Update: African Eagle Resources' maiden resource for Zanzui could expand Dutwa project
Zanzui lies around 50 km south of African Eagle's flagship nickel project at Dutwa in Tanzania.
This maiden JORC inferred resource covers a small part of the Zanzui complex and stands at 27 million tonnes at a grade of 0.81% nickel and 0.06% cobalt, the firm said.
It shows that the nickel mineralisation found at Dutwa is not limited solely to that property, African Eagle highlighted, adding it will explore the possibility of providing supplemental ore from Zanzui to Dutwa.
The metal contained in the newly defined resource is estimated to be around 219,000 tonnes of nickel and 16,000 tonnes of cobalt.
The company's chief executive Trevor Moss told investors: "This maiden resource confirms the medium term potential of Zanzui to become an exciting extension to our flagship Dutwa Nickel project as it lies within reasonable transport distance to the planned processing plant at Dutwa.
"This maiden resource estimate is only for a small part of the large circular shaped Zanzui mafic/ultramafic complex prospect, which measures around 12 kilometres in diameter.
"Zanzui is a significant target and the company is evaluating options with regard to expanding exploration to cover the other main areas of the complex including the strong potential for significant sulphide mineralisation."
Broker Ocean Equities said that Zanzui exhibits early signs of being a very interesting igneous complex. The composition, size and geometry of the deposit are intriguing and suggest there is a deep root to the complex.
The laterite hill on which African Eagle carried out the most recent drilling is just a small part of the Zanzui complex. It is likely that Zanzui will be a similar type of laterite to the Dutwa deposit, although the metal contents may be different.
Another broker, SP Angel, added that while small compared to the Dutwa project, where the resource is for 107 Mt (million tonnes) of 0.92% nickel, Zanzui confirms the potential for nickel mineralisation in the region.
At Dutwa the company continue towards improving the economics of the project through the use of a smaller plant and improving operating expenses by reducing material use in extraction and processing.
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