Business
Funding for Ambodilafa
Funding for Ambodilafa.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n Jubilee Platinum PLC\n06 August 2007\n\n JUBILEE PLATINUM PLC\n ('Jubilee' or 'the Company')\n\n\n Funding for Phase Two Exploration at Ambodilafa Project, Madagascar\n\n\nJubilee and its joint venture partner Impala Platinum Holdings ('Impala')\nannounce the approval of an exploration budget of up to US$1.25 million for\nphase two exploration at the Ambodilafa nickel-copper-platinum project in\nMadagascar. For the past year Impala has been providing full funding for the\nexploration programme at Ambodilafa.\n\nThis Phase two exploration programme will focus on a 10 to 12-hole drilling\nprogramme in three areas and further field exploration including mapping and\nsoil sampling necessary to extend the mineralized horizon identified during\nPhase 1 drilling.\n\nColin Bird, CEO of Jubilee, said; 'Several targets in the extensive Ambodilafa\narea require testing prior to more focused drilling. We are delighted that\nImpala has elected to participate in this next important phase of exploration'\n\nIn 2006, the Company drilled three holes in the southern portions of the\nlicence, of which one hole, drilled on a geochemical anomaly on the fringes of\nthe geophysical anomaly intersected massive, semi-massive, net textured and\ndisseminated nickel-copper sulphide mineralisation at a depth of 24m and which\ngenerally persisted, although not continuously, to a depth of some 220m. Higher\ngrade intersections included 2.2m at 1.29%Ni, 0.31%Cu, and 0.31g/t 2 platinum\ngroup elements (2PGE) + gold(Au) and 6.5m at 0.61%Ni, 0.30%Cu and 0.12g/t\n2PGE+Au.\n\nGeological mapping, geochemical sampling, reinterpretation of the geophysical\ndata and results of new radiometrics survey data recently made available have\nprovided new information on the extent and orientation of the intrusion and\ndelineated areas with potential for nickel-copper as well as PGE mineralization.\n\n\nAbout Ambodilafa\n\nThe Ambodilafa project lies within the 17.5 kilometre long by 6 kilometre wide\n(as revealed by new airborne radiometrics survey recently made available)\nVohipaha ultramafic intrusive southeast of the Madagascan capital Antananarivo.\nMineralisation is associated with semi-massive, net textured and disseminated\npyrrhotite and chalcopyrite hosted by pyroxenite, olivine pyroxenite, peridotite\nand olivine gabbro lithologies. The textures observed suggest a...