Mineral Exploration Commences in Southern Rwanda

RNS Number : 5054V

Eastinco Mining and Exploration PLC

14 December 2021

 

Eastinco Mining and Exploration plc

("Eastinco" or the "Company")

Mineral Exploration Commences in Southern Rwanda

Eastinco Mining and Exploration plc is pleased to announce it has commenced geological exploration on its southern joint venture projects in Rwanda, after an extended period of COVID-related delays and travel restrictions.

Highlights:

· The exploration field team has mobilised to the project area and engaged with the local community and stakeholders prior to commencing work.

· Planned 1^st phase geochemical soil sampling programme over the 2,750 hectares HCK exploration licence underway.

· Ground follow-up on anomalous areas of interest identified during the desk-top study being conducted simultaneously to the soil survey.

· Two known zones of extensive, multiple rare-metal hosting pegmatite identified in earlier reconnaissance visits to the HCK licence.

· Four additional pegmatite zones identified on adjacent Dynasty joint venture licence, with follow up work planned. 

Charles Bray, Chairman of Eastinco stated

"We are pleased to announce that field activities are underway on the recently signed JV projects in southern Rwanda. Based on the results from an initial site visit, we are very hopeful that additional rare-metal pegmatites will be discovered to add to the two known occurrences. I am confident that this area has the potential to evolve into an exciting exploration play that will bolster the Rwanda based asset portfolio and bring added value to the Company and our shareholders."

Kinunga Mining Ltd - a Joint Venture between Eastinco and HCK Mining Ltd

The company has undertaken a desk-top review of available information for the licence and mobilised a field team to the project area to commence preliminary geological field exploration. The work programme will consist of a first-phase geochemical soil sampling programme covering the entire 2,750-hectare licence, with an additional phase of more-closer spaced sampling to further delineate and define any returned geochemical anomalies. It is expected that the first phase sampling exercise will take two to three months. In addition the field team will follow-up and ground truth several areas of interest identified during the initial data review. This project is a joint venture with HCK Mining Limited in which Eastinco holds a 70% interest (as announced on 15 June 2021).

A reconnaissance site visit made by an independent geological consultant in June 2021 reported encouraging elements of an existing pegmatite swarm, with two identified occurrences readily available for immediate geological prospecting and evaluation. The main occurrence represents an approximately 30 m wide, partially artisanally-mined, kaolinised pegmatite that strikes along an entire NW-SE trending ridgeline with a minimum extension of 650 m. Additional extensions of at least 150 m to the NW of the ridgeline have been confirmed during the site visit. A second occurrence is an E-W trending, 5-10 m wide pegmatite which is currently less well understood, occurring in a structurally complex setting. However, an existing open exploration trench at this occurrence, together with artisanal workings prove sufficient upside exploration potential exists, particularly considering possible extensions (artisanal workings) to the NE.

The known pegmatites form an encouraging exploration target with considerable upside exploration potential if the tantalum grade distribution along the strike and depth extensions can be proven. If so, then Eastinco's landholding in the Huye District will comprise a significant new pegmatite field in Rwanda.

Dynasty Joint Venture

Once the HCK programme of work is complete, the field team will continue a similar exercise over the adjacent 400-hectare Dynasty Joint Venture licence. The Dynasty licence currently has four zones of identified pegmatite which have been identified during reconnaissance work and require additional sampling and testing. Eastinco operates and manages the exploration activities on the Dynasty licence, which is a 50% / 50% partnership between Eastinco and Dynasty Constructions Limited (as announced on 26 February 2020).

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

The Directors take responsibility for this announcement.

Enquiries:

For further information, please visit the company website www.eastinco.com or contact:

Eastinco Mining & Exploration Plc:

Charles Bray, Executive Chairman - [e-mail]

Simon Rollason, Director - [e-mail]

AQSE Growth Market Corporate Adviser:

Novum Securities Limited

David Coffman / Lucy Bowden

Tel: [phone]

Notes to Editors:

About Eastinco Mining and Exploration plc

www.eastinco.com

Eastinco Mining and Exploration plc is an African focused investment company listed on the AQUIS Market in London.

We are seeking to acquire and develop critical and strategic mineral resources, whilst supporting ethical and sustainable supply chains. We are targeting those metals considered strategically essential to the economy, and for which any disrupted supply may have a significant impact on the production of critical and/or strategic end products. Presently the renewable energy, automotive and electronic manufacturing sectors are driving the requirement to develop secure supply chains of these key critical strategic minerals, particularly for the production of critical and/or strategic end products such as alloys, EV batteries, IT equipment, etc.

In 2019 we acquired Eastinco Limited, our Rwandan based subsidiary exploration, development, and trading company. We currently have three joint ventures in Rwanda where we are exploring for; and developing small-scale tantalum-tin mining operations.

 

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