| Thu 6 Dec 2007, 9:00 | | AEA / AFE - African Eagle Resources plc - African Eagle Begins Diamond Drilling |
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AEA
AEA
AEA / AFE - African Eagle Resources plc - African Eagle Begins Diamond Drilling
At Mokambo Project In The Zambia 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 BEGINS DIAMOND DRILLING AT MOKAMBO PROJECT IN THE ZAMBIA
COPPERBELT
Highlights
- Diamond drilling now in progress at Mokambo South
- Soil sampling and geological mapping of Mokambo South completed
- Mokambo North and South joint venture with Copperbelt Minerals plc
- Mokambo South holds a historically reported deposit of
6Mt at 2.3% copper
- Project is 15km from Mufulira, Africa`s biggest underground copper mine
African Eagle`s Managing Director Mark Parker said: "This project is a major
milestone for African Eagle, as the Mokambo area represents an exciting
exploration target in the Zambian Copperbelt. From past drilling, significant
sulphide copper deposits are known to occur in the area but the shallower oxide
potential has yet to be tested. African Eagle and Copperbelt Minerals will now
jointly explore approximately 12km strike length of potentially mineralised
Lower Roan strata within the Mufulira syncline, a major fold structure which
hosts the Mufulira Mine, Africa`s largest underground copper operation."
African Eagle ("African Eagle" or "the Company"; Ticker: AIM: AFE, AltX: AEA")
today announces the start of drilling at Mokambo, near Mufulira in the Zambian
Copperbelt, and the signing of a Heads of Agreement with Copperbelt Minerals plc
(CML)., Under the Heads, the two companies, led by African Eagle, will jointly
explore and develop the two prospecting licences they hold at Mokambo.
The two licences are Mokambo South (PLS 351), held by Katanga Resources Ltd
(KRL), African Eagle`s wholly owned Zambian operating subsidiary and Mokambo
North (PLS 350), held by CML`s wholly owned subsidiary, Platmin Congo Ltd. The
two licences form a narrow strip along the border between Zambia and the
Democratic Republic of Congo (DRC) and together comprise 25.9 square kilometres.
Much of the Mokambo project area is underlain by the highly prospective Lower
Roan geological sequence, which hosts most of the world-class copper deposits of
Zambia and neighbouring DRC. The Mokambo Project lies on the eastern limb of the
Mufulira Syncline. The opposite western limb of the syncline contains the
Mufulira copper mine, operated by Mopani Mines and situated 15km west of the
project. The Mine has been in operation since 1933 and by 2000 had produced nine
million tonnes (Mt) of copper.
Based on drilling conducted in the 1960s and 70s, Mokambo South was estimated to
contain about 6Mt at 2.3% copper and Mokambo North was estimated to contain at
least 3.8Mt at 1.69% copper in two separate lenses. African Eagle understands
that these unclassified historical estimates refer to sulphide mineralisation
only, as oxide copper mineralisation was of little interest at that time.
The Lower Roan rocks are well exposed in the project area, forming a 30m high
ridge which can be traced for approximately 12km along strike. African Eagle has
conducted a phase I exploration programme over Mokambo South, comprising
geological mapping, geochemical soil sampling and gamma ray spectrometer
surveys, and is currently extending this coverage to Mokambo North.
Drilling has started on a programme of 11 exploratory diamond drill holes,
spaced at approximately one kilometre intervals, to test the continuity of the
mineralisation and to establish the stratigraphic succession along strike. Based
on this initial exploration programme, a resource definition drill programme
will be implemented in 2008.
Under the Heads of Agreement, CML and AFE each have a 50% participating interest
in the Mokambo Project. AFE will be the manager and operator of the project, and
exploration and development will be funded pro-rata by both companies. The Heads
will be replaced by a more formal joint venture agreement in due course.
CML is a private UK based mining company with copper exploration and development
projects at Mokambo and at Deziwa and Ecaille near Kolwezi in the DRC.
John Park
Chairman
African Eagle Resources plc
6 December 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
Ed Portman/ Leesa Peters
Conduit PR
+44 20 7429 6607 / +44 (0) 7733 635 01
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 aboveground
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: 06/12/2007 09:00:02 Produced by the JSE SENS Department.
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