Friday, Nov 06, 2009
LONDON (Dow Jones)-- African Eagle Resources PLC (AFE.LN), a mineral exploration and development company, announced Friday its preliminary assay results for nickel have now been received from the first 17 drill holes and the results are in line with its expectations for the deposit margins.
MAIN FACTS:
-Results received from first 17 of approximately 120 planned holes.
-Key mineralised intersections include:
-(i)18 meters at 1.2% nickel including 9 meters at 1.7%
-(ii)15 meters at 1.1% nickel
-(iii)27 meters at 0.9% nickel
-Option exercised on the Ngasamo deposit
-Deposit modelling contract awarded to Snowden Mining Services
-Logistics study awarded to Drum Resources Limited
-The programme of step-out and infill Reverse Circulation (RC) drilling at the main Wamangola deposit was completed last week, with 62 RC holes drilled for a total of 3299 meters, to an average depth of 53 meters.
-The programme was designed to improve the definition of the deposit, especially around the edges, which were not fully investigated by previous drilling campaigns.
-The results should allow an upgrade of the resource estimate to JORC indicated category and may also add to the 31 million tonnes, 1.1% nickel resource announced last November.
-The samples are now being prepared for assay for a wider suite of chemical elements.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
(END) Dow Jones Newswires
06-11-09 0732GMT
