Varie
Dutwa Nickel Exploration Update
·
·
·
·
·
·
·
·
The Ngasamo resource upgrade drill programme comprised 122 vertical holes for 8,045 metres of reverse circulation drilling, bringing the total number of Ngasamo drill holes to 188. African Eagle commenced the drilling in late August 2011 and completed the work in early November 2011. The programme was specifically designed to upgrade the resource classification from Inferred to Indicated and was defined with the assistance and approval of Snowden of Perth, Australia, African Eagle's deposit modelling and resource geology contractor. Snowden will now conduct a formal resource estimate to JORC standard with the results expected in Q2. With this most recent drilling, African Eagle has completed a total of 12,865m of resource drilling at Ngasamo.
Upon successful completion of the upgrade of the Ngasamo resource to JORC Indicated category, African Eagle will be entitled to increase its equity in the Ngasamo project from 35% to 50% under its April 2009 agreement with Ngasamo's owners, Precious Metals Refinery Company Ltd (PMRC), a Tanzanian subsidiary of the Safina group of the Czech Republic. Thereafter, the Ngasamo deposit will be included in the bankable feasibility study of the whole Dutwa project African Eagle will earn 75% interest in Ngasamo by sole-funding the BFS work or PMRC can retain its interest in Ngasamo based on its pro-rata funding of the study.
All mineralised intersections from the latest drilling with grades of more than 0.5% nickel or 0.05% cobalt are listed below. Assays were carried out at Omac Laboratories in Ireland on 3m composited RC drill cuttings, with approximately 20% of quality control samples (reference standards, blanks and duplicates) inserted into the sample stream. The resource upgrade drilling programme infilled previous drilling to nominal drill collar intervals of approximately 100m x 50m and stepped out beyond the existing drilling, mainly to the south. A map of the drill hole locations old and new can be found on African Eagle's website, www.africaneagle.co.uk.
* EOH means end-of-hole
** "or" indicates an alternative interpretation, usually the average of a longer interval.
About Dutwa
Dutwa was discovered in 2008 and is a nickel laterite project with unusually beneficial geometallurgical properties. Since discovery, the progress of development has been rapid. Dutwa is defined by a JORC resource of 99 million tonnes at 0.93% Ni, offering ready mining from two hilltop deposits and straightforward low consumption atmospheric acid leaching, leading to strong economics. The most recent financial modelling, prepared in early 2011, projected cash operating costs of approximately $3.50/lb., a post tax NPV of $630M at $9/lb. nickel and a projected capital payback period between three and five years. The current BFS and ESIA development is directed toward defining the full environmental, social, technical and economic performance of Dutwa.
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
Trevor A. Moss (CEO)
Yasumi Toyoda (Investor Relations)
+44 20 7248 6059
Rob Collins
Andrew Chubb
+ 44 207 050 6500
Guy Wilkes
+44 20 7786 4370
Charmane Russell
Marion Brower +27 11 8803924
+27 82 8928052
Copyright Thomson Reuters
Regulatory News
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: %s via Thomson Reuters ONE