Companies: JLP   

Jubilee Platinum says drilling results from Tjate in South Africa’s Bushveld could have a ‘significant impact on the project’s economics’.

The London-based company says six boreholes intersected the Merensky Reef and supported its assumption about much of its mineralised section being more than 1.84 metres thick. Drilling at one deflection in DT15, the ‘mother hole’, intersected an ‘apparent thickness of 3.8 metres and showed an average 5.4 grammes of platinum, rhodium, palladium and gold per tonne of ore, while borehole DT23 intersected these metals at 12.04 grammes a tonne, against the mother hole’s average grade of 4.04 grammes a tonne.

It is these ‘newly identified thicker areas’ which chief executive officer Colin Bird suggests could improve the economics of the project. He adds ‘accelerated drilling is rapidly advancing it towards a definitive resource estimate’.

Jubilee, which also has platinum, nickel and copper interests in Madagascar and raised £11million at 89p last November, has proved a volatile AIM performer since floating at 16p six years ago. The shares reached 127.5p last summer, but fell heavily later on.

Up 0.5p today to 34p, they value the company at £37.1 million.

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Jubilee Platinum	AIM	£12.56m	11.50p	-0.50p
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Drilling pleases Jubilee			21/02/2008
Uranium play joins PLUS			08/02/2008
Prospects delight Jubilee Platinum			18/01/2008
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