African Eagle Resources discovers high grade gold zone at Miyabi project
African Eagle said the new high grade gold mineralisation zone at Miyabi is open at along strike and down dip
Investors welcomed the news with shares in African Eagle surging 7.5 percent to 3.63 pence by 10:10am, valuing the group at £25.2 million.
Data from the first six holes at the newly discovered Dalafuma prospect reported today included intersections of 18 metres at 18.3 grammes per tonne (g/t) gold, six metres at 4.1 g/t gold and nine metres at 2.9 g/t gold.
This recent drilling was part of the initial follow-up of targets generated from the 2011 exploration programme at Miyabi.
The new Dalafuma prospect was initially identified by the intersection of 21 metres at 6.7 g/t gold in a hole drilled by African Eagle's joint venture partner BrightStar last year.
Drilling has defined continuity to the previously recorded intersection and, according to BrightStar, the zone is open along strike and down dip.
The drill rig remains on-site and follow-up drilling has now started.
In the meantime, African Eagle plans to publish a bankable feasibility study (BFS) for its flagship Dutwa nickel project in the first quarter of next year, while targeting production at the site by the end of 2015.
The company also plans to upgrade resources from the Ngasamo and Wamangola deposits of the project - from the inferred to the higher indicated category.
Back in April, African Eagle raised £9.5 million via a placing and open offer to fund the Dutwa BFS.
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