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AEA
AEA
AEA - African Eagle Resources plc - Drill Results Received From Remaining
Reverse Circulation Holes At African Eagle`s 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
DRILL RESULTS RECEIVED FROM REMAINING REVERSE CIRCULATION HOLES AT AFRICAN
EAGLE`S DUTWA NICKEL PROJECT
Resource estimate now underway
African Eagle Resources plc today announces another set of excellent results
from the last 29 holes from the reverse circulation (RC) drilling programme at
the Company`s recently discovered Dutwa nickel laterite project in Tanzania.
Full assay results have now been received for all 139 RC drill holes of the
programme.
Commenting on today`s drill results, African Eagle`s Managing Director, Mark
Parker said "We drilled our first hole on this nickel project in June, so we are
very pleased to have completed the programme and received the full assay results
so quickly. Independent consultants SRK are already well advanced towards
completing a resource estimate, which we expect to announce in early December.
We have placed a great deal of emphasis on the rapid development of this target
since our exploration team recognised that there was a promising nickel laterite
within the Dutwa project area, which we acquired originally for its gold
potential.
"Without pre-empting the resource estimate and metallurgical test results, the
African Eagle Board is very optimistic about the project. Operationally, the
project is favourably situated, lying in the Kilimafedha (Swahili for `money
hills`) belt of the Lake Victoria Goldfield, 100km east of the railhead at
Mwanza and close to the main Mwanza-Nairobi trunk road, a major power line and
the shore of Lake Victoria. African Eagle holds a 90% interest, with the option
to acquire 100%, in the laterite discovery and surrounding areas."
The most significant nickel results from drill holes 111 to 139 are:
48m at 1.30% nickel from 3m depth, including 42m at 1.42%
42m at 0.98% nickel from surface
42m at 0.83% nickel from surface, including 18m at 1.05%
24m at 1.45% nickel from 15m depth, including 9m at 2.22%
24m at 1.44% nickel, from 3m depth, including 6m at 2.27%
The multi-element assay work is now complete for the entire 139-hole RC drill
programme, with all but 20 of the holes yielding significant intercepts with
nickel grades above 0.5%. The analyses also show a promising cobalt by-product
and encouragingly low percentages of elements such as magnesium and iron, which
can be detrimental to processing this type of deposit.
The Company has also drilled 10 diamond drill holes and submitted samples of
core for assay, density measurements and metallurgical test work. The full
results of the metallurgical tests, which are being conducted by Mintek of South
Africa to indicate the best methods of nickel 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. Maps of the drill hole
locations and tables 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-111 to DTRC-139
Hole No From Intersection Ni Grade
(m) (m) (%)
DTRC - 6 21 0.8
111
DTRC - 3 21 0.73
112
DTRC - 0 30 0.91
113
DTRC - 0 30 1.1
114
Incl. 15 6 2.08
DTRC - 6 12 1.03
115
DTRC - 6 3 0.55
116
DTRC - 3 6 0.71
117
12 21 1.04
or 3 30 0.9
DTRC - 0 6 1.06
118
9 12 0.83
or 0 21 0.85
DTRC - 27 21 1.21
119
DTRC - 3 24 1.44
120
Incl. 6 6 2.27
DTRC - 9 12 0.67
121
DTRC - 15 21 1.16
122
39 12 0.65
or 15 36 0.9
DTRC - 3 9 0.54
123
18 6 0.52
or 3 21 0.51
DTRC -124 3 18 0.6
DTRC - 3 3 0.75
125
15 9 0.69
DTRC - 6 27 0.9
126
DTRC - 18 3 0.55
127
51 3 0.57
DTRC - 15 24 1.45
128
Incl. 24 9 2.22
DTRC - 3 3 0.54
129
9 9 0.71
or 3 15 0.63
DTRC - 0 6 0.56
130
12 9 1.02
27 3 0.57
33 12 1.26
or 0 45 0.75
DTRC - 6 3 0.54
131
21 21 0.91
DTRC - 15 12 0.94
132
33 12 0.82
or 15 30 0.77
DTRC - 3 30 0.94
133
39 6 1.07
DTRC - 0 3 0.5
134
12 12 0.74
DTRC - 3 21 0.87
135
DTRC - 0 42 0.98
136
51 3 0.57
DTRC - 0 6 0.81
137
9 12 0.72
24 18 1.05
or 0 42 0.83
DTRC - 3 3 0.53
138
9 42 1.42
or 3 48 1.3
DTRC - 0 3 0.8
139
Table 2: Cobalt results, DTRC-111 to DTRC-139
DTRC - 0 3 0.05
111
DTRC - 0 12 0.19
113
Incl. 0 3 0.44
DTRC - 0 3 0.06
114
DTRC - 3 6 0.34
117
DTRC -119 0 3 0.06
DTRC - 0 6 0.11
125
DTRC - 0 3 0.12
127
DTRC - 6 3 0.16
131
DTRC - 15 15 0.22
132
DTRC - 0 3 0.05
138
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 area lies in the Kilimafedha (Swahili for "money hills") belt
of the Lake Victoria Goldfield. Operationally, the project is favourably
situated, 100km east of the railhead at Mwanza and close to the main Mwanza-
Nairobi trunk road, a major power line and the shore of Lake Victoria. The Dutwa
project area covers 746kmSquared, including the recently granted Nyawa
prospecting licence, which lies to the east of the region explored to date. The
Company holds 90% interests, with options to acquire 100%, over most of this
ground including the area of the laterite discovery, and the remainder is under
application.
African Eagle acquired the Dutwa project originally for its gold potential, but
its exploration team quickly recognised that there was significant nickel
laterite potential.
Greenstones of Nyanzian age and granites underlie the area. The greenstones are
mostly metamorphosed volcanic and sedimentary rocks, with some banded iron
formation in the east, but there are also several large ultramafic bodies within
the greenstones - the nickel laterites form a blanket over these.
Geochemical soil surveys carried out by African Eagle over the whole of the
project area identified a promising 5km-long nickel anomaly and a number of gold
anomalies. There is very little outcrop, so the Company conducted a large ground
magnetic survey to reveal the underlying structure and geology. The Company has
also compiled historical data, including detailed geological maps and trench
results dating from 1956, when rock chip samples from the trenches over the
ultramafic rocks were reported as yielding up to 1.9% nickel and 10% chromium.
To investigate the nickel deposit, the Company undertook a programme of 139
reverse circulation (RC) drill holes along the geochemical nickel anomaly, plus
10 diamond drill holes to obtain core samples for metallurgical testing and
density measurements. The assay results now received indicate a substantial
nickel endowment. The grade and thickness of the laterite blanket appear
comparable with those at many major nickel laterite deposits worldwide.
All the samples are also being analysed for cobalt, platinum and other elements
commonly associated with nickel. Results suggest that there will be significant
by-product cobalt. Interestingly, as the area first attracted African Eagle`s
attention as a gold prospect, some quite high gold and PGM values have been
returned from the ultramafic parent rock beneath the laterite, suggesting that
there is potential for precious metals to be won when the laterite has been
stripped and processed.
The team has also identified four other gold targets in the area, from
geochemical surveys. The first two of these were drilled in late 2007, revealing
abundant but scattered sub-economic mineralisation, but the others remain to be
tested.
The Company has also completed a trial programme of RC drilling to test a
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.
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 Dutwa nickel laterite discovery in
Tanzania, where the Company expects to announce a resource at the end of 2008.
African Eagle has also defined a gold resource estimated at half a million
ounces at the Miyabi gold project in Tanzania, and is evaluating a second
promising nickel laterite deposit 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.
11 November 2008
Sponsor
Nedbank Capital
Date: 11/11/2008 09:00:01 Produced by the JSE SENS Department.
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