| | Published : September 20th, 2011 | (UK) - Miyabi drilling update |
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JV PARTNER ANNOUNCES 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 that its
drilling programme at Miyabi
gold project in Tanzania had discovered a substantial additional gold mineralised system.
Results include:
- MBRB637 9m at 0..89g/t Au from 18m, including 3m
at 1.76g/t
- MBRB654 7m
at 0..64g/t Au from
18m
- MBRB668 1m
at 6..08g/t Au from
24m
- MBRB702 18m at 0.99g/t Au from 0m, including 6m
at 2.56g/t Au from 0m
BrightStar's
results confirm African Eagle's belief that the Miyabi
structural corridor is highly prospective and that systematic exploration will
be likely to make significant additions to the 0.5 million ounce resource
delineated by the Company.
BrightStar Technical
Director Mr Paul Payne said: "We continue to
be encouraged by the results from this first pass RAB program. We have
discovered a gold mineralised system similar in
geometry and nature to the Miyabi Structural Corridor
which hosts the 520,000oz Mineral Resource. Deeper drilling will proceed in the
next few weeks."
Four gold mineralised
structures have now been discovered, from 20m to 150m wide, all requiring
follow-up drilling. The gold mineralisation is
strongly open to the east where prospective greenstones remain untested for a
further 3km.
Several of these shallow reconnaissance drill holes
ended in mineralisation and the discovery will now be
followed up by a programme of deeper reverse
circulation ("RC") drilling. All the mineralised
intersections are in oxidized rock and it is likely that the gold grades will
be higher in fresh rock beneath, as has been seen elsewhere in the Miyabi project.
The drilling programme consisted
of shallow RAB holes at 30m spacing along fences 200m apart. Approximately 400
holes were completed with average depth of about 27m and to date, results have
been received for around 60% of the holes.
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/
Qualified Person
Information in this report relating to reported
exploration results is based on Brightstar's 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.
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
Mark Parker (Managing Director)
Euan Worthington (Chairman)
Sandra Spencer (PR Consultant)
+44 20 7248 6059
+44 77 5640 6899
+44 75 1535 7790
Canaccord Genuity Limited
Andrew Chubb
Bhavesh Patel
+44 20 7050 6500
Ocean Equities
Limited
Guy Wilkes
+44 20 7786 4370
Russell &
Associates, Johannesburg
Charmane Russell
Marion Brower
+27 11 8803924
+27 82 8928052
Appendix
List
of all drill intersections greater than 0.1g/t gold
Collar
Location and Orientation (local grid)
|
Intersection > 0.1ppm Au
|
Hole
|
Type
|
X
|
Y
|
Z
|
Total Depth
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Length (m)
|
Au
(ppm)
|
MBRB478
|
RAB
|
5,600
|
20,176
|
1,201
|
33
|
-60
|
0
|
6
|
9
|
3
|
0.25
|
MBRB479
|
RAB
|
5,600
|
20,206
|
1,200
|
30
|
-60
|
0
|
18
|
21
|
3
|
0.11
|
|
|
|
|
|
|
|
and
|
27
|
30 (eoh)
|
3
|
0.22
|
MBRB486
|
RAB
|
5,599
|
20,415
|
1,200
|
23
|
-60
|
0
|
21
|
23 (eoh)
|
2
|
0.27
|
MBRB489
|
RAB
|
5,600
|
20,506
|
1,204
|
25
|
-60
|
0
|
0
|
3
|
3
|
0.21
|
MBRB491
|
RAB
|
5,999
|
20,317
|
1,200
|
33
|
-60
|
0
|
15
|
18
|
3
|
0.14
|
MBRB503
|
RAB
|
6,000
|
20,663
|
1,198
|
30
|
-60
|
0
|
21
|
30 (eoh)
|
9
|
1.82
|
MBRB510
|
RAB
|
6,000
|
20,865
|
1,200
|
27
|
-60
|
0
|
6
|
9
|
3
|
0.30
|
MBRB513
|
RAB
|
5,998
|
20,949
|
1,195
|
25
|
-60
|
0
|
9
|
12
|
3
|
0.34
|
MBRB519
|
RAB
|
6,200
|
20,463
|
1,196
|
33
|
-60
|
0
|
18
|
21
|
3
|
0.23
|
MBRB524
|
RAB
|
6,202
|
20,610
|
1,197
|
27
|
-60
|
0
|
3
|
9
|
6
|
0.13
|
MBRB526
|
RAB
|
6,202
|
20,667
|
1,196
|
24
|
-60
|
0
|
6
|
18
|
12
|
0.32
|
MBRB534
|
RAB
|
6,200
|
20,895
|
1,195
|
30
|
-60
|
0
|
18
|
24
|
6
|
1.14
|
|
|
|
|
|
|
including
|
21
|
24
|
3
|
2.11
|
MBRB535
|
RAB
|
6,200
|
20,926
|
1194
|
27
|
-60
|
0
|
12
|
27 (eoh)
|
15
|
0.21
|
MBRB558
|
RAB
|
6,400
|
20,989
|
1190
|
29
|
-60
|
0
|
18
|
29 (eoh)
|
11
|
0.16
|
MBRB561
|
RAB
|
6,600
|
20,408
|
1186
|
30
|
-60
|
0
|
12
|
27
|
15
|
0.27
|
MBRB579
|
RAB
|
6,601
|
20,923
|
1187
|
16
|
-60
|
0
|
9
|
16 (eoh)
|
7
|
0.27
|
MBRB593
|
RAB
|
6,802
|
20,790
|
1179
|
27
|
-60
|
0
|
21
|
24
|
3
|
0.10
|
MBRB602
|
RAB
|
7,001
|
20,958
|
1170
|
21
|
-60
|
0
|
15
|
18
|
3
|
0.15
|
MBRB610
|
RAB
|
7,202
|
20,574
|
1175
|
27
|
-60
|
0
|
18
|
21
|
3
|
0.22
|
MBRB611
|
RAB
|
7,199
|
20,608
|
1175
|
29
|
-60
|
0
|
6
|
9
|
3
|
0.17
|
MBRB617
|
RAB
|
7,198
|
20,979
|
1171
|
21
|
-60
|
0
|
12
|
15
|
3
|
0.18
|
MBRB625
|
RAB
|
6,601
|
20,955
|
1190
|
27
|
-60
|
0
|
3
|
6
|
3
|
0.20
|
|
|
|
|
|
|
|
and
|
21
|
24
|
3
|
0.12
|
MBRB626
|
RAB
|
6,601
|
20,975
|
1190
|
22
|
-60
|
0
|
21
|
22
(eoh)
|
1
|
0.27
|
MBRB627
|
RAB
|
6,605
|
21,012
|
1190
|
30
|
-60
|
0
|
24
|
30
(eoh)
|
6
|
0.12
|
MBRB628
|
RAB
|
6,597
|
21,043
|
1190
|
31
|
-60
|
0
|
18
|
27
|
9
|
0.16
|
MBRB636
|
RAB
|
5,798
|
20,349
|
1217
|
27
|
-60
|
0
|
18
|
27
(eoh)
|
6
|
0.13
|
MBRB637
|
RAB
|
5,797
|
20,378
|
1217
|
27
|
-60
|
0
|
18
|
27 (eoh)
|
9
|
0.89
|
|
|
|
|
|
|
including
|
24
|
27 (eoh)
|
3
|
1.76
|
MBRB649
|
RAB
|
5,801
|
20,722
|
1217
|
25
|
-60
|
0
|
18
|
21
|
3
|
0.12
|
MBRB653
|
RAB
|
5,797
|
20,839
|
1217
|
25
|
-60
|
0
|
15
|
24
|
9
|
0.29
|
MBRB654
|
RAB
|
5,794
|
20,868
|
1217
|
25
|
-60
|
0
|
18
|
25 (eoh)
|
7
|
0.64
|
MBRB668
|
RAB
|
7,402
|
20,826
|
1168
|
25
|
-60
|
0
|
24
|
25 (eoh)
|
1
|
6.08
|
MBRB669
|
RAB
|
7,402
|
20,858
|
1167
|
25
|
-60
|
0
|
0
|
3
|
3
|
0.16
|
MBRB671
|
RAB
|
7,400
|
20,916
|
1167
|
25
|
-60
|
0
|
0
|
3
|
3
|
0.15
|
|
|
|
|
|
|
|
and
|
24
|
25
(eoh)
|
1
|
0.23
|
MBRB688
|
RAB
|
7,600
|
20,838
|
1170
|
25
|
-60
|
0
|
24
|
25
(eoh)
|
1
|
0.10
|
MBRB694
|
RAB
|
7,600
|
21,023
|
1170
|
25
|
-60
|
0
|
18
|
24
|
6
|
0.30
|
MBRB699
|
RAB
|
8,003
|
20,542
|
1165
|
25
|
-60
|
0
|
12
|
15
|
3
|
0.12
|
|
|
|
|
|
|
|
and
|
24
|
25
(eoh)
|
1
|
0.58
|
MBRB700
|
RAB
|
8,001
|
20,574
|
1165
|
25
|
-60
|
0
|
15
|
18
|
3
|
0.18
|
MBRB702
|
RAB
|
8,001
|
20,629
|
1165
|
25
|
-60
|
0
|
0
|
18
|
18
|
0.99
|
|
|
|
|
|
|
including
|
0
|
6
|
6
|
2.56
|
MBAC176
|
AC
|
7,001
|
20,682
|
1176
|
33
|
-60
|
0
|
27
|
30
|
3
|
0.15
|
MBAC182
|
AC
|
7,207
|
20,773
|
1172
|
36
|
-60
|
0
|
18
|
21
|
3
|
0.11
|
MBAC182
|
AC
|
7,207
|
20,773
|
1172
|
36
|
-60
|
0
|
27
|
33
|
6
|
0.22
|
MBAC184
|
AC
|
7,203
|
20,836
|
1172
|
30
|
-60
|
0
|
15
|
30
(eoh)
|
15
|
0.15
|
MBAC185
|
AC
|
7,199
|
20,859
|
1172
|
24
|
-60
|
0
|
12
|
15
|
3
|
0.12
|
MBAC187
|
AC
|
7,207
|
20,923
|
1172
|
25
|
-60
|
0
|
6
|
9
|
3
|
0.19
|
|
|
|
|
|
|
|
and
|
13
|
16
|
3
|
0.26
|
(eoh)
indicates that the hole ended in gold mineralisation
- Most samples analysed
as 3m composites
- Sampling carried out using a cyclone and riffle
splitter at 1m intervals
- Sample preparation at ALS Global in Mwanza, Tanzania
- Gold analysis carried out by OMAC Laboratories in
Ireland using 50g aqua regia
- 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. Where holes ended in mineralisation,
true thickness may be greater than the intersection thickness.
Data and Statistics for these countries : Tanzania | All Gold and Silver Prices for these countries : Tanzania | All
|
African Eagle Resources PLC
|
|
DEVELOPMENT STAGE |
CODE : AFE.L |
ISIN : GB0003394813 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
African Eagle is a nickel and gold development stage company based in United kingdom. African Eagle develops nickel, gold and copper in Tanzania and in Zambia. Its main assets in development are FAIDA - MIYABI PROJECT and KILIMANI - MIYABI PROJECT in Tanzania and MKUSHI PROJECT in Zambia and its main exploration properties are MAJELE, SENA and KING SOLOMON in Mozambique, NDOLA, SASARE EAGLE EYE, MOKAMBO, LUNGA and MKUSHI in Zambia and ZANZUI, IGURUBI, DUTWA and MIYABI in Tanzania. African Eagle is listed in Germany and in United Kingdom. Its market capitalisation is GBX 243.9 millions as of today (US$ 409.4 millions, € 306.2 millions). Its stock quote reached its highest recent level on July 08, 2011 at GBX 9.98, and its lowest recent point on July 05, 2013 at GBX 0.10. African Eagle has 871 160 000 shares outstanding. |
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