A drilling campaign comprising 60 holes – both primary and sample wedge holes – has been completed for a total of 21,121m as the company concentrates on infill drilling to the central part of the deposit to enable geological interpretation of the mineralised zone to be undertaken, and to commence modelling and calculation of the mineral resource.

Kerry Harmanis

Five holes intersected significant massive and breccia nickel sulphide mineralisation to the west of a previously discovered felsic porphyry intrusive originally interpreted to have terminated the mineralisation.

Because of the shallow east-dipping orientation of the mineralised zone, these intercept widths are very close to being true widths - 2.15m grading at 12.7% Ni from a depth of 630.1m; 2.35m at 12.8% Ni from 635.9m; 7.7m at 6.92% Ni from 561.95m; 20.4m at 8.94% from 574.6m; and 10.05m at 12.6%Ni from 594.05m.

Managing director Kerry Harmanis told the Diggers and Dealers forum in Kalgoorlie at the end of July that Cosmos could head underground into the Deeps as early as the first quarter of 2001.

It already has an agreement in place under which Inco Ltd of Canada will purchase the first 30,000 tonnes of nickel from the new Deeps.

The deposit remains open up-dip to the west, down-dip to the east, and along strike to the north and south.

Drilling of the extensions to the mineralisation will continue after the finalisation of the initial mineral resource calculation, the company said

Jubilee shares ended the day unchanged at $1.50.