East Africa prepares C$2.7M exploration program for Ethiopian projects
(firmenpresse) -
VANCOUVER, BC - February 1, 2021 - East Africa Metals Inc. (TSX Venture: EAM Frankfurt: EA1) (East Africa, EAM or the Company) would like to provide an update on the ongoing exploration/development of its gold and gold/copper/zinc projects in the Federal Democratic Republic of Ethiopia (Ethiopia).
EAM has completed planning and received government approval for C$2.7M, Phase 1 exploration program that will include 8,000m of diamond drilling, 115 line kilometers of geophysical surveys, environmental, metallurgical studies and resource calculations/updates. The exploration program is set to commence as soon as travel restrictions for the Tigray region are lifted.
Based on the recently completed sale of the 70% interest of EAMs Ethiopian subsidiary, Tigray Resources Inc. (TRI) to Tibet Huayu Mining Co. Ltd (news release dated February 8, 2019), EAM retains the mineral rights and all exploration obligations for the prospective targets not incorporated in the current resources defined within the Terakimti, Mato Bula and Da Tambuk mining licenses (EAM Mineral Resources). EAM will advance the exploration agenda with the objective to expand and upgrade the current resource base and drill untested, high priority exploration prospects.
Listed below are the exploration targets that host potential to improve current resources and potentially increase the total resource base (news release dated May 7, 2018). Highest priority exploration targets that have potential to increase the resource base will be the focus of Phase 1 drilling;
Adyabo Property
The undrilled Halima Hill I.P. anomaly that is an extension of the geophysical signature of the Mato Bula resource, and the exploration of the Mato Bula Trend, the continuation of prospective geology between the Mato Bula and Da Tambuk mining licenses, represent first priority exploration targets on the Adyabo property.
- Halima Hill I.P. - Represents a compelling target as a large, open (to depth and southward) I.P. chargeability anomaly extending laterally 500 metres south beyond the established Mato Bula mineralization. The currently defined copper/gold mineralization increases in silver and zinc content locally in the south region of the resource. Being an open I.P. target, the feature requires drill qualification and has potential, with mineralization identification, to represent a significant spatial increase to the known mineralized footprint. A key intersection in this area includes 24.50 metres grading 0.61 grams per tonne gold, 1.67% copper, 8.0 grams per tonne silver, and 0.96% zinc, from 204.30 metres (WMD027- news release dated January 15, 2015). Halima Hill is considered a high priority target.
- Mato Bula Central - Results from the 2017 infill drilling program identified areas of potential high grade mineralization for step out drilling to depth in the central area of Mato Bula.
- Silica Hill - Resource mineralization remains open to depth.
- Silica Hill North - Interpretation of geology and mineralization has been revised and additional drill targets have been identified with the objective to build upon an initial intersection of 22.91 metres at 14.34 grams per tonne gold including 8.50 metres at 36.92 grams per tonne gold, from 101.09 metres drill depth (WMD032- news release dated January 15, 2015).
- Mato Bula North- A separate copper enriched area of the existing resource remains open laterally and to depth, and requires further delineation drilling.
- Da Tambuk Silica Ridge - Two target areas of artisanal workings, silica alteration and anomalous multi-element soil geochemistry remains to be trenched and drill tested.
- Da Tambuk deposit - Infill and extension drilling required (deposit currently open to depth and south).
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Harvest Property
Terakimti
The Company has identified a corridor of anomalous surface geochemistry between the Terakimti deposit and the VTEM09 prospect (a six kilometre separation). The VTEM09 prospect has yielded a number of precious metal-rich VMS related intersections, including 24.06 metres grading 1.88% copper, 3.08 grams per tonne gold, 66.4 grams per tonne silver, and 2.54% zinc, from 35.84 metres drill depth (diamond drill hole TVD009 - news release dated March 27, 2017). Additional drill work warranted in the Terakimti area includes;
- Supergene - High grade copper mineralization delineation drilling.
- Primary - VMS mineralization delineation drilling.
- VTEM09 - Following qualifying metallurgical work and potential resource work, additional diamond drilling would be warranted.
- Mayshehagne VMS trend - A separate VMS trend centres on the Mayshehagne prospect, located three kilometres south of Terakimti. Precious metal enriched copper-zinc mineralization has been identified at this prospect, including 21.19 metres grading 4.32% copper, 1.04 grams per tonne gold, 35.9 grams per tonne silver, and 6.98% zinc, from 36.58 metres drill depth (diamond drill hole HD011 - news release dated March 27, 2017).
- Mayshehagne - Following qualifying metallurgical work and potential resource work, additional diamond drilling would be warranted.
Furthermore, additional target generation is recommended through deep and downhole EM programs over prospective terrains at Harvest and I.P surveying along the untested Mato Bula Trend terrain at Adyabo.
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Management Discussion
The Company believes the work and advancement on the projects completed to date indicate both the commercial production potential of the defined deposits and the significant exploration potential of this area within the Arabian Nubian Shield. Management continues to believe there is excellent potential for resource expansion within the Harvest and Adyabo properties, as described in the EAMs news release dated May 17, 2018.
Government approval for the extension of exploration licenses and the proposed 2021 drill program has been received. The initiation of the Phase 1 diamond drilling program is expected in the first quarter of 2021.
EAM currently has three approved Mining Agreements with Ethiopias Ministry of Mines and Petroleum; the Terakimti Oxide deposit Mining license has been issued (news release dated December 7, 2017) and Mining Agreements for the Mato Bula and Da Tambuk deposits have been approved and licences issued. For the additional prospective targets of interest that are located on ground outside of existing mining licences, the Company has received Extension/Inclusion agreements from the Ministry to allow additional time to qualify targets as they may complement existing Licence resources.
Andrew Lee Smith, P.Geo., C.E.O., a Qualified Person under the definitions of National Instrument 43-101, has reviewed and approved the technical contents of this news release.
About East Africa:
The Companys principal assets include 30% Net Profits Interest in the Mato Bula and Da Tambuk mines (collectively Adyabo Property) and a 70% project interest in the Harvest polymetallic VMS exploration Project in the Tigray region of Ethiopia. In addition, the Company has a 30% Net Streaming Interest (SRI) in the Magambazi Mine in the Tanga region of Tanzania.
The Mato Bula and Da Tambuk mines are four kilometres apart and will be developed simultaneously. The development of the mining operations is scheduled to begin during the first quarter of 2021
East Africa retains exploration rights on areas of the properties outside the Mato Bula, Da Tambuk and Terakimti mining licenses in all Ethiopian projects and anticipates the commencement of exploration drilling to test priority targets during the first quarter of calendar 2021.
EAM has invested USD$66.8M in African exploration since 2005 and identified a total of 2.8 million ounces of gold and gold-equivalent resources representing an average discovery cost per ounce of US$24.
The current Global Project Resources discovered by EAM include:
Project Resources (Au + Aueqv Metal
ounces)
Project CategorAu +Aueqvo
y unces
Adyabo Project, Indicat446,000
Ethiopia ed
(EAM 30% Net Profit
Interest)
Inferre551,000
d
Harvest Project, Indicat469,000
Ethiopia ed
(EAM = 70% Project
Interest)
Inferre426,000
d
Handeni Project, Indicat721,000
Tanzania ed
(EAM = 30% Streaming
Royalty
Interest)
Inferre292,000
d
*See East Africa Metals Project
Resource Table attached for
additional
detail
More information on the Company can be viewed at the Companys website: www.eastafricametals.com
On behalf of the Board of Directors:
Andrew Lee Smith, P.Geo., CEO
For further information contact:
Nick Watters, Business Development
Telephone: +1 (604) 488-0822
Email: investors(at)eastafricametals.com
Website: www.eastafricametals.com
Suite 700 - 1055 W. Georgia Street
PO Box 11108, Vancouver, BC, Canada V6E 3P3
Tel: 604.488.0822
Toll Free: 866.488.0822
Fax: 604.899.1240
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as anticipate, believe, plan, expect, intend, estimate, forecast, project, budget, schedule, may, will, could, might, should or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Companys projections and estimates; ability to obtain financing for the Ethiopian projects; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; available financing to fund 10,000m drill program; successfully complete the RAP; timing of the draft mining model agreement; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; successful completion of the arbitration process; the ability for the Company to obtain a fair and reasonable result to the arbitration process; the ability of the Company to identify a new development partner or the sale of the Tanzanian Assets to advance the Magambazi Project or identify any other corporate opportunities for the Company; successfully manage the environmental and social impacts; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in East Africas managements discussion and analysis for the year end December 31, 2017 and for the nine months ended September 30, 2018, and East Africas listing application dated July 8, 2013. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of gold, copper, and silver; the demand for gold, copper and silver; the ability to carry on exploration and development activities; availability of financing to fund working capital, development and legal matters; the timely receipt of any required approvals; expediting the mine licence application process; support of the local community of the Terakimti HL Project based on the ESIA; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; the expected burn rate; ability to obtain financing for the Ethiopian projects, the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws. Neither 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 release.
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Zu den wichtigsten Projekten und Beteiligungen des Unternehmens gehören das zu 70 % unternehmenseigene polymetallische VMS-Explorationsprojekt Harvest, das sich über eine Fläche von rund 116 Quadratkilometern in der äthiopischen Region Tigray rund 600 Kilometer nord-nordwestlich der Hauptstadt Adis Ababa erstreckt, und das Projekt Adyabo, das unmittelbar im Westen des Projekts Harvest eine Fläche von 312 Quadratkilometern einnimmt. Das Unternehmen hat eine Vereinbarung zum Erwerb einer Beteiligung von bis zu 80 % am Projekt Adyabo unterzeichnet.
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Datum: 02.02.2021 - 02:00 Uhr
Sprache: Deutsch
News-ID 1564296
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