Jubilee Mines (JBM) yesterday released an update update on its...

Jubilee Mines (JBM) yesterday released an update update on its exploration and development activities in the Cosmos and Acra areas, including new drilling results from the Alec Mairs deposit. JBM’s share price continued to rally higher today, touching highs of $4.48. Macquarie Research Equities (MRE) maintain their outperform recommendation, and believe an aggressive exploration program over the next 12 months will substantially increase JBM’s reserve base.

JBM confirmed that drilling at Alec Mairs deposit has continued to intersect strong intervals of high grade massive nickel sulphides. These results indicate that the mineralised system is continuous and remains open in most directions.

At the Prospero Prospect, recent results from relatively wide spaced drilling continue to define the presence of extensive nickel sulphide mineralisation over a strike length of at least 1km.

MRE argue that the Alec Mairs deposit appears to be shaping up as at least a third of the longitudinal area of the Cosmos Deeps deposit and remains open in almost all directions. Every 10kt of contained nickel discovered adds 40-50c to MRE’s valuation.

MRE maintain their long term outperform recommendation, and forecast a 12 month price target of $5.00.