0.21 1.04 0.04 394 98.0 98.9 0.9 0.10 0.22 1.16 0.06 444 109.9 112.4 2.4 0.08 0.15 0.39 0.02 153 134.4 139.2 4.8 0.06 0.16 0.38 0.02 150 including 134.4 136.7 2.3 0.07 0.16 0.39 0.02 154 138.4 139.2 0.8 0.11 0.19 0.69 0.03 267 164.5 165.4 0.9 0.10 0.30 0.47 0.02 194 166.5 167.7 1.3 0.09 0.31 0.39 0.02 161 180.3 185.9 5.9 0.08 0.22 0.35 0.02 143 including 182.7 183.8 1.1 0.10 0.24 0.48 0.02 190 185.0 185.9 0.8 0.12 0.30 0.69 0.04 275 192.7 193.7 1.0 0.09 0.17 0.34 0.01 136 197.7 202.1 4.4 0.11 0.35 0.80 0.03 312 * Apparent thickness **Prices US$/oz: Pt 1100; Pd 300; gold 600 US$/t: Ni 35000; Cu 5000; CoUS$20/lb Colin Bird, CEO of Jubilee commented, "These significant drilling resultsconfirm our belief that the Ambodilafa project has substantial nickel and coppermineralisation. We have now identified a highly prospective target and in thecoming season we will embark on continued exploration work focussing on furtherregional mapping, soil sampling, geophysics and drilling." Ambodilafa JV Project Jubilee/MRM have granted Implats, the world's second largest platinum producerand one of the most efficient platinum group metal metal producers in the world,the sole exclusive right and option to acquire incrementally an undivided 51%interest in the Ambodilafa property by funding, in four phases, a total of US$5million towards exploration. Implats may accelerate this expenditure if itelects. Mineralisation is associated with massive, semi-massive, net textured anddisseminated pyrrhotite and chalcopyrite, hosted by pyroxenite, olivinepyroxenite, peridotite and olivine gabbro lithologies. The textures observedsuggest an orthomagmatic origin to the mineralisation due to primary magmaticsulphide segregation within an ultrabasic intrusive body. Borehole ALF3 was sited to confirm and characterise mineralisation previouslyreported by the Bureau de Recherches Geologiques et Minieres ("BRGM") duringtheir 1960's drilling campaign. The original BRGM drill logs and drill core forthis area are not available. Set Point Laboratories (ISO 17025 and SANAS Accredited) in Johannesburg, SouthAfrica, carried out the analyses of the borehole samples. Quality control andassurance in place currently comprises of standards, blanks and check samplesaccounting for between 10% and 20% of samples submitted. For further information please contact: Colin Bird Cathy Malins / Annabel Leather Jubilee Platinum plc Parkgreen Communications LtdTel: +44 (0)7768 397 627 Tel +44 20 7851 7480 This information is provided by RNS The company news service from the London Stock Exchange