| Mon 29 Sep 2008, 10:00 | | AEA - African Eagle Resources Plc - Spectacular cobalt results from some holes |
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AEA
AEA
AEA - African Eagle Resources Plc - Spectacular cobalt results from some holes
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 POSITIVE DRILL RESULTS FROM AFRICAN EAGLE`S DUTWA NICKEL PROJECT IN
TANZANIA
Spectacular cobalt results from some holes
African Eagle Resources plc in this, its third Dutwa drilling update, announces
more significant results from its nickel laterite project in Tanzania, following
receipt of full assay results for the first 50 of the 139 drill holes in the
Company`s Reverse Circulation (RC) drilling programme. Over 80% of the 50 holes
reported on to date have yielded very favourable nickel grades, revealing
extensive mineralisation over at least 2.5km, open in three directions.
Commenting on the results, African Eagle`s Managing Director, Mark Parker said
"This is yet another batch of good nickel results from Dutwa, and we are able to
report some excellent cobalt values and intriguing gold and platinum values too.
We have completed both the 139-hole phase one RC drilling and a programme of 10
diamond drill holes to obtain core samples for metallurgical testing, and we are
getting a steady flow of laboratory results"
The most significant nickel results from drill holes 31 to 50 are:
54m at 1.27% nickel from 6m depth
39m at 1.42% nickel from 3m depth
27m at 1.07% nickel from surface
24m at 1.11% nickel from 9m depth
24m at 0.98% nickel from 18m depth
and the most significant cobalt and precious metal results from the first 50
holes are:
30m at 0.47% cobalt from 6m depth, including 21m at 0.64% and 6m at 1.68%
24m at 0.56% cobalt from 9m depth, including 6m at 1.08%
24m at 0.36% cobalt from surface, including 3m at 1.57%
3m at 3.08 g/t gold from 141m depth
3m at 2.02 g/t gold from 114m depth
6m at 0.90 g/t palladium from 159m depth to end of hole
6m at 0.44 g/t platinum from 45m depth
The company has received nickel assay results for a further 20 RC drill holes
from the Dutwa project, and full multi-element results for all of the first 50
holes. All but eight of these 50 holes yielded very favourable nickel grades
over significant thicknesses of laterite. The first phase of RC drilling, 139
holes for a total of 9 598m, is now complete. A programme of 10 diamond drill
holes, to obtain core samples for metallurgical and mineralogical testing, is
also complete.
The impressive cobalt results, now received, are coincident with previously
reported high grade nickel intersections and indicate that there is good
potential that cobalt could be produced as a significant by-product of any
nickel mining operation at Dutwa.
Furthermore, high gold and PGM values, (which will require further checking),
have been returned from the ultramafic parent rock beneath the nickel laterite,
suggesting that there is potential for precious metals to be won when the
laterite has been stripped and processed.
The tables below list all of the new intersections with grades greater than 0.5%
nickel or 0.05% cobalt. The samples submitted for assay are composites over each
three metre down-hole length. All the nickel and cobalt 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/african-eagle-
projects-dutwa.html.
Laterites are an important source of nickel, providing 40% of the world`s nickel
and amounting to 70% of global nickel reserves.
Table 1: Nickel results, DTRC-31 to DTRC-50
Hole No From Intersection Ni Grade
(m) (m) (%)
DTRC - 31 0 6 0.74
15 3 0.61
21 3 0.77
DTRC - 32 18 24 0.98
DTRC - 33 6 6 0.69
15 45 1.4
or 6 54 1.27
DTRC - 34 18 9 0.57
DTRC - 35 3 6 0.65
21 12 0.79
36 6 0.54
or 21 21 0.66
DTRC - 36 3 3 0.63
12 30 1.7
or 3 39 1.42
DTRC - 37 15 12 1.13
DTRC - 38 27 18 0.83
DTRC - 39 18 15 0.84
DTRC - 40 21 12 1.22
DTRC - 41 12 15 0.94
DTRC - 42 0 15 1.3
18 9 0.9
or 0 27 1.07
DTRC - 44 6 3 0.58
24 15 0.59
DTRC - 46 15 6 1
DTRC - 47 15 12 0.62
DTRC - 48 0 12 0.97
DTRC - 50 9 24 1.11
Table 2: Cobalt results, DTRC-01 to DTRC-50
Hole No From Intersection Co Grade
(m) (m) (%)
DTRC - 1 6 3 0.19
12 9 0.13
or 6 15 0.12
DTRC - 2 6 3 0.17
DTRC - 3 0 3 0.09
DTRC - 4 6 3 0.06
DTRC - 6 0 6 0.06
DTRC - 7 81 3 0.06
DTRC - 13 6 3 0.08
12 6 0.07
or 6 12 0.07
DTRC - 14 0 6 0.1
DTRC - 23 0 24 0.36
Incl. 18 3 1.58
33 3 0.05
DTRC - 25 3 3 0.07
9 6 0.17
18 21 0.1
or 3 36 0.1
DTRC - 26 9 24 0.56
15 6 1.08
DTRC - 30 6 6 0.1
15 21 0.64
Incl. 27 6 1.68
or 6 30 0.47
48 3 0.11
DTRC - 36 0 6 0.05
DTRC - 43 0 3 0.06
Detailed Gold and PGM results will be placed on the Company`s web site
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 detailed ground magnetic survey has helped to reveal
much of the underlying structure and geology of the area and the Company has
compiled historical data, including detailed geological maps and trench
results dating from 1956. Rock chip samples from these trenches yielded up
to 1.9% nickel and 10% chromium over the ultramafic rocks.
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 139
RC drill holes along the geochemical nickel anomaly. The results to date,
coupled with the extent of the geochemical anomaly, suggest a substantial
nickel endowment. All but eight of the first fifty RC holes yielded highly
anomalous values from a considerable thickness of laterite within the top
50m, with grades comparable with those at many major nickel laterite deposits
worldwide. Laterites are an important source of nickel, providing 40% of the
world`s nickel and amounting to 70% of global nickel reserves
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. A 10-hole diamond drilling programme has also
been carried out, to obtain representative samples of the deposit 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.
29 September 2008
Sponsor
Nedbank Capital
Date: 29/09/2008 10:00:03 Produced by the JSE SENS Department.
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