African Eagle Resources Regulatory News (AFE)

19 Dec 2005 07:01

African Eagle Resources PLC19 December 2005 African Eagle Resources plc PROGRESS REPORT FROM EAGLE EYE, ZAMBIA African Eagle Resources ("the Company", ticker AFE) has completed its 2005exploration programme at the Eagle Eye Copper project in southeast Zambia.Drill intersections included 0.64% copper over 42m and 2% copper over 3m. In addition several major new soil copper anomalies up to 2.4km in length havebeen delineated along the granite-volcanic contact and within the graniteitself, to the north of the Mweze and Ndombe areas. Limited drilling hereintersected significant copper mineralisation. African Eagle identified a large mineralised system of probableintrusion-related iron-oxide-copper-gold (IOCG) type at Eagle Eye during 2003.Surface surveys and drilling in 2004 showed that the system extends over astrike length of at least 25km and contains potentially economic copper gradesand thicknesses. African Eagle's 2005 geophysical, geochemical and geological surveys continuedto yield encouraging results and generated a number of significant targets. TheCompany carried out a programme of 11 diamond drill holes for 1704 metres in theperiod September to November to investigate some of these targets. In addition, the most recently completed soil geochemical work, over the granitenortheast of Ndomba, delineated a major copper anomaly following a 2.4km stretchof the granite-volcanic contact and three other corridors of copper anomalies upto 2km long within the granite itself. Follow the link below to view a mapshowing the drill holes and the geochemical and IP anomalies. http://www.africaneagle.co.uk/projects-sasare2.html#newmap A drill hole into the contact between the granite and volcanic rocks intersected3m at 2% copper, demonstrating the potential significance of the zone. Resultsare pending for an additional hole in the contact zone, completed before theonset of the rains. The core from this hole contained minor disseminatedchalcopyrite within highly fractured and brecciated granite. Three holes intersected a massive magnetite unit, up to 40m thick, with minorcopper mineralisation, associated with a surface gossan. Results are pendingfrom one of these holes, which contained visible chalcopyrite. Drilling at Mweze, where the Company previously intersected potentially economicgrades and thicknesses, returned a further 42m at 0.64% copper and provided acore through this important mineralised zone. Four holes drilled to test the IP anomalies at Ndomba intersected extensive andpervasive fine grained iron oxides, in disseminated and veinlet form withinmetavolcanic rocks. Although little copper mineralisation was detected in thecore from these holes, the presence of the iron oxide haematite is consistentwith the alteration styles associated with IOCG deposits elsewhere in the world. Further geological, geochemical and geophysical surveying will be carried outover the newly defined anomalous zones in early 2006 to define targets forfuture drilling. African Eagle's Operations Director, Chris Davies comments "Economic coppermineralisation in IOCG deposits is commonly associated with major structuralzones. Our latest results indicate several such zones and provide us with anumber of new targets. The new intersection at Mweze provides us for the firsttime with a core through this significant zone of mineralisation." John ParkChairmanAfrican Eagle Resources plc 19 December 2005 For further information Tel MobileJohn Park (Chairman) African Eagle 020 7248 6059 077 7980 1159 or Mark Parker (MD)Pam Spooner Conduit PR 020 7429 6666 077 7199 3236or Leesa Peters 020 7429 6660 078 1215 9885 This information is provided by RNS The company news service from the London Stock Exchange