News

June 10, 2009

Jubilee Platinum Bounces Back With Maiden Resource Numbers For The Tjate Platinum Project In South Africa

By Alastair Ford

Tjate has always been the flagship property which has underpinned Jubilee Platinum. So says Jubilee chief executive Colin Bird when Minesite phones him up for a chat after Jubilee issued an upbeat assessment of the project’s potential. Based on the analysis of core from 42 boreholes, independent consultants The Mineral Corporation have signed off on a SAMREC indicated and inferred resource of 22 million ounces 3PGE (platinum, palladium and rhodium) plus gold at an average grade of 5.24 grammes per tonne. Widening the platinum elements net to include iridium, ruthenium and osmium adds a further three million ounces to the project.

But that’s not all. Based on the knowledge gleaned thus far, Jubilee now believes that across the three Tjate farms, all located on the eastern limb of South Africa’s platinum-prolific Bushveld complex, the potential is for a project amounting to 70 million ounces 6PGE plus gold. All of which has come as a nice fillip to a company that was rather on the back foot earlier in the year, as markets turned against it, almost with a vengeance, and pummeled the shares from a June 2008 high of 65p down...