East Africa Mobilizes for Upcoming Drill Program
East Africa Mobilizes for Upcoming Drill
Program
VANCOUVER
,
Feb. 3, 2020
/CNW/ - East Africa Metals Inc. (TSX Venture: EAM) ("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").
The Company previously signed a diamond drilling contract for up to 10,000 metres. The Phase 1
drilling program has been initiated and equipment has begun being deployed to support the
campaign.
Based on the recently completed sale of the 70% interest of EAM's 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 through diamond drilling and
geophysical programs 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 Mato Bula Trend Exploration Targets (CNW Group/East Africa Metals Inc.)
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).
Harvest Property
Harvest Project - Proposed Target Areas for Deep EM Testing (CNW Group/East Africa Metals
Inc.)
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.
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
EAM's news release dated
May 17, 2018
.
Government approval for the extension of exploration licenses and the proposed 2020 drill program
has been received. The initiation of the Phase 1 diamond drilling program is expected in the first
quarter of 2020.
EAM currently has three approved Mining Agreements with
Ethiopia's
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.
More information on the Company can be viewed at the Company's website:
www.eastafricametals.com
On behalf of the Board of Directors:
Andrew Lee Smith
, P.Geo., CEO
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 Company's 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 Africa's
management's discussion and analysis for the year end
December 31, 2017
and for the nine months ended
September 30, 2018
, and
East Africa's
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.
SOURCE
East Africa Metals Inc.
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For further information:
Nick Watters, Business Development, Telephone +1 (604) 488-0822,
Email [email protected], Website www.eastafricametals.com
CO: East Africa Metals Inc.
CNW 03:05e 03-FEB-20