African Eagle Resources Regulatory News (AFE)

6 Sep 2005 07:00

African Eagle Resources PLC06 September 2005 African Eagle Resources plc DRILLING RESUMES AT EAGLE EYE COPPER PROJECT, ZAMBIA • Diamond drill rig now on site• New drill targets from IP and other surveys• First results expected within weeks• Six new IOCG licences granted African Eagle Resources ("the Company", ticker AFE) today announces thatdrilling has resumed at its Eagle Eye copper-gold project in Zambia, on targetsidentified by an intensive programme of geophysical, geochemical and geologicalmapping. In a related development, the Company is also pleased to announce that it hasbeen granted a new prospecting licence adjacent to the Eagle Eye licence andfive new prospecting licences over an area in western Mozambique which hassimilar geology and mineralisation to Eagle Eye. African Eagle is exploring an iron-oxide-copper-gold (IOCG) deposit at the EagleEye project in southeast Zambia. Previous surface and aerial surveys carried outby African Eagle revealed a considerable strike length of copper enrichment, anddrilling in the Mweze area intersected mineralisation of potentially economicgrade and thickness with intercepts including 60m at 0.8% copper, 21m at 1% and6m at 5%. The exploration programme also drew attention to the Ndomba area, towhich the Company has now constructed a drill access road in order to reach themany prospective sites which could not be drill tested previously. Since the start of 2005, the Company has been conducting intensive surfacesurveys over the potentially mineralised area, including geological mapping,infill geochemical sampling, induced polarisation (IP) and ground magneticgeophysical surveys. The results and analysis, especially of the IP surveys,have identified a number of high priority drill sites. African Eagle hasemployed a diamond drill rig and drilling has begun on these promising targets. The IP surveys at Eagle Eye were designed to reveal metallic mineralisation downto a depth of approximately 100m. The known mineralised structures in the Mwezearea indeed give significant IP responses but the highest IP values occur in theNdomba area, which is now accessible via the new drill road. Click here to viewa map of the IP results on the Company's web site. African Eagle's Operations Director, Chris Davies, comments, "We are verypleased with the IP and geochemical results, which have totally justified ourdecision to pause our drilling campaign and use surface surveys to gain abroader perspective on this large mineralised system. Now that the drill is onsite, we are very keen to test the major IP and other targets identified fromthis work". New Prospecting Licences African Eagle has been granted a new prospecting licence covering 845 squarekilometres to the north and east of Eagle Eye, more than doubling theprospective area held. The new licence is held 100% by the Company and is validfor a period of two years, renewable. The Company has also been granted five prospecting licences in the Fingoe Beltof Mozambique, with a total of 909 square kilometres. This belt lies less than100km south of Eagle Eye and has very similar geology and mineralisation. Thenew licences are 100% held by the African Eagle Group and are valid for fiveyears. John Park ChairmanAfrican Eagle Resources plc 6 September 2005 For further information Tel MobileJohn Park (Chairman) African Eagle 020 7248 6059 077 7980 1159 or Mark Parker (MD)Leesa Peters or Amanda Harris Conduit PR 020 7618 8534 079 0032 2022 This information is provided by RNS The company news service from the London Stock Exchange