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AFRICAN EAGLE --- AFE

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AFRICAN EAGLE - AFE --------- Quoted on AIM and AltX ---------- Mkt Cap £19.6 Mn

Cash -Probably £6m + after raising £7.4m on the Johannesburg AltX listing in Aug 07

Website. http://www.africaneagle.co.uk ------------- At the Minesite Forum 12th March.

 

History

African Eagle was set up by its Managing Director Mark Parker in late 1996, initially as a private company named Twigg Resources. Shares in a public vehicle, Twigg Minerals plc, were admitted to trading on the OFEX market in March 2000. In August 2002 the Company acquired Australian junior explorer AERL in a share for shares deal, bringing in a group of promising Zambian projects. In September 2002 the Company's name was changed to African Eagle Resources plc and June 2003 the company was listed on AIM.

 

AFE has two advanced projects.

Mkushi, a coppper prospect in Zambia in a JV with CGA mining. Have just completed a PFS with a production decision to come at the end of this year..

The Miyabi gold project in Tanzania has a JORC resource of 520,000 oz and has Randgold as it’s farm in partner.

 

The company has three projects in Zambia that are potentially company making according to chairman John Park in an interview late last year. They are Ndola, a copper project in a farm in with Freeport McMoran, Eagle Eye, a major IOCG system, and Mokambo, a copper project in JV with an adjacent license holder Copperbelt Minerals, with the potential strike running through both license areas for about 12 kms.

 

In Tanzania AFE has several gold projects at an early stage including Msasa with MDN Northern Mining as the earn in partner, Kakumbi with Resolute Mining as the earn in partner, Dutwa, Igurubi and Rupa.

 

A strategic alliance was entered into with Troll Mining last year to explore their many copper, gold and uranium license areas. There may also be uranium at Eagle Eye in Zambia. Since that alliance AFE are looking to exploit the potential uranium assets by bringing an experienced uranium company into a farm in deal.

 

From Chairmans review of progress 28th Sept

The Company's establishment of a Uranium Division was another significant step during the period. There are 8 projects which have uranium potential, with targets including calcrete and playa type deposits in Neogene to recent sediments, sandstone hosted deposits of Karoo and Cretaceous ages and vein deposits in crystalline basement rocks. The portfolio includes 11 licences and 8 applications, with a total area of some 13,000 square kilometres.

 

 

The company does have a very substantial amount of licenses including further early stage areas in Mozambique, all of which are difficult to keep up with as AFE is short on news flow and the website info on current projects leaves a lot to be desired. They are, however, featured at the 50th Minesite Forum on the 12th March. Maybe that will help to clarify a few of the projects that are coming up behind and give better visibility.

 

A copper and gold play with a whiff of uranium. Minerals and energy resource, not a bad combination. I hold this stock.

 

DYOR

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TWP Finance buys 5% stake in African Eagle, looking to increase to 20-25%

 

http://www.miningmx.com/mining_fin/450386.htm

 

“We would like a 20 to 25% stake in African Eagle. It depends on how we do it, if it’s by putting projects in there and getting equity it could take six to 12 months. Over a 12 month period that’s where we’d like to be,” Cunningham said.

 

TWP Finance is a subsidiary of TWP Holdings, a mining engineering and services group

 

http://www.twpweb.co.za/index.php?option=c...6&Itemid=74

 

 

They're certainly in at the right price and recognise the opportunities within AFE's portfolio of projects.

 

 

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African Eagle released results today which were pretty much in line.

 

They have updated/ are updating their website. A few snippets that have not been released before by the company ( not even in a RNS ) :--

 

 

'In line with our policy of spreading geological risk across multiple projects while signing up partners to explore and develop them, the Company entered an agreement last September with UK-based Sloane Developments Ltd. Sloane is exploring six of African Eagle’s projects in the Lake Victoria Goldfields under an option which allows it to earn up to 51% interests in them.'

 

and from Igurubi in Tanzania:--

 

Current Status

African Eagle has compiled and synthesised historical survey data from previous explorers and completed extensive follow up geophysical, geochemical and geological mapping (Fig. 1). AFE has drilled fifty-six Reverse Circulation (RC) holes, targeting two of the three known gold reefs (Fig. 2). Thirty-one of the holes have intersected gold mineralisation of 0.5 g/t or greater over 3m or more. Intersections include:

 

Hole no From (m) Section (m) Grade (g/t)

IGRC - 5 --- 60 ----- 3 ----- 6.81

IGRC - 12 -- 69 ----- 4 ---- 14.21

IGRC - 20 --109 ----- 6 ---- 7.33

IGRC - 26 -- 31 ----- 6 ---- 7.03

IGRC - 36 -- 82 ----- 3 ---- 6.25

 

AFE has identified a significant gold in soil anomaly hosted in greenstones and BIF, returning elevated gold values up to 40ppb in the northeast corner of the project.

 

Future Programme

AFE recently commenced drilling to test the full strike extent of mineralisation beneath the Proto-Lake Victoria sediments in the south of the area with early encouraging results. AFE will also test the third reef in the main zone in the coming months.

-----------

 

During 2007, African Eagle applied for 11 licences in three new project areas. These have now all been granted.

 

The Niassa project in north-west Mozambique adjacent to Malawi is prospective for copper, nickel and PGE mineralisation, and the Sena and Tambara project areas in central Mozambique are prospective for gold and uranium.

 

Work on the Fingoe Project in western Mozambique is continuing with partner Pan African Mining Corporation, The Fingoe Belt is a tectonised Proterozoic volcano-sedimentary sequence intruded by granitoids. There is skarn-like iron and copper-gold mineralisation in the area, suggesting that the area may be prospective for intrusion related or IOCG style mineralisation.

 

The Majele Project lies in the Alto Ligonha pegmatite belt and was recently optioned to Pacific Wildcat Resources Corporation, which can acquire an 80% interest in the project by exploring for tantalum, tin and niobium deposits

 

------------------------------------

 

 

Much more new info on the new website.

 

http://www.africaneagle.co.uk/

 

.

 

 

 

 

 

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Freeport MacMoran opted not to proceed with it's earn-in on African Eagle's Ndola copper project in Zambia in news announced today.

The earn-in was originally made with a Phelps Dodge subsidiary.

AFE now retains 100% ownership of Ndola.

 

Extracts from release:--

 

African Eagle regains unencumbered ownership of the Ndola Project

Systematic exploration has identified four principal copper targets

African Eagle will continue exploration at Ndola

New JV partners will be considered

 

 

The four principal copper targets identified by African Eagle are:

 

Ndola East, an area northeast of Ndola town containing a copper deposit in Lower Roan sediments, reported from past drilling to be of the order of 40Mt at 0.76% copper.

Ndola South, a target associated with Lower Roan sediments in the southern part of the licence. This mineralisation may be stratigraphically continuous with Bwana Mkubwa, one of Zambia’s oldest former copper mines.

Misundu, in the northwest of the licence, where copper mineralisation occurs in sediments of Upper Roan Dipeta age, within a structurally complex zone. The Dipeta is known to host significant copper deposits in neighbouring DRC.

Chiwala, a geochemical copper anomaly within post-Roan Kundelungu rocks in the central part of the licence.

 

At the Ndola South target, geochemical soil sampling completed in late 2007 revealed an extensive low tenor copper anomaly associated with folded Lower Roan strata. 12km to the west, these rocks contain the Bwana Mkubwa mine, one of Zambia's oldest and richest copper mines, now owned by First Quantum Minerals. The Company recently completed a programme of shallow (30-40m) Reverse Circulation drill holes to test the soil geochemical anomaly. Analysis of drill chippings, using the Company's field XRF analyser, indicates that there is up to 0.2% copper present in the leached saprolite derived from the target horizon. The drill samples have been submitted for assay to a certified laboratory.

 

The Company is currently conducting an Induced Polarisation (IP) survey of Ndola South and the results received so far show high chargeability at a depth of 50m or more beneath the soil geochemical anomaly. This suggests that stratiform copper sulphide mineralisation may exist at depth. The Company considers Ndola South to be a significant exploration target and plans a series of deep drill holes once all the results of the IP survey have all been received and interpreted.

 

The Ndola East copper deposit occurs in north-northwest striking Lower Roan sediments on the eastern flank of the Ndola Dome. From the results of exploration during the 1950s and 1970s, the deposit was estimated to contain mineralisation amounting to some 40 Mt at 0.76% copper over a strike length of 3.5km. Structural complications including thrusting and overturning of strata were noted in the north. The reported drill hole intersections suggest that the copper grade increases with depth to a maximum of 1 to 1.5%. Given that the 1960s drill holes were on a very coarse grid pattern, spaced approximately 1000m by 500m, we believe the deposit has not yet been sufficiently investigated. There is potential for shallow oxide mineralisation and deeper sulphide ores over a strike length of around 7.5km around the Ndola Dome. The Company plans a programme of geophysical surveying and drilling to evaluate the target.

 

At the nearby Misundu target, the Company drilled three diamond drill holes and nine percussion drill holes for a total of almost 2000 metres, before drilling was suspended to await the results of the detailed geochemical survey and other surface surveys. Unexpectedly, the drilling intersected rocks which appear to belong to the Dipeta Formation, within a structurally complex zone. The Dipeta is part of the Upper Roan and is known to host significant copper deposits in neighbouring DRC. Diamond drill hole NDE1 was drilled to a depth of 603m with wedged offsets to define the stratigraphic succession and to gain a better understanding of the structural complexity and mineralisation at Misundu. Mineralisation grading 1.1% copper was intersected in this hole at 58 vertical metres over a width of 7m and further drilling is planned.

 

The geochemical anomaly at Chiwala, in the central part of the licence, lies in the same stratigraphic sequence as First Quantum Mineral's Lonshi deposit. An IP survey will be undertaken at Chiwala, followed by drilling if appropriate.

 

________________________________________________

 

 

AFE have had a free ride for a while and have always looked at Ndola as having major potential, which is borne out by them pushing forward with the drill programme/survey.

 

Maybe not the right size or fit for Freeport MacMoran on this former Phelps Dodge earn-in.

 

http://www.africaneagle.co.uk/news/news-198.html

.

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Randgold opts to continue earn-in for 50% at the Miyabi gold project with JORC of 520,000 oz au already established.

 

Extracts:--

 

Randgold completes Phase One exploration and exercises option to begin Phase Two

Structural study reveals targets for future drilling

Follow-up drilling and increased exploration expenditure

 

Under the joint venture agreement, which was signed in May 2007, RRS has been undertaking an agreed Phase One exploration programme to assess the gold potential of the project beyond the 520,000 ounce JORC-compliant resource already outlined by African Eagle. The Phase One programme included diamond drilling in the 7km x 2km northeast trending gold-bearing Miyabi shear zone corridor and RAB drilling over the Idahina geochemical targets, together with a structural and geological interpretation of all new and previous data. RRS’s total expenditure on Phase One was just over US$1 million.

 

On completion of Phase One, RRS had the option, which it has now exercised, to commence Phase Two, under which it can earn a 50% interest in the joint venture by solely funding all further project costs up to and including completion of a predefined Pre-Feasibility Study. On completion of the Pre-Feasibility Study, African Eagle can elect to retain a 49% stake in the project by co-funding a Definitive Feasibility Study, or to dilute to a 35% stake if RRS provides all funding for this phase.

 

Project Update

The Phase One exploration programme included 20 diamond drill holes (4,078m), mostly along two fences across the entire Miyabi corridor, and was principally designed to provide geological and structural information. It was not the intention of the programme to add to the existing 520,000oz resource, but none the less, mineralisation was intersected during this programme and some significant assay results were reported by RRS. These included 12.2g/t over 1m within 1.6g/t over 9m in MBDH-44, 1.3g/t over 9m within 0.6g/t over 26m, and 1.3g/t over 9m in MBDH-47.

 

Three of the drill holes were completed over a prominent geophysical induced polarisation target located northwest of the Kilimani deposit, and revealed gold associated with sulphides at the granite-greenstone contact zone. Such contacts are favourable sites for gold mineralisation, as at Faida, which hosts a resource of 200,000 ounces 5km to the southwest. The gold intersections helped to increase confidence in the decision to proceed to the next phase.

 

RRS’s structural and geological modelling of the drill data indicates at least two phases of folding in the Miyabi corridor. This implies the possibility of hidden fold closures with associated “blind” gold mineralisation at depth.

 

RRS also completed a RAB drilling programme at the Idahina gold geochemical target, which lies approximately 12km southeast of the main Miyabi Corridor. A total of 99 holes were completed for 3,402 metres, but assay results are still pending.

-------------------------------------------------

 

There is a presentation on Rangolds website for the 1st qtr 2008 in pdf format which mentions gold/copper targets at Idahina where the RAB drilling has taken place. The results should be due anytime now and will prove quite interesting.

 

The granite greenstone contact mentioned shows very good potential and that type of geology is well known for good strikes.

 

Randgold moved very aggressively when first taking up this earn-in and would expect more of the same as they are looking to build up reserves, should get more resource ounces quite soon.

Very positive results and development.

 

 

Full release

http://www.africaneagle.co.uk/news/news-200.html

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News from Eagle Eye/Sasare IOCG and uranium project area today.

 

Extracts:--

 

DRILLING RESULTS AND EXPLORATION UPDATE, EAGLE EYE/SASARE PROJECT, ZAMBIA. 10 June 2008

 

High grade copper mineralisation of 4.03% over 33m in drill hole at Mweze

 

Assessment of iron ore occurrence in southern project area recently begun

 

Uranium exploration continues in north of project area

 

African Eagle’s Managing Director, Mark Parker commented, “These results, from a single diamond drill hole completed in late 2007, confirm and help define better the high grade, if low tonnage oxide copper mineralisation at the Mweze prospect within the Eagle Eye IOCG system. The Company is considering ways it might bring this easily accessible oxide deposit to account. We are also actively exploring uranium and iron ore targets within the Sasare licences.”

 

The hole intersected oxide copper mineralisation at an average grade of 4.03% copper from the surface to a depth of 33m within the volcanic tuff, and included 8m at 11.28% copper from 3 to 11m. Lower grade sulphide copper mineralisation was intersected in andesitic lavas further down the hole, including 1.10% copper as disseminated chalcopyrite over 5m at a depth of 47m and 2.89% copper as chalcocite and bornite in a 1m thick hydrothermal quartz vein at a depth of 139m.

These results show that high grade oxide mineralisation is present at Mweze at shallow depths within a band of intermediate volcanic tuff that plunges at around 500 to the south-west.

 

Elsewhere in the Sasare project area, the Company recently commenced geological mapping and sampling to investigate and evaluate the iron-ore potential of a low ridge about 3km long composed almost entirely of magnetite and haematite, located 5km south-west of the Sasare gold mine.

 

In the northern part of the project area, a ground spectrometer survey which was initiated in late 2007 has recommenced following cessation of the rainy season. The survey is being conducted over a series of uranium anomalies which were defined within Karroo sediments by an airborne survey undertaken by RTZ in the mid-1990s.

____________________________

 

Full article

http://www.africaneagle.co.uk/news/news-201.html

 

Note from Seymour Pierce.

 

African Eagle (BUY) - Sasare drilling result

 

AFE.L (8p, Target price 23p) Market Cap £17.3m

 

African eagle has identified high grade, shallow copper mineralisation at the Mweze prospect on its Sasare licence in eastern Zambia. The company has already outlined a 1.4Mt of 1.2% copper at the prospect and has identified the deposit as an iron oxide copper gold system (IOCG). This new hole returned an average grade of 4.03% copper from surface to 33m depth and included 8m at 11.3% copper. IOCG projects, such as Olympic Dam in Australia, tend to be extremely large scale deposits and AFE has been looking to bring in a meaningful partner on the project for some time. If further high grade copper can be identified, the project's attractiveness to partners should be increased. Alternatively, AFE itself may be able to exploit this part of the prospect on its own. Additional IOCG-orientated groundwork is also planned with iron ore and uranium anomalies on the licence being assessed this year. BUY.

 

Asa Bridle

Research Analyst

Seymour Pierce

_______________________

 

Eagle Eye looks to have good potential for quite a major IOCG deposit and uranium in the North of the area.

 

 

 

 

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26 August 2008 ------- 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

 

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

____________________

 

Full release

http://www.africaneagle.co.uk/african-eagl...808/1245537.xml

 

Not too familiar with nickel deposits --- are the grades and depth really that good ??

 

 

.

 

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Further strong results from Dutwa and further potential for nickel at Zanzui

 

Main body of today's RNS:--

 

23 September 2008

 

FURTHER GOOD DRILL RESULTS FROM DUTWA NICKEL PROJECT

Nickel discovery in Tanzania continues to look promising

 

African Eagle Resources plc ("African Eagle" or the "Company", ticker AIM: AFE, AltX: AEA) announces significant high-grade nickel results from 20 new drill holes on its Dutwa project in Tanzania.

 

Highlights of the recent drilling programme include:

 

30m at 2.26% nickel from 12m depth, including 15m at 3.60%

63m at 1.07% nickel from surface, including 30m at 1.35%

48m at 1.32% nickel from 3m depth, including 6m at 2.39%

51m at 1.22% nickel from surface, including 6m at 2.44%

36m at 1.67% nickel from 15m depth, including 12m at 3.15%

 

African Eagle's Managing Director, Mark Parker said "The results announced today are even better than those in the first batch, reported in late August when we first announced our nickel discovery in Tanzania. Dutwa is shaping up to be a significant nickel laterite deposit. We are also very pleased to report that we are also getting good field indications that our nearby Zanzui project holds similar potential."

 

At the time of the Company's previous announcement, Parker noted that ". the grades 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."

 

The Company has now received assay results for a further 20 reverse circulation (RC) drill holes. The majority of these holes yielded very favourable nickel grades over significant thicknesses of laterite. The new results indicate that the mineralisation is extensive, with a strike length of at least 2km, and open in all directions.

 

The table below lists all of the new intersections with grades greater than 0.5% nickel. To date, all but five of the 30 holes for which results have been received have intersected material of this grade or better. The samples submitted for assay are composites over each three metre down-hole length. All the assays are fully certificated and verified by a second laboratory. A table of all results to date can be found on the Company website, www.africaneagle.co.uk.

 

Results for the next 20 drill holes are expected soon. African Eagle has commissioned a diamond drill rig to obtain core samples for metallurgical and mineralogical testing.

 

The Company has also completed a trial programme of RC drilling to test the laterite at its Zanzui project, 70km to the south of Dutwa. Results are awaited but the Company's geologists report that garnierite (a nickel silicate) occurs at surface and within the drill cuttings.

___________________________________

 

and comments from AFE Chairman:--

 

Dear All

African Eagle Resources plc are very pleased to be able to announce the results from the next 20 RC drillholes at our lateritic nickel discovery at Dutwa in the north-west of Tanzania and in the east of the Lake Victoria Goldfields.

 

To my metallurgical background mind these 20 holes would appear to have produced even better intercepts than the first 10 holes we announced at the end of August.

 

With 139 RC and 10 diamond core holes drilled at Dutwa there is a lot more news to come as the backlog of assays clears and I can say that the third release on Dutwa that will report the next 20 holes, taking the total reported to 50, is in the early preparation stage and we are just waiting on final verification from the second laboratory before making that announcement. We also hope to announce some results for elements other than nickel in that release as well.

 

For those of you following the progress at Dutwa we will be updating the web page that discusses that project on an on-going basis as soon as possible after we release results. That web page can be found at http://www.africaneagle.co.uk/african-eagl...ects-dutwa.html

 

John Park

Chairman

African Eagle Resources plc

_______________________________________________

 

More results to come shortly but a very positive tone from the company.

Interims coming up on 26th Sept

 

.

 

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Further strong nickel drill results and multi-element testing gives excellent cobalt results and interesting gold / palladium results below the nickel laterite deposit.

 

Looks to be building a very substantial deposit.

 

 

FURTHER POSITIVE DRILL RESULTS FROM AFRICAN EAGLE'S DUTWA NICKEL

PROJECT IN TANZANIA

Spectacular cobalt results from some holes

 

 

African Eagle Resources plc in this, its third Dutwa drilling update, announces more significant results from its nickel laterite project in Tanzania, following receipt of full assay results for the first 50 of the 139 drill holes in the Company's Reverse Circulation (RC) drilling programme. Over 80% of the 50 holes reported on to date have yielded very favourable nickel grades, revealing extensive mineralisation over at least 2.5km, open in three directions.

 

Commenting on the results, African Eagle's Managing Director, Mark Parker said "This is yet another batch of good nickel results from Dutwa, and we are able to report some excellent cobalt values and intriguing gold and platinum values too. We have completed both the 139-hole phase one RC drilling and a programme of 10 diamond drill holes to obtain core samples for metallurgical testing, and we are getting a steady flow of laboratory results"

 

 

The most significant nickel results from drill holes 31 to 50 are:

 

54m at 1.27% nickel from 6m depth

39m at 1.42% nickel from 3m depth

27m at 1.07% nickel from surface

24m at 1.11% nickel from 9m depth

24m at 0.98% nickel from 18m depth

 

and the most significant cobalt and precious metal results from the first 50 holes are:

 

30m at 0.47% cobalt from 6m depth, including 21m at 0.64% and 6m at 1.68%

24m at 0.56% cobalt from 9m depth, including 6m at 1.08%

24m at 0.36% cobalt from surface, including 3m at 1.57%

 

3m at 3.08 g/t gold from 141m depth

3m at 2.02 g/t gold from 114m depth

 

6m at 0.90 g/t palladium from 159m depth to end of hole

6m at 0.44 g/t platinum from 45m depth

 

 

 

The company has received nickel assay results for a further 20 RC drill holes from the Dutwa project, and full multi-element results for all of the first 50 holes. All but eight of these 50 holes yielded very favourable nickel grades over significant thicknesses of laterite. The first phase of RC drilling, 139 holes for a total of 9 598m, is now complete. A programme of 10 diamond drill holes, to obtain core samples for metallurgical and mineralogical testing, is also complete.

 

The impressive cobalt results, now received, are coincident with previously reported high grade nickel intersections and indicate that there is good potential that cobalt could be produced as a significant by-product of any nickel mining operation at Dutwa.

 

Furthermore, high gold and PGM values, (which will require further checking), have been returned from the ultramafic parent rock beneath the nickel laterite, suggesting that there is potential for precious metals to be won when the laterite has been stripped and processed.

 

_______________________________

 

 

Full release with further extensive drill result tables.

 

http://www.londonstockexchange.com/LSECWS/...&source=RNS

 

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African Eagle claims best base metals discovery in Africa in 50 years:--

 

Full article.

http://www.mineweb.co.za/mineweb/view/mine...1&sn=Detail

 

"...believes the yet undefined resource will yield a nickel mine with in excess of 30mt that could mine 1mt of ore and 20,000-30,000t of contained nickel a year"

 

"Euan Worthington .... said the cobalt values found at Dutwa were in fact unheard of in world terms"

 

"The company planned to bring in a partner to undertake mining activities once it had more certainty on the Dutwa resource, while it has already received a number of phone calls from interested parties, "including the world's largest miner".

 

______________

 

Looks like being the best deposit by far in AFE's diverse range of projects and known metal deposits.

 

.

 

 

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A nice bunch, but can you make any money in this stock?

 

Would think so over time -- may have the potential to move to mid-tier in possibly 5-7 years, so maybe no fireworks but strong potential in time, with good management and a diversity of projects.

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Project Update - Dutwa === 21 October 2008

 

 

HIGHEST GRADE INTERCEPTS TO DATE

FROM AFRICAN EAGLE'S DUTWA NICKEL PROJECT IN TANZANIA

 

85% of drill holes to date return favourable nickel grade and thickness

 

The Board of African Eagle Resources plc is pleased to announces further excellent results from the Company's recently discovered Dutwa nickel laterite project in Tanzania, including the best nickel intercept of the project so far, almost 60m at 2.6%. Full assay results from 80 out of 139 drill holes of the Reverse Circulation (RC) programme have now been received, of which 85% have yielded very favourable nickel grades.

 

The most significant nickel results from drill holes 51 to 80 are:

 

57m at 2.57% nickel from surface, including 15m at 6.91%

30m at 2.53% nickel from 15m depth, including 12m at 3.19%

57m at 1.04% nickel from surface

36m at 1.45% nickel from surface, including 9m at 2.71%

48m at 1.08% nickel from surface

 

Commenting on the results, African Eagle's Managing Director, Mark Parker said "Good results continue to be delivered for this project, with the best nickel intercept to date in this latest batch. The thickness and grade of the nickeliferous laterite blanket delineated so far are superb. We are currently undertaking density measurements to help estimate the resource and we have shipped samples of drill core to Mintek laboratories in South Africa for metallurgical testing. Dutwa is a thoroughly appealing project and I expect to continue to update the market with further results of this quality."

 

 

Most of the latest drill holes are located in the eastern half of the 2.5 kilometre strike length of the deposit. The multi-element analyses show a promising cobalt by-product and encouragingly low percentage of elements such as magnesium and iron which could potentially be deleterious to the processing of these laterites,

 

Ten diamond drill holes have also been completed and samples have been submitted for assay, density measurements and metallurgical test work to determine the viability and nature of the future processing. From these results, combined with the assay results from the RC holes, the Company anticipates that an initial resource estimate will be made before the end of 2008. The results of the metallurgical tests, which will indicate the best methods of extraction, will be ready in the New Year.

 

The tables below list all the latest results with significant intercepts greater than 0.5% nickel and 0.05% cobalt. The samples submitted for assay are composites over each three metre downhole length. All the nickel assays are fully certified and verified by a second laboratory. A table of all results to date can be found on the company website. www.africaneagle.co.uk/african-eagle-projects-dutwa.html

 

____________________________

 

Some decent cobalt intercepts also

Hole No From (m) Intersection (m) Co Grade (%)

DTRC - 52 --- 0 --- 12 --- 0.15

DTRC - 68 --- 3 --- 6 --- 0.14

DTRC - 73 --- 3 --- 18 --- 0.12

DTRC - 80 --- 0 --- 3 --- 0.23

 

 

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Project Update - Dutwa --05 November 2008 ------------ Extract

 

FURTHER ENCOURAGING DRILL RESULTS

FROM AFRICAN EAGLE'S DUTWA NICKEL PROJECT IN TANZANIA

 

African Eagle Resources plc today announces another set of excellent results from another 30 drill holes at the Company's recently discovered Dutwa nickel laterite project in Tanzania. Full assay results have now been received from 110 out of 139 drill holes of the Reverse Circulation (RC) programme.

 

The most significant nickel results from drill holes 81 to 110 are:

 

57m at 1.07% nickel from surface, including 42m at 1.43%

45m at 1.09% nickel from 3m depth, including 30m at 1.37%

42m at 0.95% nickel from surface, including 6m at 2.15%

30m at 1.28% nickel from 3m depth

33m at 1.04% nickel, from 18m depth, including 24m at 1.23%

 

Commenting on today's drill results, African Eagle's Managing Director, Mark Parker said "The latest grades, which are from the peripheries of the deposit, continue to show good mineralisation and thicknesses. Results now remain outstanding from only 29 RC and 10 diamond drill holes, and we are on track to make a first resource estimate at Dutwa before the year end."

 

Most of the latest drill holes are located towards the peripheries of the laterite blanket. Assay results remain outstanding now from only 29 of the 139 RC drill holes. From these results, combined with the assay results from 10 diamond drill holes, the Company anticipates that an initial resource estimate will be made before the end of 2008.The Company has contracted SRK Consulting to conduct the resource estimate, and SRK staff are currently visiting site to conduct their review and audit work.

 

Samples of core from the 10 diamond drill holes have been submitted to Mintek of South Africa for metallurgical test work to determine the best methods of extraction and processing. The results of these tests should be ready before the new year.

__________________________________

 

Some decent cobalt grades in there yet again

Full article http://www.africaneagle.co.uk/african-eagl...811/1266231.xml

 

On a cautious note --

With the price of nickel it has been estimated that 30% of nickel producers are operating at a loss or mothballing unprofitable operations. Russian nickel miners are said in particular to be suffering from this.

AFE's deposit has excellent grades of nickel and cobalt and is very sizeable but it needs the metallurgy to be right so the cost of extraction gives it the edge. Nickel demand and price picking up would also help enormously. Dutwa does have the advantage of being on a hill with mineralisation from surface or very near surface so very little stripping required and would be an open pit operation.

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