African Eagle Resources PLC

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
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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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Nominations of African Eagle Resources PLC
9/15/2011(UK) - Appointment of new CEO
5/5/2011(UK) - Appointment of Non-executive Director
3/9/2010(Dutwa)Appoints project manager at Dutwa
10/15/2009Appointment of New Chairman
Project news of African Eagle Resources PLC
9/20/2011(Miyabi)(UK) - Miyabi drilling update
3/14/2011(Dutwa) Dutwa economic model update
3/1/2011(Dutwa)- Dutwa whittle optimisation report.
6/10/2010(Dutwa) Dutwa Nickel Project - Drilling Results
4/7/2010(Igurubi)Vends interest in Igurubi gold project to Peak Resources
3/17/2010(Dutwa)Drilling results from Ngasamo Hill
1/21/2010(Dutwa)Continues to Yield Positive Results
11/30/2009(Dutwa)Further Drilling Results
12/1/2009(Dutwa)Update on Metallurgical Tests
2/22/2010(Dutwa)Drill Results from Ngasamo Hill
10/20/2009(Dutwa)Dutwa Progress Summary
8/3/2009(Zanzui)Zanzui Nickel Leach Tests
7/29/2009(Dutwa)Dutwa Nickel Project Scoping Study
2/14/2009(Dutwa)Nickel Leach testwork results.
11/26/2008(Zanzui)Zanzui Nickel Project First Drill results
12/2/2008(Mokambo)Mokambo Copper Project
11/27/2008(Dutwa)Dutwa (7) The Resource statement
11/11/2008(Dutwa)DRILL RESULTS RECEIVED
8/26/2008(Dutwa)Dutwa Nickel Discovery
7/31/2008(Miyabi)Miyabi Project update
Corporate news of African Eagle Resources PLC
9/26/2011(UK) - Investor Presentation, Press & Research Links & Updat...
8/4/2011(Dutwa)(UK) - Dutwa mineralogical results
6/27/2011(UK) - 'Riches beyond gold' - The Sunday Telegraph
6/21/2011(UK) - Mid-year progress report
4/21/2011(UK) - Preliminary results
5/20/2010Communication with Shareholders & Notice of AGM
4/30/2010PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
9/25/2009Interim Report & Accounts
8/7/2009Open Offer Financing Oversubscribed
7/21/2009Open Offer to Shareholders
5/14/2009Igurubi Gold Resource and Dutwa Nickel Project Report
1/9/2009Strategic plan
9/25/2008Interim results
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