| Tue 10 Jun 2008, 8:00 | | AEA - African Eagle Resources plc - Drilling results and exploration update, |
|
AEA
AEA
AEA - African Eagle Resources plc - Drilling results and exploration update,
Eagle Eye/Sasare Project, Zambia
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
DRILLING RESULTS AND EXPLORATION UPDATE,
EAGLE EYE/SASARE PROJECT, ZAMBIA
High grade copper mineralisation of 4.03% over 33m in drill hole at Mweze
Assessment of iron ore occurrence in southern project area recently begun
Uranium exploration continues in north of project area
African Eagle Resources plc ("African Eagle" or "the Company", ticker AIM: AFE,
AltX: AEA) announces an update on progress at its Eagle Eye / Sasare project in
eastern Zambia.
African Eagle`s Managing Director, Mark Parker commented, "These results, from a
single diamond drill hole completed in late 2007, confirm and help define better
the high grade, if low tonnage oxide copper mineralisation at the Mweze prospect
within the Eagle Eye IOCG system. The Company is considering ways it might bring
this easily accessible oxide deposit to account. We are also actively exploring
uranium and iron ore targets within the Sasare licences."
Results have been received from a diamond drill hole completed during the latter
part of 2007 at the Mweze prospect within African Eagle`s Eagle Eye / Sasare
project in eastern Zambia, where the Company`s exploration has led to the
recognition of an IOCG (iron oxide copper-gold) mineralised system.
The hole was drilled to test the down-plunge extent and grade of copper
mineralisation intersected at shallow depths by the Company`s previous drilling.
Mweze prospect contains a JORC compliant inferred resource of 1.4 million tonnes
at 1.2% copper, estimated in June 2007 by SRK Consulting Ltd, using a cut-off
grade of 0.5%. SRK based the estimate on the Company`s own drilling and trench
results but excluded drill results reported from the 1970s.
The location of the hole was based on detailed geological mapping which showed
that the copper mineralisation at Mweze occurs in two lenses (A and B), within a
unit of sheared volcanic tuff plunging approximately 50 to the south-west. The
drill hole was collared in the "A" lens and drilled to a depth of 185.85m
towards the south-west, at an inclination of 50, i.e. parallel to the plunge of
the mineralisation.
The hole intersected oxide copper mineralisation at an average grade of 4.03%
copper from the surface to a depth of 33m within the volcanic tuff, and included
8m at 11.28% copper from 3 to 11m. Lower grade sulphide copper mineralisation
was intersected in andesitic lavas further down the hole, including 1.10% copper
as disseminated chalcopyrite over 5m at a depth of 47m and 2.89% copper as
chalcocite and bornite in a 1m thick hydrothermal quartz vein at a depth of
139m.
These results show that high grade oxide mineralisation is present at Mweze at
shallow depths within a band of intermediate volcanic tuff that plunges at
around 500 to the south-west. The concentration of copper in the tuff may be due
to the greater permeability of these rocks compared to the andesitic lavas
further down the hole. The presence of disseminated chalcopyrite, bornite and
chalcocite in quartz-carbonate veins within the andesitic lava may indicate
zonation of the mineralising system.
The Company is now considering geophysical and other techniques to investigate
the resource further.
Elsewhere in the Sasare project area, the Company recently commenced geological
mapping and sampling to investigate and evaluate the iron-ore potential of a low
ridge about 3km long composed almost entirely of magnetite and haematite,
located 5km south-west of the Sasare gold mine.
In the northern part of the project area, a ground spectrometer survey which was
initiated in late 2007 has recommenced following cessation of the rainy season.
The survey is being conducted over a series of uranium anomalies which were
defined within Karroo sediments by an airborne survey undertaken by RTZ in the
mid-1990s.
Mark Parker
Managing Director
African Eagle Resources plc
10 June 2008
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 27 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
For further information:
Mark Parker
Managing Director
African Eagle
+44 20 7248 6059
+44 77 5640 6899
Nicola Marrin
Seymour Pierce Limited,
London
Nominated Adviser
+ 44 20 7107 8000
Charmane Russell
Russell & Associates,
Johannesburg
+ 27 11 8803924
+27 82 8928052
Ed Portman / Leesa Peters
Conduit PR, London
+44 20 7429 6607
+44 (0) 7733 363 501
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.
Date: 10/06/2008 08:00:03 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
