| Wed 26 Nov 2008, 9:00 | | AEA - African Eagle Resources plc - African Eagle announces another promising |
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AEA
AEA
AEA - African Eagle Resources plc - African Eagle announces another promising
Nickel discovery 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
AFRICAN EAGLE ANNOUNCES ANOTHER PROMISING NICKEL DISCOVERY IN TANZANIA
African Eagle Resources plc, the diversified mineral exploration and development
company operating in eastern and central Africa, is pleased to announce the
discovery of a promising nickel laterite at the company`s Zanzui project in
Tanzania. This discovery follows the Company`s announcements earlier this year
that it had delineated a large nickel-cobalt laterite at its Dutwa project, from
which it expects to make a Resource Statement in the next few days.
African Eagle`s Managing Director, Mark Parker said "Results from scout drilling
to test for a nickel-cobalt laterite blanket over the Zanzui layered intrusive
complex, which lies just 70km south of Dutwa, are highly encouraging and
indicate potential for the Company to define an additional nickel resource. As
at Dutwa, there are indications of significant cobalt by-product.
As one of the few active and fully-funded explorers in the region, with an
experienced team on the ground, African Eagle is well-placed to progress the
project rapidly."
The most significant nickel results from the 30-hole, 1,940m scout drilling
programme are:
42m at 1.05% nickel from 12m depth, including 6m at 2.80%
33m at 0.91% nickel from 9m depth, including 9m at 1.41%
39m at 0.76% nickel from 9m depth
18m at 1.34% nickel from surface
24m at 1.02% nickel from 18m depth
24m at 0.92% nickel from 9m depth
18m at 1.14% nickel from 9m depth
The Zanzui Complex, located 110km east of Mwanza and approximately 70km south-
west of the Dutwa discovery, is a strongly layered circular ultramafic intrusion
12km in diameter, covering an area of approximately 140kmSquared. It was first
investigated in the 1980s by the United Nations Development Programme, which
reported high geochemical nickel anomolies and up to 1.24g/t palladium in
diamond drill core samples. African Eagle`s geochemical work also returned
anomalous values for platinum (37 ppb) and gold (52 ppb) as well as nickel and
cobalt. Pan concentrates up to 8.3g/t gold were recorded from the Ndudumo River
on the southern margin of the complex and there are reports of platinum nuggets
panned from streams around the complex. Ground and airborne magnetometer surveys
completed by African Eagle over the area clearly show the layering of the
complex.
The latest drill results show that parts of the Complex have a nickel-enriched
laterite blanket. The grades and thicknesses are similar to those announced by
the Company from Dutwa and suggest that Zanzui is potentially another siginicant
laterite deposit.
The tables below list all the 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. The nickel assays were carried out by the
fully accredited Humac Laboraraties in Mwanza, Tanzania and are currently being
verified by a second laboratory.
Table 1: Nickel Intersections
Hole No From (m) Intersection (m) Ni Grade (%)
ZZRC - 3 0 3 0.63
ZZRC - 6 0 15 0.61
ZZRC - 7 6 9 1.06
21 3 0.73
30 3 0.51
ZZRC - 8 3 3 1.21
12 3 0.61
18 3 0.83
or 3 18 0.66
ZZRC - 9 0 18 1.34
ZZRC - 10 3 3 0.68
18 9 0.96
ZZRC - 11 0 3 0.64
ZZRC - 12 0 3 0.73
ZZRC - 13 9 15 0.88
27 21 0.71
or 9 39 0.76
ZZRC - 14 9 6 1.15
ZZRC - 15 0 24 0.78
ZZRC - 17 3 3 0.54
ZZRC - 20 9 18 1.14
ZZRC - 21 9 24 0.92
ZZRC - 22 18 24 1.02
ZZRC - 23 12 3 0.73
18 6 1.34
27 15 1.76
Incl. 30 6 2.80
48 6 0.58
or 12 42 1.05
ZZRC - 24 0 9 0.51
12 3 0.76
18 3 1.75
or 0 21 0.70
ZZRC - 25 9 6 1.05
18 12 0.71
33 9 1.41
or 9 33 0.91
ZZRC - 26 3 12 0.86
Table 2: Cobalt Intersections
Hole No From (m) Intersection (m) Co Grade (%)
ZZRC - 7 0 15 0.20
ZZRC - 8 0 3 0.05
ZZRC - 9 0 3 0.37
ZZRC - 10 18 6 0.06
ZZRC - 12 0 3 0.16
ZZRC - 13 9 9 0.23
Incl. 12 3 0.56
ZZRC - 14 3 3 0.07
ZZRC - 15 3 12 0.09
ZZRC - 20 6 9 0.22
Incl. 9 3 0.39
ZZRC - 21 9 6 0.21
ZZRC - 22 15 9 0.12
ZZRC - 24 0 6 0.05
ZZRC - 25 9 9 0.17
ZZRC - 26 0 3 0.06
ZZRC - 28 6 3 0.07
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 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.
26 November 2008
Sponsor
Nedbank Capital
Date: 26/11/2008 09:00:06 Produced by the JSE SENS Department.
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