Business
Tjate resource statement
Tjate resource statement.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n RNS Number : 3559T Jubilee Platinum PLC 04 June 2009 \n \nJubilee Platinum plc ('Jubilee') \n4 June 2009\n\nAIM: JLP\nJSE: JBL\nRegistration number: 4459850\nISIN GB0031852162\n\n\nJubilee Announces Completion Of An Independent SAMREC Compliant Mineral Resource Statement On Its Flagship Tjate Project In South Africa.\n\n\nJubilee 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. \n\nHighlights\n\n\n'First mine' Mineral Resource estimate area shows a combined Indicated and Inferred Mineral Resource of 132.5 million tonnes (after geological losses) of the Merensky and UG2 Reefs at a combined Indicated and Inferred grade of 5.24g/t 3PGE+Au (platinum palladium rhodium and gold) containing 22 million oz 3PGE+Au and at an inferred grade of 5.94 g/t 6PGE*+Au (platinum, palladium, rhodium, iridium, ruthenium, osmium and gold) this area contains 25 million oz 6PGE+Au. This is based on the completion of 42 boreholes containing 154 reef intersections over the 'First mine' target area. \n\n\n\n\nThis 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.\n \n\n\n\nBased 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.\n\n\n\n\nThe 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, \n\n\n\nThe company is progressing the bankable feasibility study of the First mine and the above mentione...