Hurrah! Hurrah! We bring the Jubilee

The prospects are there, but now it is a question of turning them to account. That is what faces Jubilee Platinum, which is listed on AIM (code JLP, market capitalisation £25 million or approximately $46 million) and whose strategy is to add shareholder value by bringing new platinum operations into production by way of successful exploration or acquisition, has announced the results of its latest geophysics programme over its platinum group metals deposit in Madagascar. And it looks as if there is the potential for a world-class prospect and drilling is to commence immediately.

Jubilee recently raised £1.6 million in a conditional placing with a view to stepping up its drilling on the Tjate project in South Africa to run concurrently with the exploration work in Madagascar, where the company is to undertake geochemical and geophysical exploration as well as trenching and drilling at its three prospective sites; at Londokomania, at Pachoud and at Lanjanina. It is in respect of the first of these that it has made its recent announcement.
Jubilee has ten year exploration permits on 15,625 hectares on the Lavatrafo area in the Londokomanana district, which lies in the Mahajanga province of north central Madagascar and where exploration by the French geological survey BRGM located primary PGM sulphide mineralisation during the 1960s. Initial reconnaissance and soil sampling by Jubilee have identified one specific 700 metres long and 300 metres wide, which includes clear and continuous copper and nickel grades in excess of 0.1% Cu and 0.34% Ni (peak values 0.28% Cu and 0.88% Ni). Stream sediment sampling and lithological observation also indicated the potential for similar mineralisation to extend on strike for some 10km.
The latest exercise was an induced polarisation geophysics programme over the property. The programme, undertaken by Spectral Geophysics was a follow-up of the gravity surveys undertaken over the same area, the results of which were announced in January 2005.

Fieldwork covered four ultramafic lenses and was completed on June 11.. The results show that the PGM-Ni-Cu mineralisation at Lavatrafo correlates directly with the values that Jubilee had obtained by trenching and also with associated disseminated sulphides that were intersected previously by BRGM in a programme of drilling that the company believes was incomplete, a comment implicitly borne out by the comment from the managing director of Spectral Geophysics that the BRGM borehole did not completely penetrate the chargeable body that the consultant was investigating

When this model is combined with the mineralisation and geophysics already identified in the Antsahab region, there is the potential for 27 km of PGM-Ni-Cu and the company is commencing a 2,000 metre drilling programme immediately. Spectral also reports that there were a number of isolated zones outside the ultramafic lenses and these will be investigated during the drilling programme.

While it is far too early to postulate on the size of the deposit the length of strike, and the width of the anomaly, which is up to three kilometres, plus two parallel zones, suggests that this could be a significant project in the making.

By: Rhona O'Connell
Posted: '23-JUN-05 13:00' GMT © Mineweb 1997-2004

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