| Tue 23 Sep 2008, 9:00 | | AFE/AEA - African Eagle Resources plc - Further good drill results from Dutwa |
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AEA
AEA
AFE/AEA - African Eagle Resources plc - Further good drill results from Dutwa
Nickel Project
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
FURTHER GOOD DRILL RESULTS FROM DUTWA NICKEL PROJECT
Nickel discovery in Tanzania continues to look promising
African Eagle Resources plc ("African Eagle" or the "Company", ticker AIM:
AFE, AltX: AEA) announces significant high-grade nickel results from 20 new
drill holes on its Dutwa project in Tanzania.
Highlights of the recent drilling programme include:
30m at 2.26% nickel from 12m depth, including 15m at 3.60%
63m at 1.07% nickel from surface, including 30m at 1.35%
48m at 1.32% nickel from 3m depth, including 6m at 2.39%
51m at 1.22% nickel from surface, including 6m at 2.44%
36m at 1.67% nickel from 15m depth, including 12m at 3.15%
African Eagle`s Managing Director, Mark Parker said "The results announced
today are even better than those in the first batch, reported in late August
when we first announced our nickel discovery in Tanzania. Dutwa is shaping up
to be a significant nickel laterite deposit. We are also very pleased to
report that we are also getting good field indications that our nearby Zanzui
project holds similar potential."
At the time of the Company`s previous announcement, Parker noted that "...
the grades 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."
The Company has now received assay results for a further 20 reverse
circulation (RC) drill holes. The majority of these holes yielded very
favourable nickel grades over significant thicknesses of laterite. The new
results indicate that the mineralisation is extensive, with a strike length
of at least 2km, and open in all directions.
The table below lists all of the new intersections with grades greater than
0.5% nickel. To date, all but five of the 30 holes for which results have
been received have intersected material of this grade or better. The samples
submitted for assay are composites over each three metre down-hole length.
All the assays are fully certificated and verified by a second laboratory. A
table of all results to date can be found on the Company website,
www.africaneagle.co.uk.
Results for the next 20 drill holes are expected soon. African Eagle has
commissioned a diamond drill rig to obtain core samples for metallurgical and
mineralogical testing.
The Company has also completed a trial programme of RC drilling to test the
laterite at its Zanzui project, 70km to the south of Dutwa. Results are
awaited but the Company`s geologists report that garnierite (a nickel
silicate) occurs at surface and within the drill cuttings.
Table: Intersections greater than 0.5% nickel
Hole No From Intersection Ni Grade
(m) (m) (%)
DTRC - 9 3 0.58
11
15 9 1.11
or 9 15 0.86
111 3 0.75
DTRC - 6 3 0.56
12
12 15 0.81
30 3 0.81
or 6 27 0.69
DTRC - 0 51 1.22
13
Incl. 12 6 2.44
DTRC - 0 15 1.1
14
18 6 0.59
30 21 0.89
or 0 51 0.83
DTRC - 3 12 0.66
15
24 3 0.58
DTRC - 15 6 0.77
16
30 9 0.77
DTRC - 12 30 2.26
17
Incl. 18 15 3.6
DTRC - 6 9 0.93
18
DTRC - 0 21 1.04
19
DTRC - 3 15 0.65
21
DTRC - 3 27 0.9
22
36 18 0.97
or 3 51 0.87
DTRC - 0 12 0.74
23
15 6 1.9
27 3 0.51
33 30 1.35
or 0 63 1.07
DTRC - 3 48 1.32
24
Incl. 6 6 2.39
DTRC - 9 3 0.71
25
18 3 0.63
24 30 1.76
Incl. 27 12 2.98
or 18 36 1.55
DTRC - 0 27 1
26
36 3 0.58
42 9 0.83
DTRC - 0 33 0.92
29
DTRC - 15 36 1.67
30
Incl. 27 12 3.15
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
African Eagle`s Dutwa project area is located 100km east of Mwanza city, in
the Kilimafedha ("money hills") greenstone belt of the Lake Victoria
Goldfield.
The project area comprises eight licences which cover 523kmSquared. African
Eagle has a 90% interest in the properties, with the option to acquire 100%.
Operationally, the project is very favourably situated, close to the main
Mwanza-Nairobi trunk road, a major power line and the shore of Lake Victoria.
African Eagle acquired the Dutwa project originally for its gold potential,
but its exploration team quickly recognised a significant nickel laterite
deposit. African Eagle is currently conducting a drilling programme to test
the nickel laterite target, and has also completed drilling on two of four
gold targets identified from extensive soil geochemical surveys.
Regular technical updates with maps, sections and the cumulative results of
the drilling programme are available on the Dutwa page of the Company`s
website:
www.africaneagle.co.uk/african-eagle-projects-dutwa.html
Greenstones of Nyanzian age and granites underlie the area. The greenstones
are composed of metamorphosed volcanic and sedimentary rocks and, in the
east, banded iron formation (BIF). Ultramafic bodies occur within the
greenstones and there are many dykes along the regional east-northeast
structural and lithological trend.
Geochemical soil surveys carried out by African Eagle over the whole of the
project area identified a promising 2.5km-long nickel anomaly and a number of
gold anomalies. A 5 500 line km ground magnetic survey has helped to reveal
much of the underlying structure and geology of the area. The Company has
also compiled historical data, including detailed geological maps and trench
results dating from 1956, with rock chip samples from the trenches over the
ultramafic rocks yielding up to 1.9% nickel and 10% chromium.
African Eagle`s follow up auger sampling of the geochemical gold anomalies
highlighted four targets for drilling: Thornbush, Wamangola, NAN and Guya.
The first two of these were drilled in late 2007, revealing abundant but
scattered sub-economic mineralisation.
To investigate the nickel deposit, the Company undertook a programme of 140
RC drill holes along the geochemical nickel anomaly in early to mid 2008. The
results to date, coupled with the extent of the geochemical anomaly, suggest
a substantial nickel endowment. All but five of the first thirty reverse
circulation holes yielded anomalous values from a considerable thickness of
laterite within the top 50m, with grades comparable with those at many major
nickel laterite deposits worldwide.
Cuttings from the remaining drill holes, for which results are still awaited,
indicate that the mineralisation extends over an area of at least 2.5 x
0.3km. All samples are also being analysed for cobalt, platinum and other
elements commonly associated with nickel. Diamond drilling is underway to
obtain samples for metallurgical testing.
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. African Eagle is also evaluating two promising nickel laterite
deposits which it recently discovered in Tanzania. The Company holds a large
well-balanced portfolio of promising earlier stage gold and base metal
projects, including the Ndola and Mokambo copper projects in Zambia.
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.
23 September 2008
Sponsor
Nedbank Capital
Date: 23/09/2008 09:00:01 Produced by the JSE SENS Department.
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