East Africa Provides Exploration Update
|
Based on the Letter of Intent between
Below are listed exploration targets that host potential to improve current resources, and potentially increase the total resource base (see news release:
Halima Hill I.P . – Represents a compelling target as a large, open (to depth and southward) I.P. chargeability anomaly extending laterally 500 metres south beyond the knownMato Bula mineralization. The currently defined copper/gold mineralization increases in silver and zinc content locally in the south region of the resource. Being an open I.P. target, the feature requires drill qualification and has potential, with mineralization identification, to represent a significant spatial increase to the known mineralized footprint. A key intersection in this area includes 24.50 metres grading 0.61 grams per tonne gold, 1.67% copper, 8.0 grams per tonne silver, and 0.96% zinc, from 204.30 metres (WMD027- news release dated January 15, 2015).Halima Hill is considered a high priority target.- Mato Bula Central – Results from the 2017 infill drilling program identified areas of potential high grade mineralization for step out drilling to depth in the central area of
Mato Bula . - Silica Hill – Resource mineralization remains open to depth.
- Silica
Hill North – Interpretation of geology and mineralization has been revised and additional drill targets have been identified with the objective to build upon an initial intersection of 22.91 metres at 14.34 grams per tonne gold including 8.50 metres at 36.92 grams per tonne gold, from 101.09 metres drill depth (WMD032- news release dated January 15, 2015). Mato Bula North - A separate copper enriched area of the existing resource remains open laterally and to depth, and requires further delineation drilling.Da Tambuk Silica Ridge – Two target areas of artisanal workings, silica alteration, and anomalous multi-element soil geochemistry remains to be trench and drill tested.- Da Tambuk deposit – Infill and extension drilling required (deposit currently open to depth and south.
Terakimti
The company has identified a corridor of anomalous surface geochemistry between the Terakimti deposit and the VTEM09 prospect (a six kilometer separation). The VTEM09 prospect has yielded a number of precious metal-rich VMS related intersections, including 24.06 metres grading 1.88% copper, 3.08 grams per tonne gold, 66.4 grams per tonne silver, and 2.54% zinc, from 35.84 metres drill depth (diamond drillhole TVD009 - news release dated March 27, 2017). Additional drill work warranted in the Terakimti area includes;
- Supergene – High grade copper mineralization delineation drilling.
- Primary – VMS mineralization delineation drilling.
- VTEM09 – following qualifying metallurgical work and potential resource work, additional diamond drilling would be warranted.
- Mayshehagne VMS trend - A separate VMS trend centres on the Mayshehagne prospect, located three kilometres south of Terakimti. Precious metal enriched copper-zinc mineralization has been identified at this prospect, including 21.19 metres grading 4.32% copper, 1.04 grams per tonne gold, 35.9 grams per tonne silver, and 6.98% zinc, from 36.58 metres drill depth (diamond drill hole HD011 – news release dated March 27, 2017).
- Mayshehagne – following qualifying metallurgical work and potential resource work, additional diamond drilling would be warranted.
Furthermore, additional target generation is recommended through deep and downhole EM programs over prospective terrains at Harvest, and I.P surveying along the untested Mato Bula Trend terrain at Adyabo.
Management Discussion
The Company believes the work and advancement on the projects completed to date indicate both the commercial production potential of the defined deposits and the significant exploration potential of this area within the Arabian Nubian Shield. Management continues to believe there is excellent potential for resource expansion within the Harvest and Adyabo properties as described in the East Africa’s
The initiation of the exploration drilling program is pending government approval of the work program submitted for review. The initiation of the Phase 1 diamond drilling program is expected in Q2, 2019.
EAM currently has three approved Mining Agreements with Ethiopia’s
More information on the Company can be viewed at the Company’s website: www.eastafricametals.com
On behalf of the Board of Directors:
For further information contact:
Telephone | +1 (604) 488-0822 | |||
investors@eastafricametals.com | ||||
Website | www.eastafricametals.com | |||
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “forecast”, “project”, “budget”, “schedule”, “may”, “will”, “could”, “might”, “should” or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; ability to obtain financing for the Ethiopian projects; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; available financing to fund 10,000m drill program; successfully complete the RAP; timing of the draft mining model agreement; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; successful completion of the arbitration process; the ability for the Company to obtain a fair and reasonable result to the arbitration process; the ability of the Company to identify a new development partner or the sale of the Tanzanian Assets to advance the
Photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/4c54c286-2257-4ccb-96e0-5aa6c84b26a8
http://www.globenewswire.com/NewsRoom/AttachmentNg/6ddb9f01-c4b5-4d12-98f7-84cfced530e6
Source: East Africa Metals Inc.