African Metals Corp.: Geological Contractors engaged and Field Work to Commence in Early March at the Luisha South Project.
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African Metals Corp.: Geological Contractors engaged and Field Work to Commence in Early March at the Luisha South Project.
VANCOUVER, BC – Nigel Ferguson, the President of African Metals Corporation (TSX Venture Exchange: AFR) would like to announce that AFR has engaged the services of Basanga Consulting sprl (“Basanga”) to commence a program of exploration works at the Luisha South Project. Work is expected to commence by the end of February or early March at the latest.
Previous grab and limited channel sampling completed by Strathcona Mineral Services Limited for Chevalier Resources Inc. (“Chevalier”), revealed significant mineralization still remains within the historical pit. Local small scale mining by TSM Enterprises sprl (“TSM”), Chevalier’s joint venture partner in the Luisha South Project, is fundamentally targeting remnant high grade copper and cobalt mineralization within the footwall of the historical pit left by previous miners. This work to date has essentially commenced a small cut back of the pit wall to access the high grade mineralization as evidenced by previous sampling work. Both copper and cobalt grades have been reported by TSM as high as 40% copper and 25% cobalt, however a more realistic average grade expected at the project would be 4% to 6% copper and 1% to 3% cobalt.
The current planned work program will be centered on developing a better understanding of the nature, control and style of mineralization including the geometry of the high grade shoots within the historical pit, especially the footwall zone, through a more detailed channel sampling, detailed mapping and structural interpretation program to allow targeting of future drilling programs.
Basanga is an in country exploration and geological consultancy group that has already completed work for AFR on the company’s other Democratic Republic of the Congo projects. Basangas’ field crew will mobilize to site within the next few days and commence work at the project shortly thereafter.
Basanga have also been given the task of exploring the southern strike extension of potential mineralization which is believed to be contained within blind or covered units of the Roan Group Mine Series existing between the Luisha South Pit and Tiger Resources Limited’s Kipoi Project, as defined by the limited regional mapping completed to date by previous explorers.
Please find a picture about the Luisha South Project under the following link: http://www.irw-press.com/dokumente/AFR_040310.pdf
Nigel Ferguson, President and CEO, stated that “AFR will be keeping the market updated on progress as and when results become available during this exciting phase of the development of the company. The Company is in advanced negotiations with several parties to secure the necessary full time technical staff to allow commencement of the intended RC drilling program within the coming months.”
AFR will acquire Chevalier’s 57% interest in the Luisha South Project by way of a share purchase agreement with Chevalier shareholders whereby AFR will acquire all of the outstanding Chevalier securities (the “Acquisition”). The Acquisition is subject to regulatory approval.
Nigel Ferguson, AusIMM, President and CEO of the Company and a qualified person under National Instrument 43-101, has verified data disclosed in this release.
ON BEHALF OF THE BOARD OF DIRECTORS OF AFRICAN METALS CORPORATION
“Nigel Ferguson”
Nigel Ferguson
President & CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
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African Metals Corp.
Suite 205 – 16055 Fraser Highway
Surrey, British Columbia, Canada V4N 0G2
Tel: 604-507-2181 Fax: 604-507-2187
Email:info(at)africanmetals.com
" alt="CANDENTE COPPER INCREASES SIZE OF PRIVATE PLACEMENTDatum: 04.03.2010 - 09:49 Uhr
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