Jubilee Metals Regulatory News (JLP)

21 Jun 2005 10:23

Jubilee Platinum PLC21 June 2005 21 June 2005 AIM: JLP JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Jubilee Completes Geophysics and Commissions Drilling On Promising Targets at its Londokomanana Concession in Madagascar Jubilee announces today the results of an induced polarisation ("IP") geophysicsprogramme over its platinum group metals ("PGM") -nickel ("Ni") -copper ("Cu")Lavatrafo property in the Londokomanana region of the Mahajanga province,Madagascar. This programme, comprising of gradient and dipole-dipole ("DPDP")array surveys undertaken by Spectral Geophysics Ltd, is a follow-up of thegravity survey programme over the same area announced on 28 January 2005. Thesurvey commenced in May 2005 and field work terminated on 11th June 2005. Significant highlights, indications and inferences arising from the survey were: • a geological model is developing whereby the previously identified PGM-Ni-Cu mineralisation in Lavatrafo is located at the contact between zones of near zero chargeability and high chargeability respectively (as derived from gradient array IP); • that the DPDP array chargeability anomaly correlates directly with the high PGM-Ni-Cu values obtained in trenching by Jubilee and with associated disseminated sulphides intersected in an earlier but believed to be incomplete drilling by the Bureau de Recherche Geologiques et Minieres (BRGM); • that applying the above geological model, based on the mineralisation and geophysics identified in the Antsahabe region which are now believed to be similar to that at Lavatrafo, leads to a potential for some 27 kilometres of PGM-Ni-Cu mineralisation. Colin Bird, CEO of Jubilee, said: "This was a very productive geophysicsprogramme as we believe we now have a better understanding of the mineralisationin Londokomanana and our analysis indicates the potential for at least 27kilometres of PGM-nickel-copper mineralisation. This moves the project towardsbeing a world-class resource. We have reached an important stage for our firstMadagascan project and on the basis of our model have commissioned a 2000 metredrilling programme to commence immediately." Cas Lotter, managing director of Spectral Geophysics, reports as follows: "The results of an orientation DPDP array IP survey conducted over BRGM boreholeLVF C8, indicated that the intersection of high PGM grades is located at thecontact between zones of practically zero chargeability and high chargeability.The IP response is diagnostic to the extent that gradient array IP was used tomap 5.5 kilometres of contact zone, distributed over four NNW-SSE strikingultramafic 'packages' or lenses. "The disseminated sulphides intersected at the bottom of LVF C8 correlatedirectly with high DPDP chargeability values. Quantitative modelling of theDPDP data indicates that the borehole did not completely penetrate thechargeable body. The high Cu-Ni values obtained in a trench dug along the traceof LVF C8 can be directly correlated with the derived body of highchargeability. "Similar DPDP array responses were obtained over the contact zones of all fourof the ultramafic lenses investigated. In some cases both the western andeastern contact zones appear to be prospective for disseminated sulphides. "A number of isolated zones of high chargeability were detected at depth,outside the ultramafic lenses. The sources of these anomalies will be drilltested during the forthcoming drilling project. "The results at Lavatrafo have also led to a better understanding of thegeophysical response obtained in the MAB* area. A number of areas, which werepreviously not considered for follow-up, have been selected for more detailedinvestigation, based on the Lavatrafo results." * MAB Mavoandro-Antsahabe-Borokely Spectral Geophysics, a geophysical consulting and contracting company based inGaborone, Botswana, has more than 20 clients, including Rio Tinto, BHP Billitonand Barrick Gold, and extensive experience throughout Africa. The Londokomanana project is located approximately 150 kilometres north of theMadagascan capital Antananarivo. 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