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The company also announced that former AIM nominated adviser (Nomad) and broker Canaccord Genuity had been replaced by Mayfair-based boutique merchant bank Strand Hanson as Nomad and Ocean Equities retained as sole broker.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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."
The fallout from the war on landlords
Investors fleeing the market and the rise in rents are affecting us all.
By Charlie Ellingworth Published
Eight small-cap trusts to bet on
Funds investing in market minnows are out of favour, but the cycle will turn. Here are the best bets.
By Max King Published