Business
East Africa Metals' Updates on Terakimti Oxide Resource in Ethiopia, Magambazi Sale Agreement in Tanzania
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 27, 2015) - East Africa Metals Inc. (TSX VENTURE:EAM) ("East Africa" or the "Company") is pleased to announce a
About this update from East Africa Metals, Inc.
[{"type":"text","content":" VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 27, 2015) - East Africa Metals Inc. (TSX VENTURE:EAM) (\"East Africa\" or the \"Company\") is pleased to announce an updated National Instrument 43-101 Standards for Disclosure for Mineral Projects gold, copper, and silver independent mineral resource estimate for the oxide component of the Terakimti VMS deposit on the Company's Harvest project (the \"Harvest Project\") located in the Arabian Nubian Shield in northern Ethiopia. The near surface oxide portion of the Terakimti VMS deposit hosts an updated Oxide Indicated Resource of 1,110,000 tonnes grading 3.21 grams per tonne gold and 24.3 grams per tonne silver and an Inferred Resource of 15,000 tonnes grading 1.94 grams per tonne gold and 13.5 grams per tonne silver. Updated Oxide Indicated Resource contained metal includes 107,000 ounces gold and 812,000 ounces silver. 1 Highlights from the Oxide Resource update include: • Oxide Indicated Resource ounces have increased for gold and silver by 346% and 729% respectively, as a result primarily of conversion of existing Inferred Resources, and the identification of additional zones of mineralization from detailed Oxide drilling; • Oxide Indicated Resource grades for gold and silver have increased by 26% and 131% respectively; • Tabulation of cutoff grades suggest that the Oxide Indicated Resource estimate is not sensitive to changes in cut-off grade. Updated Terakimti Oxide Mineral Resource Estimate at a 0.5 g/t Gold Equivalent Cut-Off, David Thomas, P. Geo. (Effective Date: October 18, 2015) 1 Classification Tonnes (t) Gold Equivalent (g/t) Gold Grade (g/t) Silver Grade (g/t) Copper Grade (%) Gold Metal (Ozs) Silver Metal (Ozs) Indicated 1,110,000 3.44 3.21 24.3 0.08 107,000 812,000 Inferred 15,000 2.06 1.94 13.5 0.04 1,000 7,000 Footnotes to mineral resource statement: Fladgate Exploration Consulting Corporation (\"Fladgate\") undertook data verification, and reviewed East Africa's quality assurance and quality control programs on the mineral resources data. Fladgate concluded that the collar, survey, assay, and lithology data were adequate to support mineral resources estimation. Domains were modelled in 3D to separate oxide, transition, supergene and primary sulphide rock types from surrounding...