25 May 2012

Grades boost for African Eagle

22/10/2008 Robert Tyerman

Mining hopeful African Eagle says drilling at its Dutwa nickel project in Tanzania is intersecting encouraging grades.

The AIM-quoted company cites 57 metres at 2.57 per cent nickel from surface, including 15 metres at 6.91 per cent nickel, among the latest Dukwa assay results. These come from 80 out of 139 drill holes in the current programme, of which ‘85 per cent have yielded very favourable nickel grades’.

Managing director Mark Parker proclaims ‘the thickness and grade of nickeliferous laterite blanket delineated so far are superb. We are currently undertaking density measurements to help estimate the resource’.

African Eagle, which also has promising gold and copper projects in Tanzania and Zambia, saw its shares rise from 2003’s 6p float price to 25.25p two years later, only to crumble all the way to 2.88p earlier this month. Now 3p, they could start to make progress if good drilling results continue and the stock market regains a taste for mining companies at this stage of development.

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Sector: Mining

Companies: African Eagle Resources

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