Business
Drill Update from Madagascar
Drill Update from Madagascar.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n Jubilee Platinum PLC\n04 January 2006\n\n\n \n JUBILEE PLATINUM PLC\n ('Jubilee' or 'the Company')\n\n Drilling and Exploration Update from Londokomanana project in Madagascar\n\n Jubilee reports significantly higher nickel grades in northern section of\n Londokomanana\n\n\nJubilee announces the results of its first borehole ANT1 drilled in the\nAntsahabe property, in the northern part of the Londokomanana concession ('\nLondokomanana') in Madagascar.\n\n\n\nHighlights\n\n\n• Borehole ANT1 intersects 48 metres total (apparent thickness) of\n multi-layered high-grade nickel-copper sulphide mineralisation close to \n surface (estimated to be 15 metres below surface)\n\n\n• Bulk mining weighted average grades up to 0.64% nickel and 0.13%\n copper (total copper equivalent of 2.0%) with in situ gross metal values \n ('GMVs') (nickel plus copper) from US$70 to U$90/tonne of rock. (Nickel \n values previously reported in Lavatrafo were between 0.26% to 0.52% )\n\n\n• Intersections include 5 metres at 1.0% nickel, 1.7 metres and 1.0\n metre both at 2.1% nickel with total copper equivalents ranging from 3.3% \n to 6.2% and GMVs from US$146 to US$278/tonne of rock (at today's prices*)\n\n\nThe full results from the drill core from collar to 122 metres below surface are\nappended and the results of the significant mineralised intercepts are shown in\nTable 1 below:\n\n\nTable 1 Grade of mineralised intercepts borehole ANT1\n\n\n From metres To Intercept Copper In-situ GMV US$\n /t\n Metres (apparent) metres Nickel Copper Equivalent\n\n % % %\n 17.2 44.5 27.3 0.64 0.13 2.0 91\n 54.2 71.8 17.6 0.60 0.12 1.9 85\n 76.6 80.9 4.3 0.53 0.11 1.6 74\n 21.5 26.5 5.0 1.05 0.20 3.3 146\n 33.6 34.6 1.0 2.09 0.14 6.2 278\n 60.1 61.8 1.7 2.06 0.09 6.1 273\n\n*Prices used: Nickel - US$13,000/t Copper - US$4,500/t\n\n\nColin Bird, CEO of Jubilee, said: 'This is a very pleasing result and the nickel\ngrades are strong for a bulk mining target. These base metal values compare\nfavourably with similar projects world-wide. Our objective is now to confirm a\nsignificant strike length in order to establish a resource to support a large\nbulk mining operation.'\n\n\n\nThe Antsahabe property includes some 22 kilometres of geophysical and\ngeochemical anomalies, which were identified through previous geochemical and\ngeophysical exploration by Jubilee in t...