| Thu 1 Nov 2007, 12:00 | | AEA / AFE - African Eagle Resources plc - High Gra |
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AEA
AEA
AEA / AFE - African Eagle Resources plc - High Grade Mineralisation reported
from latest drill results at Mkushi
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
High Grade Mineralisation Reported from Latest Drill Results at Mkushi
Extended resource potential of principal mineralised zones, H, L and G.
High grade results from G Zone
Environmental impact study underway
Pre-feasibility study on track for completion in Q4, 2007
African Eagle Resources plc ("African Eagle" or "the Company", ticker AIM:
AFE, AltX: AEA) today announces the latest drill results and a progress update
from the Mkushi Copper Mines joint venture in central Zambia. Mineralised
intercepts included:
33m at 3.12% copper
33m at 1.0% copper
50m at 0.97% copper
African Eagle`s Managing Director Mark Parker comments "The latest drilling
results are very encouraging, notably the very good intersection reported from
hole MMU038 and continue to confirm the high grade of some of the mineralised
zones. These results extend the resource potential of the principal
mineralised zones and indicate extensions of the zones at depth. We look
forward to completion of the pre-feasibility study and resource update in the
next few weeks."
Continuing resource drilling is yielding very encouraging results in the south
and at depth. Further resource drilling is planned within the old open pit,
from which the water has been pumped for this purpose.
Significant assay results from the quarter are indicated in the table below.
One very good intersection, 33m @ 3.12% Cu, was recorded at depth in hole
MMU038 and there is strong indication that the high grade mineralisation
continues at depth.
The new results extend the resource potential of the three principal
mineralisation zones H, L and G Zones. Additional copper mineralisation has
been located in the hanging wall to both L and H Zones, and this will be
further investigated by future drilling programmes. The southern extension of
H Zone has provided good intersections and this area will be further tested
over the coming weeks.
A resource model has been generated as the basis for the pre-feasibility
study, which will be completed shortly. Drilling will continue until
approximately April 2008, including sterilisation drilling of the proposed
Process Plant site and associated infrastructure and additional resource
definition drilling to upgrade known resources to a sufficient formal category
to be included within the full feasibility study scheduled for late 2008.
HOLE NO PROSPECT FROM (M) WIDTH (M) Cu %
MH048 H ZONE 264 13 0.45
MH069 L ZONE 85 22 0.34
MH069 H ZONE 240 5 0.63
MH071 new zone 73 6 1.52
MH075 L ZONE 292 5 0.72
MMU036 H ZONE 210 12 0.93
MMU038 G ZONE 151 6 1.99
MMU038 G ZONE 163 10 0.80
MMU038 G ZONE 193 5 1.10
MMU038 G ZONE 200 33 3.12
MMU041 G ZONE 24 33 1.0
MMU043 G ZONE 26 50 0.97
MMU043 G ZONE 101 2 1.08
MMU042 G ZONE 166 7 0.90
Dewatering of the existing Munshiwemba pit is complete and an Environmental
Impact Assessment is underway, with a draft Environmental Impact Statement, to
be used to formulate an Environmental management plan due by the end of
December 2007. Results from metallurgical testwork have indicated a economic
grade and clean copper concentrate can be achieved from a standard flotation
circuit.
John Park
Chairman
African Eagle Resources plc
1 November 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
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 other 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
About African Eagle
African Eagle is a 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.
African Eagle`s projects are in Zambia, Tanzania and Mozambique, countries
which all 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.
The Company has a highly motivated team, proven management and an experienced
board. African Eagle prides itself on being a low cost operator and on
average 80p or more of every GBP1 is spent "in the ground".
Date: 01/11/2007 12:00:00 Produced by the JSE SENS Department.
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