Jubilee Mines reports 30.5m at 7.6pc nickel11:35, Wednesday, 6...

Jubilee Mines reports 30.5m at 7.6pc nickel

11:35, Wednesday, 6 April 2005

Sydney - Wednesday - April 6: (RWE Australian Business News) -
Jubilee Mines NL (ASX: JBM) reports latest drilling at the Prospero
Deposit, 4.5 kilometres south of the Cosmos Mine, has intersected both
significantly wider zones of nickel sulphide mineralisation than
previously encountered and extended the mineralisation further down-dip.
Results from this drilling are:
* BJD112d 30.5 metres at 7.6% Nickel (includes 8.75m at 12.4%
* BJD082g 19.5 metres @ 1.6% Ni (includes 2.3m @ 5.6%Ni) and
4.75 metres @ 3.0% Ni
* BJD119 1.72 metres @ 9.1% Ni and 0.57 metres @ 11.0%.
BJD112d intersected a broad zone (estimated true width 20
metres) of massive, massive-breccia and massive-stringer high tenor,
nickel sulphides hosted by a package of felsic volcanic rocks internal
to the ultramafic sequence.
This result suggests that in this location the mineralisation is
getting thicker down-dip.
BJD082g intersected a broad zone (estimated true width 14
metres) of massive-breccia and massive-stringer high tenor, nickel
sulphides hosted by a package of felsic volcanic rocks internal to
the ultramafic sequence. The lower grades returned from this hole are
indicative of local scale variations in the distribution of massive
sulphides within the broader mineralised envelope.
BJD119 was drilled as a large step out test, down-dip of
previous drilling. The hole intersected a zone of massive-breccia and
massive-stringer high tenor sulphides in the target zone, indicating the
continuity of the mineralisation down-dip of its currently defined
position.
Indications are that at least within the central part of the
deposit, the mineralisation is getting thicker with depth. The entire
area of mineralisation remains open in most directions and the results
of down hole electromagnetic surveys (DHEM) continue to provide further
support for extensions to the currently defined extent of the Prospero
mineralisation.
Drilling is continuing with 4 diamond holes currently in
progress designed to test strike extensions to the north and south, and
a large step out hole to test for further down-dip extensions.
On the basis of the existing drilling, an initial inferred
resource is currently being prepared for release in late April.