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East Africa Metals announced reverse-circulation infill drilling results from the Terakimti deposit in Ethiopia. Highlights from current near-surface infill drilling include 15 meters grading 12.36 g/t gold and 38.2 g/t silver starting at 28 meters depth and 19 meters of 6.87 g/t gold and 11.3 g/t silver from 16 meters.
Drill Tracker Weekly highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.
East Africa Metals (TSXV:EAM)
Price: $0.065
Market cap: $6.6 million
Cash estimate: $13.5 million (September 2014)
Project: Harvest
Country: Ethiopia
Ownership: 70 percent
Resources: 290,000 tonnes at 2.55 g/t gold, 10 g/t silver indicated; 398,000 tonnes at 4.77 g/t gold, 7.2 g/t silver inferred
Project status: Resource definition drilling
- East Africa Metals announced reverse-circulation infill drilling results from the Terakimti deposit on its 70-percent-owned Harvest project in Ethiopia. The project was initially drilled in 2011 by Canaco, which through a series of transactions became Tigray before merging with East Africa in February 2014. China-based Sinotech currently owns 33.5 percent of East Africa.
- Highlights from current near-surface infill drilling include 15 meters grading 12.36 g/t gold and 38.2 g/t silver starting at 28 meters depth and 19 meters of 6.87 g/t gold and 11.3 g/t silver from 16 meters. The current drilling is focused on delineating and expanding the near-surface oxide mineralization on 20-meter centers overlying the unoxidized massive sulfide mineralization (VMS).
- An additional two holes that continued through a lower gold- and silver-rich “pyrite sand” zone and into the supergene-enriched massive sulfide intersected 4 meters grading 9.64 g/t gold and 1,151.9 g/t silver at a depth of 29 meters and 13 meters of 1.56 g/t gold, 292 g/t silver and 2.57 percent copper starting at 33 meters. Drill hole TRC018 also intersected the supergene zone with an interval of 33 meters grading 4.45 g/t gold, 1.42 percent copper and 6.3 g/t silver.
- In January 2014, Tigray outlined an initial small oxide gold resource estimate. The indicated resource includes 290,000 tonnes at a grade of 2.55 g/t gold and 10 g/t silver, as well as an inferred resource of 398,000 tonnes of 4.77 g/t gold and 7.2 g/t silver. The current 4,000-meter reverse-circulation drill program at 20-by-20-meter spacing is currently 70 percent complete.
Discovery hole (Canaco, 2011): 52.1 meters at 1.55 g/t gold, 4.1 percent copper, 25.97 g/t silver
Current holes: 15 meters at 12.36 g/t gold, 38.2 g/t silver; 19 meters at 6.87 g/t gold, 11.3 g/t silver; 14 meters at 7.63 g/t gold, 4.8 g/t silver
Disclosure: I, Wayne Hewgill, certify that the information in this report is sourced through public documents that are believed to be reliable, but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report. At the date of this release the author, Wayne Hewgill, owns no shares in the companies in this report.
This report makes not recommendations to buy sell or hold.
Wayne Hewgill is a geologist with extensive knowledge of the global mining industry gained through 30 years of diversified experience in mineral exploration and new business development in Canada, as well as 10 years living in Africa, New Zealand and Australia. He was previously senior research officer at BHP Billiton, an executive with an exploration company working in Argentina and a mining analyst at three Vancouver-based financial groups where he developed the Drill Tracker database in 2006. He holds a B.Sc. in Geology from the University of British Columbia and is registered as a Professional Geoscientist (P.Geo) with APEGBC.