| Tue 26 Aug 2008, 8:00 | | AEA - African Eagle Resources Plc - African Eagle Announces Nickel Discovery In |
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AEA
AEA
AEA - African Eagle Resources Plc - African Eagle Announces Nickel Discovery In
Tanzania
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 ANNOUNCES NICKEL DISCOVERY IN TANZANIA
African Eagle Resources plc has received exciting early Nickel assay results
from drilling at its Dutwa Gold and Base Metals Project in Tanzania.
Results to date include:
36m @ 1.16% Ni from 12m depth, including 12m @ 2.52% Ni
39m @ 1.11% Ni from 6m
21m @ 1.33% Ni from 18m
30m @ 0.94% Ni from 12m
African Eagle`s Managing Director Mark Parker comments, "The grades we are
seeing at Dutwa are easily comparable with those at many major nickel laterite
deposits worldwide. The results to date, coupled with the extent of the
geochemical anomaly, suggest a substantial nickel endowment. This is a highly
significant discovery, the first of its type in Tanzania, and appears very
promising."
African Eagle is conducting a programme of vertical reverse circulation (RC)
drilling at Dutwa to investigate a promising 2.5km-long nickel anomaly from last
year`s geochemical soil sampling programme.
Seven of the first ten drill holes yielded high nickel values from a
considerable thickness of laterite within the top 50m.
These first results, verified by two laboratories, are from holes drilled along
a 1km segment of the 2.5km geochemical anomaly. Cuttings from further drill
holes, for which results are still awaited, indicate that the mineralisation
extends over an area of at least 2 x 0.3km.
African Eagle is continuing drilling to delineate fully the nickel-rich
material. All samples will also be analysed for cobalt and other elements
commonly associated with nickel in laterite deposits. All these results will be
reported once they are received and checked.
The table below sets out key intersections for which certificated and verified
assay results have been received to date.
The Company is also re-evaluating all data from its Zanzui project, 70km to the
south of Dutwa, which returned elevated nickel soil geochemical values from a
similar geological setting.
The Dutwa project is located in the eastern Lake Victoria Goldfield of Tanzania,
100km east of the country`s second largest city, Mwanza. The project is very
favourably situated, being close to the main Mwanza-Nairobi trunk road, a major
power line and the shore of Lake Victoria.
Table: Significant Drill Intersections
(Assays received to 25 August 2008 using a 0.5% Ni cut-off)
Hole No From (m) Intersection (m) Ni Grade (%)
DTRC - 1 6 3 0.55
and 12 15 0.75
or 6 21 0.65
and 42 3 0.53
DTRC - 2 12 30 0.94
DTRC - 3 6 39 1.11
DTRC - 4 18 21 1.33
and 42 3 0.63
or 18 27 1.16
DTRC - 5 9 6 0.56
and 21 9 0.72
and 36 15 0.80
or 9 42 0.64
DTRC - 6 12 36 1.16
Incl. 33 12 2.52
DTRC - 9 39 6 0.82
and 54 9 1.03
and 123 3 0.61
DTRC - 10 0 3 0.60
Qualified Person (AFE)
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 Dutwa
The Dutwa project is located in the Kilimafedha ("money hills") greenstone belt,
which lies in the Lake Victoria Goldfields (LVGF), 100km east of Mwanza. Though
originally investigated as a gold project, the area holds excellent potential
for the discovery of nickel and platinum group elements. In ultramafic rocks
adjacent to the mine, previous explorers have reported rock chip samples
containing up to 1.87% nickel and 10% chromium.
The project area comprises seven licences which cover 668kmSquared. African
Eagle has a 90% interest in the properties and the option to gain a 100%
holding.
The project area is underlain by greenstones and granites. The greenstones are
Nyanzian in age and are composed of intermediate and mafic volcanics, a suite of
schistose metasediments, with banded iron formation (BIF) in the east.
Ultramafic bodies, described as peridotites with olivine picrite, gabbro-norite
and silicified serpentinite, occur within the greenstones, forming a range of
low hills which extend for 12km from Ngasamo in the west to the Wamangola Hills
in the east.
African Eagle has completed a regional soil geochemical survey which returned
gold anomalies over a 16km strike length and high nickel values over the
ultramafic rocks. The Company has also conducted ground magnetic surveys which
greatly help to reveal the structure and geology of the area, and has compiled
historical data including a 1957 programme of detailed mapping and trenching of
the ultramafic hills.
Regular technical updates with maps, sections and the cumulative results of the
drilling programme will be posted on the Dutwa page of the Company`s website:
www.africaneagle.co.uk/african-eagle-projects-dutwa.html
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, for which a Feasibility
Study will be completed in Q4 2008, and the Miyabi gold project in Tanzania, at
which the Company has defined an estimated half-million ounce gold resource. The
Company also holds a large well-balanced portfolio of promising earlier stage
gold and base metal projects, including the Ndola and Mokambo copper projects.
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.
26 August 2008
Sponsor
Nedbank Capital
Date: 26/08/2008 08:00:03 Produced by the JSE SENS Department.
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