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Tjate Platinum Project (South Africa)

 
 

In March 2017, Tjate Platinum Corporation (Pty) Ltd notarially executed the grant of a mining right by the Department of Mineral Resources. Jubilee holds a 63% direct and indirect interest in the Project.

The Tjate platinum project (Project), is situated, on the eastern limb of the Bushveld Complex. The Project is located down-dip of Anglo Platinum’s Twickenham and Impala Platinum’s Marula mines. The Project’s Merensky and UG2 platinum reefs (Reefs) targeted for initial mining lie between 600 metres and 1,000 metres below surface.

The Project is independently judged to contain arguably the world’s largest undeveloped defined block of platinum ore. The property covers 5,140 hectares on three farms and the area has been independently appraised to contain a potential net 65 million ounces of platinum group elements (PGEs) and gold. This represents the resource targeted for future exploratory drilling.

This targeted estimate, which derives from the extrapolation of current drilling results is approximately three times greater than the currently indicated and inferred SAMREC-compliant resource estimate shown below. The resource estimate was derived from exploratory drilling completed in May 2009.

The Project’s Reefs extend to depths greater than 1,600 meters, offering significant potential to extend or expand production in future.

 

 
 
 
 
 

Tjate Mineral Resource Estimate

 
 

 

Classification

Tonnes (million)

3PGE+Au (g/t)*

3PGE+Au (Moz)

   
 

 

Indicated

11,561,359

5.28

1.964

 

 
 

 

Inferred

120,919,133

5.24

20.365

 

 
 

 

Total

132,480,493

5.250

22.329

 

 
     
 

 

Reef

Tonnes (million)

Width (m)

3PGE+Au (g/t)*

3PGE+Au (Moz)

   
 

 

Merensky

56,273,224

1.10

4.66

8.429

   
 

 

UG2

76,207,269

1.24

5.67

13.900

   
 
*3PGE+Au: platinum, palladium, rhodium and gold
 
 
 
 
   
 

Subsequent infill drilling completed in February 2011 has confirmed continuity of both the Merensky and the UG2 reefs. The Merensky results match the previous drilling results while the infill UG2 results show both improved average 4E grade (by approximately 0.9g/t 4E) and reef thickness over previous results.

 
 

Merensky Reef infill drilling results

 
 

Merensky best mine cut average (80 cm cut-off)

 
 

 

Borehole

Cut type

Ave 4E g/t

Ave Cu %

Ave Ni %

Ave width m

   
 

 

DT43

Typical

3.51

0.14

0.24

1.06

   
 

 

DT44

Typical

4.79

0.16

0.27

0.83

   
 

 

DT45

Typical

4.36

0.09

0.15

2.25

   
 

 

DT46

Typical

3.63

0.13

0.21

1.05

   
 

 

DT47

Faulted/Disturbed

3.85

0.004

0.008

1.03

   
 

 

DT48

Typical

4.57

0.21

0.29

0.98

   
 

 

DT49

Typical

4.11

0.15

0.21

1.07

   
 

 

DT50

Typical

5.03

0.15

0.22

1.42

   
 

 

DT51

Typical

3.17

0.11

0.19

1.07

   
 

 

Weighted average infill drilling

 

4.23

0.13

0.20

1.20

   
 

 

Previous drilling

 

4.24

0.11

0.19

1.15

   
 

 

All drilling to date

 

4.24

0.11

0.19

1.16

   
 
 
 
 

UG2 infill drilling results

 
 

UG2 cut averages (chromitite only)

 
 

 

Borehole

Cut type

Ave 4E g/t

Ave Cu %

Ave Ni %

Ave width m

   
 

 

DT43

Normal

8.40

0.05

0.08

0.89

   
 

 

DT44

Normal

8.01

0.059

0.073

0.69

   
 

 

DT45

Normal

9.30

0.030

0.049

0.67

   
 

 

DT46

Normal

8.28

0.047

0.056

0.73

   
 

 

DT47

Normal

6.72

0.049

0.073

0.47

   
 

 

DT48

Normal

8.92

0.038

0.069

0.63

   
 

 

DT49

Normal

6.94

0.006

0.0247

0.80

   
 

 

DT50

Normal

11.26

0.07

0.10

0.97

   
 

 

DT51

Normal

11.93

0.02

0.05

1.25

   
 

 

Weighted average infill drilling

 

9.26

0.039

0.064

0.79

   
 

 

Previous drilling

 

8.35

0.045

0.078

0.60

   
 

 

All drilling to date

 

8.69

0.043

0.073

0.66

   
 
 
 
   
 

   
 

 

     
 

Tjate’s financial evaluation differs from that of its counterparts elsewhere in South Africa’s platinum sector in the Company’s ability to integrate the effects of ConRoast processes on the overall project. In essence , ConRoast is estimated to enhance the project’s value by $0.5 billion over 20 years (basis 2012 metrics)

 

The ConRoast process overcomes the smelting problems associated with the high chrome content of ore from the UG2 reef relative to that that of the Merensky reef.

 
   
 

Effects of ConRoast on Tjate scoping study economics

 
 

Key assumptions - initial development

 
 

 

 

(15% of total resources - Merensky only)*

Effect of ConRoast and leach

   
 

 

ROM grade

5.0g/t (3PGE+Au); 0.22% Ni; 0.13%Cu

No change

   
 

 

Resource

47Mt from 600m to 1,100m

No change

   
 

 

Production

335,000oz per annum (3PGE+Au)

No change

   
 

 

Life-of-mine

20 years (full production)

No change

   
 

 

Throughput

200,000tpm

No change

   
 

 

Operating cost

R350/tonne ore

R415/tonne ore

   
 

 

Capital cost ConRoast

-

US$100 million

   
 

 

Payability for PGEs

82%

96%

   
 

 

Payability base metal

70%

96%

   
 

 

Chrome penalty

Yes (if UG2 treated with MR)

No

   
 

 

NPV @ 5% discount

US$1.2 billion

US$1.7 billion

   
 
Source Qinisele Resources 2012
 
     
   
 

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