Thanks MiningNews.NetJubilee enjoys strong intersectionRebecca...

Thanks MiningNews.Net

Jubilee enjoys strong intersection

Rebecca Keenan

Wednesday, June 23, 2004
JUBILEE Mines has intersected a high grade massive nickel sulphide some 350m south west of the existing mine at its Cosmic project in Western Australia.

A diamond drill hole intersected 2.95m grading 7.6% nickel, including 1.65m at 12.6% nickel, from 630m – the same depth as the Cosmos Deeps mine.

MiningNews.net was unable to contact Jubilee's executive chairman Kerry Harmanis.

According to Patersons Securities analyst Hayden Bairstow, the intersection is basically the footwall of the neighbouring low grade disseminated Anomaly 1 prospect

The Anomaly 1 prospect has the potential to add at least ten years to the mine life of the project – the high grade resource is expected to be depleted in 2008 – with an estimated resource of 8-9 million tonnes at 1.1% nickel expected to be announced in the coming weeks.

Bairstow said Jubilee would probably now test the ground from the intersection back to Cosmos mine.

Jubilee is currently completing downhole electromagnetic surveys and modelling.

Shares in Jubilee pushed up 4.75% to $3.97 in early afternoon trade on the ASX.