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African Eagle is a nickel exploration and development company listed on the London AIM (AFE) and Johannesburg AltX (AEA) stock exchanges.
The Company is currently conducting a Bankable Feasibility Study on its flagship asset, the Dutwa Project in Tanzania.
Most recently the Board and management was strengthened for the Company's...Read more
African Eagle ups Dutwa nickel resource by 13%October 07 2010, 8:40am
African Eagle Resources (LON:AFE) has reported a 13% increase in the nickel resource at the Dutwa nickel project in Tanzania, as well as a 6% increase in average nickel grade to 0.93% Ni.
The news boosted African Eagle’s share price with a 16% rise in early trading.
A new resource update increased the amount of contained nickel to 917,000 tonnes, the updated JORC Inferred resource now stands at 98.6 million tonnes at 0.93% nickel.
"Both the tonnage and the grade of the Dutwa resource have increased in this latest resource statement," managing director Mark Parker said.
Crucially the resource update presents a new deposit model for Dutwa, which for the first time includes all three ore types at Dutwa.
The company emphasised that the new deposit model is a significant step in Dutwa’s development and delineating all the different ore types is important for the mine planning stage.
Dutwa’s three ore types are: the Ferruginous/siliceous (FerSil), Transitional (Trans) and Saprolite (Sap).
African Eagle’s contractor Snowden Mining also examined the nearby Ngasamo deposit.
Snowden believes the deposit has the potential to add 8-10 million tonnes mineralisation with grading between 0.9% and 1.1% nickel.
As Ngasamo is defined as an Exploration Target under the JORC code it is not included in the resource.
So far Ngasamo’s steep slope has prevented drilling at the project, although an upcoming programme is currently being planned.
The company also updated investors on the on-going feasibility study at Dutwa.
African Eagle is making good progress with bulk sampling ahead of schedule, and an economic review is currently underway.
A comprehensive programme of metallurgical testing will commence in December.
The first version of the economic model is expected at the end of 2010.
African Eagle highlighted that the model is expected to incorporate a considerable improvement - with a greatly increased resource, exceptional column leach test results, better data on infrastructure options and improved meteorological information.