East Africa Metals (CN:EAM) is shoring up its position in Ethiopia as it hopes to develop the country’s first heap leach operation.
30 May 2017
East Africa Metals’ exploration in Ethiopia continues
Some 49 holes were drilled in the now-complete infill programme at the Mato Bula deposit at its Adyabo project and mineralisation was also found near-surface, including 2.76m grading 5.13g/t gold, 0.04% copper and 1.7g/t silver from 16.24m.
Drilling to the east at its majority-owned Harvest project’s Lihamat prospect also found gold, including 2m grading 9.84g/t from 49m.
The company reached a significant milestone earlier this month, receiving approval for its mine permit application for the Terakimti oxide gold project at Harvest.
East Africa believes Terakimti will be Ethiopia’s first heap leach operation and the basis for future development of its other projects in the Tigray region.
Its stock has risen 133% over 12 months and was up 12% on the latest results to C28c, capitalising the company circa C$37 million.
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Related Topic
Harena, Eritrea: 18.4m grading 1.65% Cu, 4.03% Zn, 0.82g/t Au, 55g/t Ag from 1211m (HX-083)
The latest exploration results from Nevsun Resources’ (CN:NSU) Harena project are firming up the company’s faith that Bisha is evolving into a large VMS district in Eritrea.
05 Apr 2017
Nevsun is having further drilling success at Harena, 10km from the Bisha mine
Harena lies 10km south of the high-grade copper-zinc Bisha mine, 60% owned by Nevsun.
CEO Cliff Davis said the latest drilling demonstrated the Harena resource extended 150m beyond its currently modelled limits and further enhanced the potential for underground mining, as hole HX-083 indicated the mineralised system was strengthening at depth.
The drilling is part of an ongoing infill and exploration programme at Harena.
Davis said the full suite of exploration targets in the region would take years to pursue.
The company has notched up excellent exploration results of late, topping the February table of best intercepts with its new copper-gold drill hits at Timok in eastern Serbia.
However its share price has been relatively flat over the past five weeks and it closed up just over 1% yesterday at C$3.48.
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