African Eagle discovers nickel, sacks Nomad

AIM-listed African Eagle has discovered unexpected visible nickel sulphide and platinum group elements (PGEs) underneath a known laterite deposit at its Dutwa Project in Tanzania.

AIM-listed African Eagle has discovered unexpected visible nickel sulphide and platinum group elements (PGEs) underneath a known laterite deposit at its Dutwa Project in Tanzania.

The explorer's re-examinations of previous drill intersections showed a shallow mineralised zone immediately below known laterite deposits at Wamangola, one of the two hills that forms Dutwa, which have already revealed good gold and PGE grades.

The company also announced that former AIM nominated adviser (Nomad) and broker Canaccord Genuity had been replaced by Mayfair-based boutique merchant bank Strand Hanson as Nomad and Ocean Equities retained as sole broker.

Chief executive Trevor Moss said the strong values of nickel achieved showed the potential of the Dutwa Project.

"We have long known the significance of Dutwa's laterite deposits but the presence of nickel and PGEs in sulphides in the strata immediately underlying these deposits is further evidence of the strength of Dutwa overall," he declared.

"We are planning to implement a cost effective exploration programme to explore and quantify the extent of the sulphide mineralisation and to begin to define what may be another aspect of the potential nickel province that may exist in northern Tanzania."

Recommended

Too embarrassed to ask: what is short selling?
Too embarrassed to ask

Too embarrassed to ask: what is short selling?

Short sellers are often accused of unfairly driving share prices down to make a quick buck. But short selling is a perfectly legitimate – if risky – t…
26 Jan 2021
Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

The FTSE 100 is set for a makeover with an influx of new tech stocks
UK stockmarkets

The FTSE 100 is set for a makeover with an influx of new tech stocks

The FTSE 100 – the dullest index in the world – is about to reinvent itself as a host of new firms list on the market. The change is long overdue, say…
24 Jan 2021
Think Tesla is a bubble? This might be the best way to bet on it bursting
Oil

Think Tesla is a bubble? This might be the best way to bet on it bursting

The huge rise in Tesla’s share price means that, by market value, it’s now the sixth-largest company in the US and and the world’s biggest car-maker. …
25 Jan 2021
Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021