The larger Hernic Tailings are estimated (2014) at 3.3 million tonnes of which 1.7 million tonnes are independently assessed in the measured SAMREC Code category, with mineable assay of 2.8g/t PGE + minor gold. Current tailings from Hernic continue to be added to the Hernic Tailings at the rate of about 17,000 t/mth. The Hernic Tailings in total are estimated (2014) to contain 224,000 oz PGEs. Hernic is the world 4th largest integrated ferrochrome producer. The Company commenced operations of the fully integrated chrome and PGE processing facility with first PGE production during March 2017.
The DCM Tailings which are independently estimated (November 2014) at 1,100, 000 tonnes are believed to assay between 3.5 and 4.0 g/t PGEs and to contain between 90,000 and 100,000 ozs PGEs. The Company commenced production from DCM Tailings in April 2016. The PGE-bearing tailings (“PGE Tailings”) in the waste from the chromite recovery section, which upgrades the PGE Tailings to about 6 to 7 g/t PGE, are being stored prior to processing in a new dedicated onsite PGM recovery plant.
Jubilee expands its surface processing footprint into Zambia to recover lead, zinc and vanadium from historical surface deposits. A binding agreement to form a joint venture with AIM quoted BMR Group PLC was executed.
Jubilee acquired the sole rights to its third PGE-bearing surface material: 1.25 million tonnes of surface material at PlatCro as well as all future surface material. The existing surface material has an estimated grade of 2.7 g/t 4E PGEs (platinum, palladium, rhodium and gold). The acquisition is targeted to add 14 000 oz PGEs annually to Jubilee’s existing PGE production from tailings and 3rd party ore. This acquisition places the Company’s production trajectory at stable operations at 50 000 oz PGEs per annum with no exposure to deep level mining. The company signed a profit sharing deal with Northam Platinum Ltd to use its platinum recovery plant in South Africa to process PGMs. The deal – with wholly owned Northam subsidiary Eland Platinum Holdings Ltd – will see Northam fund the refurbishment of the platinum recovery circuit. After this, Jubilee will begin transporting platinum rich material to Northam from June 2018. The agreement projects a minimum of 60,000 tonnes being processed per month, producing an estimated 2 800 ounces per month.
The Company’s prime asset in South Africa is Tjate Platinum Corporation (Pty) Ltd’s (“Tjate”) Tjate platinum project (“Tjate Project”or “Project”), in which It has a 63% beneficial direct and indirect interest: a direct 49% interest and an indirect 14% interest. The Project’s exploration area is independently judged to host the world’s largest undeveloped block of defined platinum ore, covering some 5,140 hectares with a potential exploration target of some 65 million oz net (41 million oz attributable) of PGEs (platinum, palladium and rhodium) and gold (Au). The Project currently has a SAMREC compliant indicated and inferred resource estimate of 132.5 million tonnes containing 22.3 million oz PGE+ Au.