African Eagle Resources plc is pleased to report that it has increased its ownership of the Mokambo Joint Venture in the Zambian Copperbelt to 87% and that it has received promising results from its 2008 diamond drilling programme.
African Eagle’s Managing Director, Mark Parker, commented, “We are pleased to report that African Eagle has increased its stake in the project from 50 to 87%, with immediate effect, with Copperbelt Minerals Limited holding the remaining 13%. We have also negotiated an option to acquire the remaining interest for some $400,000. We continue to be excited about the potential of the project, which contains known copper deposits, and about future development in the Copperbelt as a whole, especially now that the new Zambian administration is reviewing the fiscal regime for mining in the light of global market conditions.
“Prior to African Eagle’s increase in ownership, the JV parties completed a 3,000m drilling programme at Mokambo and we are pleased to announce today, some significant results from this work.”
The Mokambo Project lies 15km from the world class Mufulira copper deposit, which has been in operation since 1933, producing more than 9Mt of copper metal. Past exploration at Mokambo demonstrated significant mineralisation along a 12km strike length, with at least two historic resource statements.
The mineralised drill intersections include:
• 2.44% copper over 15.0m
• 2.47% copper over 12.0m
• 3.96% copper over 3.1m
• 3.50% copper over 4.4m
• 3.20% copper over 4.3m
• 2.00% copper over 3.0m
The Mokambo licences form a narrow strip of 25km2 running along the border between Zambia and the Democratic Republic of Congo (DRC). Much of the project is underlain by highly prospective Lower Roan rocks, which host most of the world class copper deposits in central Africa. The Project lies on the eastern limb of the Mufulira syncline; the western limb contains the Mufulira copper deposit.