| Wed 14 Mar 2012, 9:00 | | AEA - African Eagle Resources plc - JV Partner announces High Grade Drill |
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AEA
AEA
AEA - African Eagle Resources plc - JV Partner announces High Grade Drill
Results at Miyabi Gold Project
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)
JV Partner Announces High Grade Drill Results At Miyabi Gold Project
African Eagle Resources plc ("African Eagle" or "the Company"; AIM: AFE;
AltX: AEA) is pleased to report that its joint venture partner BrightStar
Resources Ltd ("BrightStar") has announced gold results from its reverse
circulation drilling programme at Miyabi gold project in Tanzania.
New results include:
- 9m at 1.45g/t gold from 28m
- 2m at 1.83g/t from 53m
- 2m at 5.4g/t from 81m
- 4m at 1.78g/t from 1m
- 5m at 1.34g/t from 1m
The results confirm broad zones of gold mineralisation near the granite-
greenstone contact.
BrightStar`s latest results are from reverse circulation (RC) holes in the
contact and Ndagalu areas, following up results from earlier shallow rotary
air blast drilling. In all, 31 RC holes for 2,605m were completed on sections
spaced 200m to 400m apart, with results from about half having been announced
previously.
The drilling revealed broad zones of gold mineralisation in sheared and
brecciated greenstones close to the granite contact. These zones included
intersections such as 71m at 0.22g/t Au from 13m and 48m at 0.22g/t Au from
18m. BrightStar comment that these broad zones of primary gold mineralisation
require follow-up to understand the controls on the higher grade
mineralisation, which will be done in conjunction with testing of a high
grade zone discovered during 2011.
BrightStar also reports that a new rig has arrived in Mombasa, Kenya and is
expected to be drilling at Miyabi in May.
The Miyabi gold project is a Joint Venture between African Eagle and ASX-
listed BrightStar Resources Ltd, under which BrightStar can earn up to 75% of
the project by completing exploration and a feasibility study.
A table of all mineralised intersections is set out in the appendix to this
release and full details of the Miyabi drilling programme and results can be
found on BrightStar`s web site: http://brightstarresources.com.au/
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).
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 www.africaneagle.co.uk/african-eagle-
projects-glossary.html
Sponsor
Merchantec Capital
14 March 2012
For further information:
Please see the Company`s web site at www.africaneagle.co.uk or contact one of
the following:
African Eagle Resources plc
Trevor A. Moss (CEO)
Chris Davies (COO)
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
Appendix
Table 1: List of All RC Intersections > 0.5g/t Au
Collar Location and Orientation (local grid)
Hole Type X Y Z Total Depth Dip Azimuth
MBRC303 RC 6199 20639 1194 87 -55 0
MBRC304 RC 6201 20879 1194 103 -55 0
MBRC305 RC 6200 20923 1194 100 -55 0
MBRC310 RC 6598 20914 1190 85 -55 0
MBRC312 RC 6601 21000 1190 76 -55 0
MBRC314 RC 7199 20800 1172 84 -55 0
MBRC316 RC 7401 20837 1168 80 -55 0
MBRC318 RC 8001 20538 1165 94 -55 0
MBRC319 RC 7999 20579 1165 81 -55 0
MBRC321 RC 9099 18600 1190 80 -55 0
MBRC322 RC 9099 18558 1190 100 -55 0
MBRC323 RC 9300 18539 1188 100 -55 0
MBRC323 RC 9300 18539 1188 100 -55 0
MBRC324 RC 9301 18585 1188 82 -55 0
MBRC326 RC 5005 20644 1215 80 -55 0
MBRC327 RC 5000 20603 1215 90 -55 0
MBRC328 RC 4799 20576 1207 82 -55 0
MBRC329 RC 4,802 20,530 1,207 103 -55 0
Intersection > 0.5ppm Au
Hole Type From (m) To (m) Length (m) Au (ppm)
MBRC303 RC 69 71 2 0.57
MBRC304 RC 57 58 1 1.40
MBRC305 RC 35 43 8 0.52
and 50 51 1 1.47
MBRC310 RC 28 37 9 1.45
MBRC312 RC 53 55 2 1.83
MBRC314 RC 51 54 3 0.68
MBRC316 RC 25 27 2 1.40
MBRC318 RC 81 83 2 5.40
MBRC319 RC 71 72 1 1.12
MBRC321 RC 3 4 1 1.19
and 31 35 4 1.78
and 67 69 2 1.08
MBRC322 RC 14 15 1 1.12
MBRC323 RC 34 35 1 0.57
MBRC323 RC 95 96 1 0.53
MBRC324 RC 1 6 5 1.34
and 55 56 1 1.52
MBRC326 RC 20 21 1 1.73
and 65 66 1 3.96
MBRC327 RC 44 46 2 1.54
and 64 65 1 1.22
MBRC328 RC 31 35 4 0.88
MBRC329 RC 66 69 3 0.97
- Sampling carried out using a cyclone and riffle splitter at 1m
intervals
- Sample preparation at ALS Global in Mwanza, Tanzania
- Gold analysis using 50g fire assay carried out by OMAC Laboratories
in Ireland
- QAQC samples submitted routinely with excellent results
- Holes located by GPS then transformed to local grid coordinates
- Intersections are generally interpreted to represent true width
Date: 14/03/2012 09:00:01 Produced by the JSE SENS Department.
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