Business
East Africa Provides Exploration Update
VANCOUVER, British Columbia, March 01, 2019 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX Venture: EAM) (“East Africa”, “EAM”, or the “Company”) would like t
About this update from East Africa Metals, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, March 01, 2019 (GLOBE NEWSWIRE) -- 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 Federal Democratic Republic of Ethiopia (“Ethiopia”). Now that the previously announced Private placement has closed its initial tranche (see news release dated February 28, 2019), the Company has signed a diamond drilling contract for up to 10,000m to commence the first phase of drilling during Q2 2019. Based on the Letter of Intent between EAM and Tibet Huayu Mining Co. Ltd (See news release dated February 8, 2019), EAM will retain the mineral rights, and all exploration obligations for the prospective targets not incorporated in the current resources defined at 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. Below are listed exploration targets that host potential to improve current resources, and potentially increase the total resource base (see news release: May 7, 2018). Highest priority exploration targets that have potential to increase the resource base will be the focus of Phase 1 drilling; 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 known 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 ...