| Tue 21 Oct 2008, 8:00 | | AEA - African Eagle Resources plc - Highest Grade Intercepts To Date From |
|
AEA
AEA
AEA - African Eagle Resources plc - Highest Grade Intercepts To Date From
African Eagle`s Dutwa Nickel Project 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
HIGHEST GRADE INTERCEPTS TO DATE
FROM AFRICAN EAGLE`S DUTWA NICKEL PROJECT IN TANZANIA
85% of drill holes to date return favourable nickel grade and thickness
The Board of African Eagle Resources plc is pleased to announces further
excellent results from the Company`s recently discovered Dutwa nickel laterite
project in Tanzania, including the best nickel intercept of the project so
far, almost 60m at 2.6%. Full assay results from 80 out of 139 drill holes of
the Reverse Circulation (RC) programme have now been received, of which 85%
have yielded very favourable nickel grades.
The most significant nickel results from drill holes 51 to 80 are:
- 57m at 2.57% nickel from surface, including 15m at 6.91%
- 30m at 2.53% nickel from 15m depth, including 12m at 3.19%
- 57m at 1.04% nickel from surface
- 36m at 1.45% nickel from surface, including 9m at 2.71%
- 48m at 1.08% nickel from surface
Commenting on the results, African Eagle`s Managing Director, Mark Parker said
"Good results continue to be delivered for this project, with the best nickel
intercept to date in this latest batch. The thickness and grade of the
nickeliferous laterite blanket delineated so far are superb. We are currently
undertaking density measurements to help estimate the resource and we have
shipped samples of drill core to Mintek laboratories in South Africa for
metallurgical testing. Dutwa is a thoroughly appealing project and I expect to
continue to update the market with further results of this quality."
Most of the latest drill holes are located in the eastern half of the 2.5
kilometre strike length of the deposit. The multi-element analyses show a
promising cobalt by-product and encouragingly low percentage of elements such
as magnesium and iron which could potentially be deleterious to the processing
of these laterites,
Ten diamond drill holes have also been completed and samples have been
submitted for assay, density measurements and metallurgical test work to
determine the viability and nature of the future processing. From these
results, combined with the assay results from the RC holes, the Company
anticipates that an initial resource estimate will be made before the end of
2008. The results of the metallurgical tests, which will indicate the best
methods of extraction, will be ready in the New Year.
The tables below list all the latest results with significant intercepts
greater than 0.5% nickel and 0.05% cobalt. The samples submitted for assay are
composites over each three metre downhole length. All the nickel assays are
fully certified 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
Table 1: Nickel results, DTRC-51 to DTRC-80
Hole No From (m) Intersection (m) Ni Grade (%)
DTRC - 51 0 6 0.77
21 18 1.39
DTRC - 52 0 6 0.58
21 24 1.76
Incl. 30 12 2.4
DTRC - 53 0 18 0.99
DTRC - 54 3 21 1.7
DTRC - 55 0 57 2.57
Incl. 24 15 6.91
DTRC - 56 0 57 1.04
DTRC - 58 6 39 1.22
DTRC - 59 0 30 1.36
Incl. 12 9 2.35
DTRC - 60 18 12 0.58
33 3 0.63
or 18 18 0.57
DTRC - 61 9 30 1.04
DTRC - 62 30 15 1.38
DTRC - 63 0 9 0.93
12 24 1.77
Incl. 21 9 2.71
or 0 36 1.45
DTRC - 64 12 12 0.81
DTRC - 65 0 15 0.67
18 30 1.35
or 0 48 1.08
DTRC - 66 9 27 1.51
Incl. 15 3 3.32
DTRC - 67 15 30 2.53
Incl. 30 12 3.19
DTRC - 68 9 12 1.02
39 12 1.77
54 6 0.54
or 39 21 1.23
DTRC - 69 18 3 0.7
DTRC - 70 6 3 0.75
12 3 0.82
18 21 1.66
or 6 33 1.28
DTRC - 71 6 18 0.94
27 21 1.23
or 6 42 1.04
DTRC - 73 9 9 0.59
36 9 1.37
DTRC - 74 12 18 0.72
DTRC - 75 6 9 0.91
DTRC - 76 21 9 0.57
DTRC - 78 15 6 0.53
DTRC - 80 24 15 0.55
Table 2: Cobalt results, DTRC-51 to DTRC-80
Hole No From (m) Intersection (m) Co Grade (%)
DTRC - 52 0 12 0.15
DTRC - 54 3 6 0.06
DTRC - 55 27 12 0.08
DTRC - 59 12 3 0.05
DTRC - 60 3 3 0.07
DTRC - 61 0 6 0.06
12 6 0.09
DTRC - 62 0 3 0.06
9 3 0.06
15 3 0.06
DTRC - 65 0 6 0.08
DTRC - 66 15 3 0.06
DTRC - 67 15 9 0.08
30 9 0.07
or 15 24 0.06
DTRC - 68 3 6 0.14
12 9 0.13
or 3 18 0.1
DTRC - 70 21 3 0.05
DTRC - 73 3 18 0.12
DTRC - 75 3 3 0.06
DTRC - 76 0 3 0.06
DTRC - 80 0 3 0.23
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 523km2. 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. Of the first eighty RC holes, 85% have 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.
21 October 2008
Sponsor
Nedbank Capital
Date: 21/10/2008 08:00:10 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.
