African Eagle Resources PLC : African Eagle Resources plc: Announcement of maiden JORC resource estimate for Zanzui prospect African Eagle - Zanzui Maiden Resource RNS Maiden JORC Resource Estimate for Zanzui 08 January 2013: African Eagle Resources plc ("African Eagle" or the "Company") (AIM: AFE; AltX: AEA) is pleased to announce a maiden JORC Inferred resource estimate on a small part of its 85% owned Zanzui complex of 27 million tonnes ("Mt") at a grade of 0.81% nickel and 0.06% cobalt. Estimated metal contained in the newly defined resource is approximately 219,000 tonnes of nickel and 16,000 tonnes of cobalt. The Zanzui complex is situated about 50km south of African Eagle's Dutwa Nickel Project in Tanzania and this maiden resource confirms that the lithology of nickel mineralisation discovered at Dutwa is not limited solely to that property and that at least one further instance of similar mineralisation exists in the region. The Zanzui complex covers an area of approximately 140 km^2 and the defined Inferred nickel resource measures only around 3 km^2. The Company will explore the potential for ore from Zanzui to become supplemental feed to its Dutwa project. Table 1 Total January 2013 Zanzui Mineral Resource - Inferred Resource estimate reported above a 0.55% nickel cut-off. JORC Lithology Tonnes Ni Co SiO FeO MgO AlO (2004) (Mt) (%) (%) (%) (%) (%) (%) Resource Category Inferred Ferruginous-siliceous 23.2 0.81 0.06 62.7 24.9 1.9 1.7 Transition 3.4 0.81 0.03 45.0 21.7 11.3 2.1 Sap rock 0.4 0.71 0.03 39.6 14.4 27.3 0.9 Total 27.1 0.81 0.06 60.0 24.3 3.5 1.8 Small discrepancies may occur due to the affects of rounding Commenting on the announcement, African Eagle's CEO, Trevor Moss, said,"This maiden resource confirms the medium term potential of Zanzui to become an exciting extension to our flagship Dutwa Nickel Project as it lies within reasonable transport distance to the planned processing plant at Dutwa. This maiden resource estimate is only for a small part of the large circular shaped Zanzui mafic/ultramafic complex prospect, which measures around 12 kilometres in diameter. Zanzui is a significant target and the Company is evaluating options with regard to expanding exploration to cover the other main areas of the complex including the strong potential for significant sulphide mineralisation." The Inferred resource for Zanzui was prepared by Snowden Mining Industry Consultants Pty Ltd of Perth Australia from data acquired from drill programmes comprising 75 vertical reverse circulation holes drilled on a staggered pattern of 100m and 200m for a total of 4,362 metres of drilling. African Eagle performed the drilling in two phases with the first occurring in August 2008 and the second in May and June 2010. The overall programme was designed only to provide early data for an initial investigation into the Zanzui area and to begin the evaluation of Zanzui as a mineral target. Qualified Person Richard Sulway is a member of the Australasian Institute of Mining and Metallurgy (MAusIMM(CP)) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a competent person as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Richard Sulway is a full-time employee of Snowden Mining Industry Consultants Pty Ltd and is a Qualified Person under AIM rules. Richard Sulway consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. For further information, please visit www.africaneagle.co.ukor contact: African Eagle Resources plc Trevor Moss, CEO Alex Buck +44 20 7248 6059 Canaccord Genuity Limited (NOMAD and Joint Broker) Rob Collins or Andrew Chubb + 44 20 7523 8000 Ocean Equities Limited (Joint Broker) Guy Wilkes +44 20 7786 4370 About African Eagle African Eagle Resources plc is a nickel development and explorationcompany listed on the London AIM (AFE) and Johannesburg AltX (AEA) stock exchanges. The Company's flagship project is the Dutwa Nickel project in Tanzania located about 25km south of Lake Victoria and 110km east of Mwanza within greenstone gold belts which host many of Tanzania's operating and developing gold mines.The Company is currently conducting a Bankable Feasibility Study, which is due for publication during 2013. ------------------------------------------------------------------------------ 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: African Eagle Resources PLC via Thomson Reuters ONE HUG#1668602
African Eagle Resources PLC : African Eagle Resources plc: Announcement of maiden JORC resource estimate for Zanzui prospect
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