| Wed 5 Nov 2008, 9:00 | | AEA - African Eagle Resources Plc - Further encouraging drill results from |
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AEA
AEA
AEA - African Eagle Resources Plc - Further encouraging drill results 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
FURTHER ENCOURAGING DRILL RESULTS FROM AFRICAN EAGLE`S DUTWA NICKEL PROJECT IN
TANZANIA
African Eagle Resources plc today announces another set of excellent results
from another 30 drill holes at the Company`s recently discovered Dutwa nickel
laterite project in Tanzania. Full assay results have now been received from
110 out of 139 drill holes of the Reverse Circulation (RC) programme.
The most significant nickel results from drill holes 81 to 110 are:
57m at 1.07% nickel from surface, including 42m at 1.43%
45m at 1.09% nickel from 3m depth, including 30m at 1.37%
42m at 0.95% nickel from surface, including 6m at 2.15%
30m at 1.28% nickel from 3m depth
33m at 1.04% nickel, from 18m depth, including 24m at 1.23%
Commenting on today`s drill results, African Eagle`s Managing Director, Mark
Parker said "The latest grades, which are from the peripheries of the deposit,
continue to show good mineralisation and thicknesses. Results now remain
outstanding from only 29 RC and 10 diamond drill holes, and we are on track to
make a first resource estimate at Dutwa before the year end."
Most of the latest drill holes are located towards the peripheries of the
laterite blanket. Assay results remain outstanding now from only 29 of the 139
RC drill holes. From these results, combined with the assay results from 10
diamond drill holes, the Company anticipates that an initial resource estimate
will be made before the end of 2008.The Company has contracted SRK Consulting to
conduct the resource estimate, and SRK staff are currently visiting site to
conduct their review and audit work.
Samples of core from the 10 diamond drill holes have been submitted to Mintek of
South Africa for metallurgical test work to determine the best methods of
extraction and processing. The results of these tests should be ready before
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-81 to DTRC-110
Hole No From (m) Intersection (m) Ni Grade (%)
DTRC - 81 6 24 0.65
DTRC - 85 27 9 0.68
DTRC - 86 18 6 0.63
27 9 0.67
or 18 18 0.61
DTRC - 87 27 3 0.51
DTRC - 88 15 3 0.62
21 3 0.65
or 15 9 0.56
DTRC - 89 12 15 0.68
DTRC - 90 6 9 0.55
DTRC - 93 9 3 0.51
DTRC - 95 6 3 0.53
DTRC - 96 12 9 0.64
DTRC - 97 0 3 0.55
DTRC - 99 0 3 0.52
6 3 0.54
15 3 0.62
21 3 0.55
DTRC - 101 3 30 1.28
DTRC - 102 0 6 0.58
12 3 0.54
18 9 0.6
or 0 27 0.54
DTRC - 103 3 6 0.65
12 3 0.54
18 30 1.37
or 3 45 1.09
DTRC - 104 0 3 0.59
6 18 0.8
27 15 1.38
Incl. 33 6 2.15
or 0 42 0.95
DTRC - 105 18 6 0.64
27 24 1.23
or 18 33 1.04
DTRC - 106 0 6 0.92
15 42 1.23
or 0 57 1.07
DTRC - 107 15 3 0.61
21 15 1.12
or 15 21 0.92
DTRC - 108 21 15 0.89
DTRC - 109 18 27 0.9
DTRC - 110 3 9 0.66
Table 2: Cobalt results, DTRC-81 to DTRC-110
Hole No From (m) Intersection (m) Co Grade (%)
DTRC - 84 24 3 0.06
DTRC - 92 0 3 0.08
DTRC - 101 9 3 0.06
DTRC - 104 0 9 0.12
DTRC - 106 3 3 0.05
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. 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.
05 November 2008
Sponsor
Nedbank Capital
Date: 05/11/2008 09:00:01 Produced by the JSE SENS Department.
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