Shares in Western Australian-based miner Jubilee Mines NL jumped 30 cents today on confirmation of a significant new nickel discovery at its 100 per cent-owned Bannockburn nickel project near Leonora in WA.
Shares in Western Australian-based miner Jubilee Mines NL jumped 30 cents today on confirmation of a significant new nickel discovery at its 100 per cent-owned Bannockburn nickel project near Leonora in WA.
On the strength of the results, Jubilee has moved to fast-track resource definition and extension drilling across the known mineralisation at its Sinclair prospect, at the Bannockburn project, with two diamond drill rigs now working on a 24-7 basis to in-fill the mineralisation and test down-plunge extensions to the north.
Jubilee executive chairman Kerry Harmanis said that the results had confirmed fresh, primary nickel sulphide mineralisation had now been defined at Sinclair over a 200 metres strike length, within a broader mineralised system that currently extends for approximately 700 metres.
"Sinclair is clearly shaping up as a new nickel sulphide system which, based on the results to date, has the potential to develop as a significant satellite deposit for the Cosmos operations, being located within trucking distance of the Cosmos mill," Mr Harmanis commented.
"On the strength of the results to date, we have allocated additional resources to the drill-out of the Sinclair deposit, with two rigs now working around the clock to work towards an initial resource estimate, which we would aim to complete during the September quarter."
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JUBILEE CONFIRMS SINCLAIR NICKEL SULPHIDE DISCOVERY
- Follow-up drilling intersects wide zones of fresh, massive nickel sulphide mineralisation up to 75 metres down-plunge at its Sinclair Prospect (Bannockburn Project).
- Confirms potential for new nickel sulphide deposit - resource drilling to be fast-tracked.
Jubilee Mines NL (ASX: JBM) has confirmed a significant new nickel sulphide discovery at its 100%-owned Bannockburn Nickel Project near Leonora in Western Australia (Figure 1), 100 kilometres south of its Cosmos nickel operations, after announcing that follow-up drilling at the Sinclair Prospect has returned thick massive and disseminated nickel sulphide intersections.
On the strength of the results, Jubilee has moved to fast-track resource definition and extension drilling across the known mineralisation at Sinclair with two diamond drill rigs now working on a 24-7 basis to in-fill the mineralisation and test down-plunge extensions to the north.
Diamond drilling to test down-plunge extensions of a thick zone of fresh massive nickel sulphide mineralisation announced last month intersected additional thick massive and disseminated nickel sulphide mineralisation up to 75 metres down-plunge. In addition, a number of in-fill holes have successfully confirmed the continuity of the previously reported results.
Previously reported intersections from Sinclair included 14.5 metres @ 4.5% Ni (including 9.6 metres @ 5.6% Ni) and 9.0 metres @ 2.1% Ni.
"These results have confirmed that fresh, primary nickel sulphide mineralisation has now been defined at Sinclair over a 200 metres strike length, within a broader mineralised system that currently extends for approximately 700 metres," said Jubilee's Executive Chairman, Mr Kerry Harmanis.
"Significantly, the intersection of 36.5 metres @ 3.49% Ni was recorded approximately 75 metres down-plunge to the north of the previous drilling and suggests that the mineralised system may be strengthening in this direction, where it remains totally open," he added. "Results from the down-hole electromagnetic surveys of these holes are pending."
"Sinclair is clearly shaping up as a new nickel sulphide system which, based on the results to date, has the potential to develop as a significant satellite deposit for the Cosmos operations, being located within trucking distance of the Cosmos mill," Mr Harmanis commented. "While further work remains to be done, the scale of the broader mineralised system indicates that with additional drilling it may have the potential to underpin a standalone mine development."
Mr Harmanis said the results confirmed that a significant mineralised system was emerging at both the Sinclair Prospect and the Cody Well Prospect, located 1 kilometre to the south of Sinclair, with the broader system extending over a strike of approximately 2 kilometres and remaining open in all directions.
"This discovery really opens up the entire Bannockburn region", he added. "In a wider context, the Sinclair zone is located within a prospective geological trend that extends over a strike length of approximately 40 kilometres, and we have only really just scratched the surface in a small part of this broader area."
"It is very exciting to be able to confirm a significant new discovery which once again supports our commitment to a primary growth strategy via exploration," Mr Harmanis said. "It builds on the excellent ongoing exploration work around the Cosmos area and reinforces our belief in the quality of our exploration asset base, both at Cosmos and at our regional projects."
Mr Harmanis concluded: "On the strength of the results to date, we have allocated additional resources to the drill-out of the Sinclair deposit, with two rigs now working around the clock to work towards an initial resource estimate, which we would aim to complete during the September quarter."
The details contained in this report that pertain to ore and mineralisation is based upon information compiled by Mr Peter Langworthy, a full-time employee of the Jubilee Mines NL group of companies. Mr Langworthy is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Langworthy consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.
