JOHANNESBURG (miningweekly.com) – Platinum explorer and developer Jubilee Platinum would advance its flagship Tjate project, in South Africa, to feasibility study stage, CEO Colin Bird said on Thursday.

This comes after a Samrec-compliant resource statement estimated that the project could contain an attributable 44-million ounces of six platinum group-metal elements and gold.

The Aim- and JSE-listed Jubilee said in a statement that the gross metal value could be around $30-billion, using market prices of around $1 200/oz for platinum and $200/oz for palladium.

“This is a major advance for the Tjate project,” said Bird, adding that Tjate represented a “major” undeveloped platinum resource.

Jubilee said that the “first mine” area resource estimate shows a combined indicated and inferred mineral resource of 132,5-million tons of the Merensky and UG2 reefs at a combined indicated and inferred grade of 5,24 g/t platinum, palladium, rhodium and gold.

Based on this data, and the boreholes drilled, the company said it believes that an exploration target of 368-million tons, containing 70-million ounces of platinum group-metals and gold was possible over the three farms of the Tjate project.

The resource statement indicated that the Merensky reef resource is of a size and grade that could provide a standalone resource to sustain a 20-year life-of-mine project, treating 200 000 t/m, producing about 320 000 oz/y of platinum, palladium, rhodium and gold.

The Tjate project, in which Jubilee owns a 63% stake, comprises three contiguous farms, totalling 5 143 ha. The project area is down dip from Impala Platinum’s Marula mine, and Anglo Platinum’s Twickenham mine.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.