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AFRICAN EAGLE ANNOUNCES NICKEL DISCOVERY IN TANZANIA
African Eagle Resources plc has received exciting early Nickel assay
results from drilling at its Dutwa Gold and Base Metals Project in
Tanzania.
Results to date include:
36m @ 1.16% Ni from 12m depth, including 12m @ 2.52% Ni
39m @ 1.11% Ni from 6m
21m @ 1.33% Ni from 18m
30m @ 0.94% Ni from 12m
African Eagle's Managing Director Mark Parker comments, "The grades
we are seeing at Dutwa are easily comparable with those at many major
nickel laterite deposits worldwide. The results to date, coupled with
the extent of the geochemical anomaly, suggest a substantial nickel
endowment. This is a highly significant discovery, the first of its
type in Tanzania, and appears very promising."
African Eagle is conducting a programme of vertical reverse
circulation (RC) drilling at Dutwa to investigate a promising
2.5km-long nickel anomaly from last year's geochemical soil sampling
programme.
Seven of the first ten drill holes yielded high nickel values from a
considerable thickness of laterite within the top 50m.
These first results, verified by two laboratories, are from holes
drilled along a 1km segment of the 2.5km geochemical anomaly.
Cuttings from further drill holes, for which results are still
awaited, indicate that the mineralisation extends over an area of at
least 2 x 0.3km.
African Eagle is continuing drilling to delineate fully the
nickel-rich material. All samples will also be analysed for cobalt
and other elements commonly associated with nickel in laterite
deposits. All these results will be reported once they are received
and checked.
The table below sets out key intersections for which certificated and
verified assay results have been received to date.
The Company is also re-evaluating all data from its Zanzui project,
70km to the south of Dutwa, which returned elevated nickel soil
geochemical values from a similar geological setting.
The Dutwa project is located in the eastern Lake Victoria Goldfield
of Tanzania, 100km east of the country's second largest city, Mwanza.
The project is very favourably situated, being close to the main
Mwanza-Nairobi trunk road, a major power line and the shore of Lake
Victoria.
Table: Significant Drill Intersections
(Assays received to 25 August 2008 using a 0.5% Ni cut-off)
+--------------------------------------------------------+
| Hole No | From (m) | Intersection (m) | Ni Grade (%) |
|-----------+----------+------------------+--------------|
| DTRC - 1 | 6 | 3 | 0.55 |
|-----------+----------+------------------+--------------|
| and | 12 | 15 | 0.75 |
|-----------+----------+------------------+--------------|
| or | 6 | 21 | 0.65 |
|-----------+----------+------------------+--------------|
| and | 42 | 3 | 0.53 |
|-----------+----------+------------------+--------------|
| DTRC - 2 | 12 | 30 | 0.94 |
|-----------+----------+------------------+--------------|
| DTRC - 3 | 6 | 39 | 1.11 |
|-----------+----------+------------------+--------------|
| DTRC - 4 | 18 | 21 | 1.33 |
|-----------+----------+------------------+--------------|
| and | 42 | 3 | 0.63 |
|-----------+----------+------------------+--------------|
| or | 18 | 27 | 1.16 |
|-----------+----------+------------------+--------------|
| DTRC - 5 | 9 | 6 | 0.56 |
|-----------+----------+------------------+--------------|
| and | 21 | 9 | 0.72 |
|-----------+----------+------------------+--------------|
| and | 36 | 15 | 0.80 |
|-----------+----------+------------------+--------------|
| or | 9 | 42 | 0.64 |
|-----------+----------+------------------+--------------|
| DTRC - 6 | 12 | 36 | 1.16 |
|-----------+----------+------------------+--------------|
| Incl. | 33 | 12 | 2.52 |
|-----------+----------+------------------+--------------|
| DTRC - 9 | 39 | 6 | 0.82 |
|-----------+----------+------------------+--------------|
| and | 54 | 9 | 1.03 |
|-----------+----------+------------------+--------------|
| and | 123 | 3 | 0.61 |
|-----------+----------+------------------+--------------|
| DTRC - 10 | 0 | 3 | 0.60 |
+--------------------------------------------------------+
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 is located in the Kilimafedha ("money hills")
greenstone belt, which lies in the Lake Victoria Goldfields (LVGF),
100km east of Mwanza. Though originally investigated as a gold
project, the area holds excellent potential for the discovery of
nickel and platinum group elements. In ultramafic rocks adjacent to
the mine, previous explorers have reported rock chip samples
containing up to 1.87% nickel and 10% chromium.
The project area comprises seven licences which cover 668km². African
Eagle has a 90% interest in the properties and the option to gain a
100% holding.
The project area is underlain by greenstones and granites. The
greenstones are Nyanzian in age and are composed of intermediate and
mafic volcanics, a suite of schistose metasediments, with banded iron
formation (BIF) in the east. Ultramafic bodies, described as
peridotites with olivine picrite, gabbro-norite and silicified
serpentinite, occur within the greenstones, forming a range of low
hills which extend for 12km from Ngasamo in the west to the Wamangola
Hills in the east.
African Eagle has completed a regional soil geochemical survey which
returned gold anomalies over a 16km strike length and high nickel
values over the ultramafic rocks. The Company has also conducted
ground magnetic surveys which greatly help to reveal the structure
and geology of the area, and has compiled historical data including a
1957 programme of detailed mapping and trenching of the ultramafic
hills.
Regular technical updates with maps, sections and the cumulative
results of the drilling programme will be posted on the Dutwa page of
the Company's website:
www.africaneagle.co.uk/african-eagle-projects-dutwa.html
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. The Company
also holds a large well-balanced portfolio of promising earlier stage
gold and base metal projects, including the Ndola and Mokambo copper
projects.
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.
---END OF MESSAGE---
African Eagle Resources PLC
http://www.africaneagle.co.uk/
ISIN: GB0003394813
Stock Identifier: AIMX.AFE
