East Africa Metals is a Vancouver-based mineral exploration

Transcription

East Africa Metals is a Vancouver-based mineral exploration
East Africa Metals is a Vancouver-based mineral exploration
company focused on advanced exploration in Africa. East Africa
Metals has a strong balance sheet with approximately $16.6 million*
cash on hand and no debt. The Company’s shares trade on the TSX
Venture Exchange under the symbol EAM.
*as of Mar 31/2014
HARVEST AND ADYABO PROJECTS - ETHIOPIA
The Harvest and Adyabo VMS projects are located in the Tigray region of
northern Ethiopia, 600 kilometres north of the capital city of Addis
Ababa. The projects are located in the highly prospective Asmara mineral
belt in the southern part of the Arabian Nubian Shield (ANS). A number of
significant VMS mineralized systems have recently been discovered
along strike and northwest of the projects in the same geological terrain,
including Bisha, Debarwa, and Emba Derho. Orogenic gold deposits are
also typical of the ANS, including the giant 13 million ounce Sukari
deposit in Egypt and the recent discovery of more than one million
ounces at Koka-Zara in central Eritrea.
With the metallogenic endowment of the ANS, EAM’s Harvest and
Adyabo projects constitute a highly prospective land package for the
discovery of both VMS and gold deposits. Very little historical exploration
has been documented in the Harvest area and the ground has not been
subject to recent modern exploration techniques. Much like the last
decade for the Eritrean regions to the north where significant discoveries
have been made, this region hosts significant discovery potential.
EAM’s land package in Ethiopia covers approximately 428 sq km. Included is the 70% owned,
116 sq km Harvest project, host to the Terakimti VMS deposit. The company has an option to
earn 80% interest in the 312 sq km Adyabo project immediately west of Harvest. Adyabo hosts
the highly prospective 8km long Mato Bula trend, highlighted by high sulphidation gold rich
VMS - submarine porphyry-related high grade Au-Cu+/-Zn intercepts in recent drilling at both
Mato Bula and Da Tambuk.
Exploration to date at the Harvest and Adyabo projects indicates potential for the
discovery of large, near surface gold and polymetallic VMS deposits. A total of 132
holes totalling 25,887 metres have been completed on the Terakimti, Adi Angoda,
Mayshehagne, Nefasit, Mato Bula, Da Tambuk, Adi Gozomo, and VTEM09 prospects.
With the establishment of mineralized VMS systems to depth at Terakimti and
Mayshehagne, and high grade gold intercepts from recent drilling at Mato Bula and
Da Tambuk, additional drilling is proposed to further define known resources, and
explore lateral and depth extension to these deposits and prospects.
Additionally, new targets continue to be developed using conventional exploration
techniques and modern technologies.
ETHIOPIA
The Federal Democratic of Ethiopia is located in northeast Africa, in the region termed the Horn of Africa. The country is landlocked and is
topographically comprised predominantely of high plateau. The population is diverse in terms of languages spoken and religious following,
with a Christian majority coexisting with a one-third Muslim population.
New mining regulations were issued in 1993 with the purpose of promoting the exploration and development of Ethiopia’s natural resources.
Ethiopia is viewed as a country with underdeveloped hydrocarbon and mineral wealth, and opportunity for future economic development is
envisaged as a possible significant driver for the country.
TANZANIA
Tanzania ranks as one of the best overall risk profiles in Africa. With favourable government policies, stable democratic government, and strong
economic growth, Tanzania is one of the fastest-emerging gold producers in the world. In 1997, the development of Tanzania’s Mineral Policy
marked a clear shift toward private sector development and market–oriented economic management. Prior to 1994, there was no mechanized
mining in the country. Tanzania is now Africa’s third-largest gold producer.
TERAKIMTI MINERAL RESOURCE ESTIMATE*
Mineralization
Class
Indicated
Inferred
Ore Type
Oxide
Sulphide
Sub-Total
Indicated
Oxide
Sulphide
Underground
Primary
Sub-Total
Inferred
Contained Metals
NSR
Cut -Off ($/ t)
Tonnes
('000s)
290
1,841
25.9
23.9
Cu %
Au g/t
Ag g/t
Zn %
0.06
2.20
2.55
1.06
10.5
17.5
0.02
1.65
Cu
('000 lb)
89,477
Au
('000 oz)
24
63
Ag
('000 oz)
98
1,033
Zn
('000 lb)
66,871
89,477
86
1,130
66,871
2,131
25.9
23.9
398
2,583
0.13
1.09
4.77
0.96
7.2
20.6
0.07
1.42
62,187
61
80
92
1,712
77,101
63.9
939
0.69
0.84
15.2
2.92
14,198
25
459
60,358
76,385
166
2,264
137,459
3,920
Highlights:
• Mineral Resource has potential to continue at depth.
• Near surface oxide gold mineralization shows potential for heap leach amenability.
• Supergene and primary mineralization produce copper concentrates (25% copper grade)
through conventional floatation processes, with further optimization possible. Attractive zinc
concentrates are also produced on selected mineralization.
HANDENI PROJECT - TANZANIA
East Africa Metals’ Magambazi project is located in the emerging Handeni gold district of
eastern Tanzania, where the company has established a large land position covering a 15-km
trend. The Handeni region was not thought to be prospective for gold until recent academic
research and discoveries by local artisanal miners suggested it may represent the extension of
the most prospective segment of the Lake Victoria Goldfields.
East Africa Metals Share Structure
(October 9, 2014)
101,699,661
Issued and Outstanding
Issuable upon exercise of
ORG Options
Options
Warrants
Fully diluted
144,100
8,017,500
31,203,167
141,064,428
Board of Directors
DR. JINGBIN WANG (2)
Chairman
ANDREW LEE SMITH (3)
ANTONY HARWOOD (1)(2)(3)
EAM’s Handeni project comprises two contiguous land holdings covering 47.45 square
kilometres, located 173 kilometres northwest of Dar es Salaam and 35 kilometres southwest of
the town of Handeni. A mining licence has been acquired over the Magambazi deposit, and a
second licence is pending for the surrounding area. In 2009, the discovery hole at Magambazi
(hole 001) intersected 59 metres grading 4.28 grams per tonne gold. EAM has drilled more
than 110,000 metres in approximately 400 holes over a strike length now defined along nearly
one kilometre.
GE (ANNA) MAO(1)(3)
(1) Audit Committee
(2) Compensation Committee
(3) Corporate Governance and Nominating Committee
Management and Key Advisors
MAGAMBAZI MINERAL RESOURCE ESTIMATE**
Initial Magambazi Mineral Resource Estimate Summary (Based on a 0.5 g/t Au Cut Off Grade)
Estimated Quantities
Category
DAVID PARSONS(1)(2)
Tonnes (000s)
Average grade
(grams/tonne gold)
Contained gold
(ounces)
Indicated
15,186
1.48
721,300
Inferred
6,683
1.36
292,400
ANDREW LEE SMITH
President and CEO
NICK WATTERS
Business Development
JEFF HEIDEMA
Vice President Exploration
DENIS DILLIP
President Canaco
Tanzania
PETER GRANATA
Chief Financial Officer
LINGLING YANG
Corporate Communications
DR. DAVID GROVES
Project Development
IAIN GROVES
Senior Consulting Geologist
* Terakimti Mineral Resource Estimate released January 27, 2014. 43-101 report available at
www.eastafricametals.com or at www.sedar.com, under the name Tigray Resources Inc., dated March
2014.
** Magambazi Mineral Resource Estimate released May 15, 2012. 43-101 report available at
www.eastafricametals.com or at www.sedar.com, under the name Orca Gold Inc., dated June 2012.
SHERRY SIU
Corporate Secretary
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally,
forward-looking information can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “expect”,
“intend”, “estimate”, “forecast”, “project”, “budget”, “schedule”, “may”, “will”, “could”, “might”, “should” or variations of such words or similar
words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date
of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking
information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of
capital; accuracy of the Company’s projections and estimates, including the initial mineral resource for the Harvest Project; interest and
exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration
activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating
or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration
and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project
parameters as plans continue to be refined, as well as those risk factors set out in the Company’s listing application dated August 18, 2011.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of gold,
silver, copper and zinc; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the timely
receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the
ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, and such other
assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results
to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking
information. The Company does not undertake to update any forward-looking information that is included herein, except in accordance with
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this fact sheet.
Suite #3114 ,Four Bentall Centre 1055 Dunsmuir St.
P.O. Box 49081
Vancouver, BC Canada V7X 1G4
tel: 604 488 0822
fax: 604 899 1240
email: [email protected]
web: www.eastafricametals.com
Corporate Office
TSX-V: EAM

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