| Tue 18 Sep 2007, 8:00 | | AEA - African Eagle Resources Plc - African Eagle |
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AEA
AEA
AEA - African Eagle Resources Plc - African Eagle Awarded Mokambo South
Prospecting Licence In The Zambian Copperbelt
African Eagle Resources plc
(Incorporated in England and Wales, registered number 3912362)
AIM share code: AFE & AIM ISIN: GB0003394813
JSE share code: AEA & JSE ISIN: GB0003394813
African Eagle awarded Mokambo South Prospecting Licence in the Zambian
Copperbelt
Highlights
Evaluation of archive data well advanced
Conceptual deposit of
6 Mt at 2.4% copper estimated from 1960s drilling
Diamond drilling planned to verify and augment historical resource
Advanced JV negotiations with licence holder at Mokambo North
African Eagle`s Managing Director Mark Parker commenting today said "The Mokambo
South licence represents a significant exploration target for us as it contains
a known copper deposit on the eastern limb of the Mufulira Syncline. The
Mufulira copper mine, on the opposite western limb of the syncline, is Africa`s
largest underground copper mine."
African Eagle Resources plc ("African Eagle" or "the Company"; Ticker: AIM: AFE,
AltX: AEA) today announces the award of the Mokambo South Prospecting Licence by
the Ministry of Mines, Zambia. The licence is situated in the Zambian
Copperbelt, approximately 90km northeast of Ndola by road, and forms a narrow
strip covering 15 square kilometres along the border between Zambia and the
Democratic Republic of Congo (DRC). The proximity of the licence to African
Eagle`s exploration activities at Ndola means that the Company can easily
conduct work in the area.
Much of the licence is underlain by the highly prospective Lower Roan and Mine
Series geological sequences, which host most of the world-class copper deposits
of Zambia and neighbouring DRC.
Mokambo lies on the eastern limb of the Mufulira Syncline. The Mufulira copper
mine, operated by Mopani Mines, is situated 15 km west of the licence, on the
western limb of the Syncline. The Mine has been in operation since 1933 and by
2000 had produced nine million tonnes of copper.
The Mokambo area contains at least six stratiform copper sulphide deposits,
grouped into three separate areas, referred to as the North, Central and South
zones. African Eagle`s licence covers the South zone. The mineralisation was
investigated by drilling by a Mufulira Mine team in the 1950s and by a Romanian
company, Geomin, in the 1970s. Geomin reported "probable and possible ore
reserves" across the three zones of 41 million tonnes at an average grade of
1.72% copper, using a cut-off of 1.2%. The company started to sink a shaft near
the central ore body in 1976, but abandoned development when it hit an aquifer
and the workings flooded.
Since 1950, 22 diamond drill holes have been drilled within the Mokambo South
licence area. Of these, 11 intersected significant copper mineralization, to
depths of 1400m, over a strike length of 1km. From the results reported from
these drill holes, the average grade of the mineralisation is 2.4% copper and
the average thickness is about 4.6m, indicating a deposit of about 6 million
tonnes with some 1.4 million tonnes of contained metal.
The Company is near to completing a thorough review of all existing data
including logging of historical Mokambo core stored at nearby Kalalushi and will
then undertake drilling to evaluate the Mokambo South Zone. This work will also
assess the potential for copper oxide mineralisation not previously tested by
drilling.
The adjacent Mokambo North licence was recently granted to UK-based Copperbelt
Minerals Ltd and the two companies are negotiating to explore both licences
jointly. The Mokambo North licence has been estimated to contain a conceptual
deposit of at least 3.85 Mt at 1.69% copper in two separate lenses, based on
reports of past drilling.
John Park
Chairman
African Eagle Resources plc
18 September 2007
For further information, see the Company`s web site www.africaneagle.co.uk or
contact one of the following:
Mark Parker
Managing Director
+44 20 7248 6059
+44 77 5640 6899
Nicola Marrin
Seymour Pierce
+44 20 7107 8000
Ed Portman / Leesa Peters
Conduit PR, London
+44 20 7429 6607
James Duncan
Russell & Associates, Johannesburg
+ 27 11 8803924 / +27 82 8928052
About African Eagle
African Eagle is a diversified mineral exploration and development company
operating in eastern and central Africa. The Company`s principal advanced
projects are the Mkushi Copper Mines project in Zambia and the Miyabi gold
project in Tanzania, which are being fast-tracked towards production. The
Company also holds a large well-balanced portfolio of promising earlier stage
gold and base metal projects, including the Ndola copper project and the Eagle
Eye iron-oxide copper gold project.
Zambia, Tanzania and Mozambique, the sites of African Eagle`s projects, are all
countries which have highly prospective geology, relatively low above ground
risks and track records of successful major investments in the metals and
minerals industries.
African Eagle specialises in project generation and exploration. To take its
discoveries into production, it seeks to sign up industry partners with records
of successful mine development. These joint ventures and, in time, the revenue
from advanced projects, will finance future exploration and new discoveries.
Qualified Person
Information in this report relating to exploration results is based on data
reviewed by Mr Christopher Davies BSc, MSc, DIC, FSEG, FAusIMM, Operations
Director for African Eagle, who is a Fellow of the Australasian Institute of
Mining and Metallurgy, has more than 26 years relevant experience in mineral
exploration and is a Qualified Person under AIM rules. Mr Davies consents to the
inclusion of the information in the form and context in which it appears.
Technical terms
A glossary of technical terms used by African Eagle in this announcement and
other published material may be found at www.africaneagle.co.uk/african-eagle-
projects-glossary.html
Date: 18/09/2007 08:00:01 Produced by the JSE SENS Department.
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