| Tue 28 Feb 2012, 9:00 | | AEA - African Eagle Resources Plc - Mokambo Exploration Update |
|
AEA
AEA
AEA - African Eagle Resources Plc - Mokambo Exploration Update
African Eagle Resources plc
Incorporated in England and Wales
(Registration number 3912362)
(AIM share code: AFE AIM ISIN: GB0003394813)
(JSE share code: AEA JSE ISIN: GB0003394813)
Mokambo Exploration Update
African Eagle Resources plc (AIM: AFE; AltX: AEA) is pleased to announce new
copper assay results from 1,367 samples cut from archive drill cores dating from
1929 to 1969, from the area of its Mokambo copper project in Zambia.
Key mineralised intercepts are as follows, based on reporting cut-off grades
("cog") of 1% and 2% copper, which are typical criteria for reporting proposed
underground mining targets:
17.4m at 1.84% (cog 1.0%) from 252m, incl. 11.4m at 2.16% (cog 2%)
13.0m at 1.99% (cog 1.0%) from 134m, incl. 7m at 2.74% (cog 2%)
8.0m at 2.90% (cog 1.0%) from 279m, incl. 5.6m at 3.77% (cog 2%)
6m at 3.34% (cog 1.0%) from 644m, incl. 5m at 3.7% (cog 2%)
Chris Davies, African Eagle`s operations director, who is mandated to spin out
the Company`s Zambian copper assets, commented "These results show copper
mineralisation extending to considerable depth, with grade and thickness
comparable to those at the nearby Mufulira Mine. This work is in line with our
efforts to add value to our Zambian copper assets at minimum cost in advance of
signing up a strategic investor to finance a drilling programme to expand and
formalise the Mokambo resource."
As part of African Eagle`s plans to spin out its Zambian copper assets, it
sampled archived core from boreholes drilled at Mokambo between 1929 and 1969 by
Roan Selection Trust ("RST"). The Zambian Chamber of Mines maintains an
extensive archive of drill core from the Copperbelt. The Company conducted
geological logging on core from 33 drill holes in the Mokambo area and obtained
consent from the Chamber to cut quarter and half core for assay by ALS Chemex in
Johannesburg. The principal results, reported at a 1% and 2% copper cut-off,
were as follows:
Table: Historic Core Sampling Results
Hole ID From (m) Width Grade % Location Cut-Off Grade
copper % copper
KS5 134.00 13.00 1.99 South 1.00
and 150.00 4.00 1.05 South 1.00
including 139.00 7.00 2.74 South 2.00
KS14D2 644.00 6.00 3.34 South 1.00
including 645.00 5.00 3.70 South 2.00
KS14D1 644.00 7.00 2.22 South 1.00
645.00 2.70 4.55 South 2.00
KS15D1 994.00 4.00 3.04 South 1.00
including 994.00 3.43 3.29 South 2.00
KS17 1845.65 5.70 2.37 South 1.00
including 1848.00 3.35 2.96 South 2.00
KS12 453.00 3.00 3.20 South 1.00
including 453.00 2.07 3.81 South 2.00
KN36 253.00 17.44 1.84 North 1.00
including 259.00 11.44 2.16 North 2.00
KS9D1 330.00 6.00 2.32 South 1.00
including 331.00 3.00 3.13 South 2.00
KS11 279.00 8.00 2.90 South 1.00
including 279.00 5.68 3.77 South 2.00
KN7 157.00 12.00 1.63 North 1.00
KN41 438.00 9.00 1.44 North 1.00
The results generally improve on assays reported by RST and show that the
mineralisation at Mokambo, like that at the nearby Mufulira Mine, extends to a
depth of many hundreds of metres, suggesting that underground mining could be
viable at Mokambo.
The Company has also undertaken a comprehensive review of its tenure position in
Zambia and is rationalising its ground holdings to focus on key prospective
tenements. Areas which are considered to be non-prospective will be relinquished
to the Government of Zambia, allowing the Company to focus its efforts on
evaluating Mokambo.
About African Eagle
African Eagle Resources plc is a junior mining developer and explorer with
projects in Tanzania and Zambia. The Company`s flagship project is the Dutwa
nickel project in Tanzania located about 25 kilometres south of Lake Victoria
and 140 kilometres east of Mwanza within Greenstone gold belt which hosts many
of Tanzania`s operating and developing gold mines. The Company is quoted on the
AIM market of the London Stock Exchange (AIM: AFE) and on the AltX of the JSE
(ALTX: AEA).
About Mokambo
The Mokambo project comprises two Prospecting Licences, Mokambo North and
Mokambo South, which occupy a narrow 17 kilometre long strip of land along the
border with the Democratic Republic of Congo. Much of the project area is
underlain by the highly prospective Lower Roan geological sequence, which hosts
most of the world class copper deposits in central Africa.
The Mokambo area is on the eastern limb of the Mufulira syncline, 15 kilometres
east of Glencore`s Mopani Mine, one of the world`s largest underground copper
mines. Mokambo was first explored and drilled by RST Mufulira Copper Mine
Division from 1929 to 1969. African Eagle has conducted surface exploration and
drilling at Mokambo as previously reported.
Qualified Person
Information in this report relating to reported 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 30 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
http://www.africaneagle.co.uk/p/glossary.html
Sponsor
Merchantec Capital
28 February 2012
For further information:
Please see the Company`s web site at http://www.africaneagle.co.uk/default.asp
or contact one of the following:
African Eagle Resources plc
Trevor A. Moss (CEO)
Yasumi Toyoda (Investor Relations)
+44 20 7248 6059
Canaccord Genuity Limited
Rob Collins
Andrew Chubb
+ 44 207 050 6500
Ocean Equities Limited
Guy Wilkes
+44 20 7786 4370
Russell & Associates, Johannesburg
Charmane Russell
Marion Brower
+27 11 8803924
+27 82 8928052
Date: 28/02/2012 09:00:14 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.
