East Africa Metals prepares to test high priority drill targets including Ha li ma Hill at the Adyabo project, Ethiopia.
777 Dunsmuir Street, 17th Floor
PO Box 48658, Station Bentall Centre
Vancouver, BC, Canada V7X 1A3
Tel: 604.488.0822
Toll Free: 866.488.0822
Web: www.eastafricametals.com
NEWS RELEASE
East Africa Metals prepares to test high priority drill targets
including Ha li ma Hill at the Adyabo project, Ethiopia.
VANCOUVER, BC – May 2 1 , 20 24 - East Africa Metals Inc. (TSX Venture: EAM) ( “ East Africa ” or the
“ Company ” ) is pleased to update that the Company will continue to explore highly prospective areas in
the immediate vicinity of the known Mato Bula Gold Copper (“Mato Bula” ) and Da Tambuk Gold (“Da
Tambuk”) deposit areas . The contents of this disclosure outline s the Company’s exploration strategy for
assessing the areas through further targeted and staged exploration. This work will be c oncurrent with
the initiation of mine development programs at Mato Bula and Da Tambuk (see news release May10 ,
20 24 ) in the Federal Democratic Republic of Ethiopia ( “ Ethiopia ” ) .
The Company has maintained a steady multi - project advancement strategy over years of exploration,
building value by drilling out key areas of mineralization to establish core base assets . The release of
positive PEA results for the spatially related Mato Bula and Da Tambuk mines listed above provides a
foothold for working to potentially improve and expand resources on the projects through additional
systematic exploration of the prospective exploration targets on the Adyabo property .
The C ompany has re - engaged Aurum Exploration Limited to plan and manage the exploration drilling
program at Halima Hill expected to be initiated prior to the end of Q2, 2024.
Adyabo Property
Mato Bula and Da Tambuk
Both Mato Bula and Da Tambuk lie along a geologically defined trend ( the Mato Bula trend) characterised
by anomalous base and precious metal soil values, and prospective alteration similar to that in the deposit
areas. Additional work warranted to potentially locate additional mineralization includes;
Halima Hill I.P. – Represents a compelling target as a large, open (to depth and southward)
Induced Polarization (“I.P.”) chargeability anomaly extending laterally 500 metres south beyond
the known Mato Bula mineralization . The currently defined copper/gold mineralization increas es
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 k ey intersection in
this area include s 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 - press release dated January 15,
2015) .
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 - press 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 .
Regional I.P. survey – T o delineate additional targets to depth along the Mato Bula Trend .
Da Tambuk Silica Ridge – Two target areas of artisanal workings, silica alteration, and anomalous
multi - element soil geochemistry remains to be trench and drill tested .
Da Tambuk deposit – I nfill and extension drilling required ( deposit current ly open to depth and
south) .
Mining Licences
East Africa, through its Ethiopian subsidiary company Tigray Resources Incorporated PLC, submitted
mining licence applications for the Mato Bula and Da Tambuk Projects which are currently in the formal
review process by the Ethiopian Ministry of Mines, Petroleum and Natural Gas (see news release dated
December 13, 2017) .
Management Discussion
“East Africa’s management has established objectives to advance the company’s Ethiopia assets through
exploration and development agendas.” stated Andrew Lee Smith, CEO of East Africa Metals. “The
exploration objectives described in this release a re aimed to increase and upgrade the resource along
strike, to depth , and through definition drilling, while the development agenda described in the Da
Tambuk and Mato Bula Preliminary Economic Assessments (see press release April 30, 2018) will, once
successfully executed, continue to de - risk the project as the Company works towards its objective to
establish operations and cash flow”.
About East Africa Metals
The Company's principal assets include a 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 in the Magambazi Mine in the Tanga Region of Tanzania.
EAM has invested US$66.8M in African exploration since 2005 and has identified a total of 2.8
million ounces of gold and gold - equivalent resources representing an average discovery cost per
ounce of US$24 .
More information on the Company can be viewed at the Company’s we bsite:
www.eastafricametals.com
Andrew Lee Smith is a Qualified Person under the definitions of National Instrument 43 - 101, has
reviewed and approved the contents of this news release.
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 [email protected]
Website www.eastafricametals.com
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 using forward - looking terminology such as "anticipate", "believe", "plan", "expect",
"intend", "estimat e", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should", "indicate" or variations of such
words or similar words or expressions. Forward - looking information is based on reasonable assumptions that have been made by East
A frica 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 East Africa to be materially different from those expressed or
implied by such forward - looking information, including but not limited to: timing of receipt of mining permit; timing of mining
development; projected heap leach recoveries ; early exploration; the closin g of the agreement with the exploration and development
company to advance the Magambazi Project or identify any other corporate opportunities for the Company; mineral exploration and
development; metal and mineral prices; availability of capital; accuracy of East Africa's projections and estimates, including the initial
mineral resource for the Adyabo, Harvest and Magambazi Properties; interest and exchange rates; competition; stock price
fluctuations; availability of drilling equipment and access; actual results of curre nt exploration activities ; government regulation; political
or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or te chnical
difficulties in connection with development activities; personnel relations; the specula tive nature of strategic metal exploration and
development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and chang es in project
parameters as plans continue to be refined, as well as those risk factors set out in in East Africa's management's discussion and
analysis for the three months and nine months ended December 31 , 2023 and for the fifteen month and year ended March 31 , 2023 ,
and East Africa's listing application dated July 8, 2013. Mineral Resources, which are not Mineral Reserves, do not have demonstrated
economic viability. The contained gold, copper and silver figures shown are in situ. No assurance can be given that the estim ated
quantities will be produced. Forward - looking stat ements are based on assumptions management believes to be reasonable, including
but not limited to the timely closing of the financing; the timely closing of the Handeni Property definitive agreement; the price of gold,
silver, copper and zinc; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the
timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and c ost - efficient
manner; the ab ility to operate in a safe, efficient and effective manner; the renewal or extension of exploration Licenses; the regulatory
framework regarding environmental matters, and such other assumptions and factors as set out herein. Although East Africa has
attem pted 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 a ssu rance
that such information will prove to be accurate, as actual results and future events could differ materially from those antic ipated in
such information. The Company does not update or revise forward looking information even if new information becomes available
unless legislation requires the Company do so. 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 Regul ation Services
Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or acc uracy of
this release.