African Eagle cites JV partner's findings in Myabi Gold Project

Gold deposits have been found 15 metres below the surface of a drill hole in the Myabi Gold Project, according to a statement published by Rift Valley Resources and cited by its joint venture partner AIM-listed African Eagle Resources.

Rift Valley's latest drilling update outlined the results from the second phase of drilling at the Miyabi Gold Project. Three Regional Geophysical Targets were identified by an interpretation using geophysical information.

Rift Valley stated that the first-pass drilling south of N'dagalu had "shown some encouraging intersections" which would be "followed up in due course".

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

It said that the best intersections south of N'dagalu were from two drill holes located 20 metres apart on section 8900E.

Drill hole MBAC357 returned 3 metres at 1.59grams per tonne of gold from 15 metres down hole and MBAC356 returned 3 metres at 0.68 grams per tonne of gold from 36 metres down hole.

African Eagle Resources' share price was unchanged at 2.12p at 10:05 on Wednesday morning following an initial jump in its share price following the news to 2.25p.

MF