Major nickel boost for Jubilee

JUBILEE Mines’ excitable executive chairman Kerry Harmanis has long extolled the nickel virtues of the Cosmos area in Western Australia. Vindication appears at hand with a 55% increase in the contained nickel at the Prospero discovery to nearly 52,000 tonnes.
Major nickel boost for Jubilee Major nickel boost for Jubilee Major nickel boost for Jubilee Major nickel boost for Jubilee Major nickel boost for Jubilee

Jubilee executive chairman Kerry Harmanis

Michael Quinn

Prospero contains 960,000 tonnes grading 5.4% nickel, and Jubilee said “expectations are that the resource will continue to grow”. Mineralisation starts at about 500m depth.

A recent drill hit assayed 28m at 3.97% nickel, including an interval of 10.1m at 8.35% nickel. Three diamond rigs are continuing to probe the resource, which is said to remain open in most directions.

Prospero is situated 4.5km south of the company’s bonanza Cosmos mine, with Jubilee recently committing $6 million towards a six-month feasibility study at the discovery ahead of possible production from the September quarter of 2007.

On current calculations it’s believed that production from Cosmos will be exhausted around 2007/08, freeing up the Cosmos plant for Prospero ore. To date, Cosmos has yielded more than 706,151t grading 8.18% nickel.

Jubilee shares were up 19c to $6.08 in early afternoon trade.

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Most read Exploration / Development