Mineral Exploration Update, Rwanda

RNS Number : 9859X

Eastinco Mining and Exploration PLC

11 January 2022

 

11 January 2022

Eastinco Mining and Exploration plc

("Eastinco" or the "Company")

Mineral Exploration Update, Rwanda

Eastinco Mining and Exploration plc (AQUIS: EM.P) announces a progress update on exploration works at its joint venture project in southern Rwanda. The geochemical soil sampling programme at the HCK JV license has covered 50% of the license and eleven new pegmatite zones have been identified during field traversing, of which two possibly indicate strike extensions to the existing, known pegmatite zones.

Highlights:

· Phase-1 geochemical soil sampling programme in progress over the 2,750 hectares HCK JV licence, with c. 50% of the licence covered to date.

· Eleven new pegmatite zones identified during field traversing, of which two possibly indicate strike extensions of known Tantalum-Niobium mineralised zones.

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

· Licence is adjacent to other southern JV, where four known pegmatite zones have been identified for follow-up prospecting and evaluation.

· The exploration field team continues to engage with the local community and stakeholders on these project areas.

Charles Bray, Chairman of Eastinco, stated:

"I am very pleased to provide this operational update on the ongoing fieldwork in southern Rwanda. The discovery of these nine new and potentially Tantalum-Niobium bearing zones is very exciting, especially considering we have only covered 50% of the licence area as a first pass. The possible strike extension to the HCK-1 project is more positive news, and I look forward to updating our shareholders as we continue our work on the ground to build on our knowledge of these targets. The results so far confirm our original expectation that this area could evolve into an exciting exploration play that will bolster our Rwanda-based asset portfolio, bringing added value to the Company and our shareholders."

Exploration Progress Update, HCK Joint Venture

Geological fieldwork commenced in December 2021 with the Phase-1 geochemical soil sampling programme. This work is ongoing, with approximately 50% of the licence area covered by the sampling team, with completion expected in February 2022. All samples will be shipped to an independent commercial laboratory for multi-element analysis.

Of significant interest is the discovery of multiple new pegmatite zones identified whilst traversing the licence. Pegmatite is the typical host rock for the Tantalum-Niobium mineralisation in Rwanda. Nine new pegmatite target zones, which potentially host rare metals, have been identified to date. Two additional occurrences have been uncovered that may indicate the possible strike extensions to the known mineralised occurrences on the licence. At HCK-1, the new pegmatite occurrence potentially extends the strike of this occurrence from 650m to 1,200m towards the southeast, however additional work is required to fully verify this. At all locations, the extent or size of the pegmatite is unclear to the lack of outcrop and recent surface cover.  

Upon completion of the soil sampling programme, the Company will follow up and explore the potential strike and width dimensions of the newly discovered pegmatites, through a process of manually excavated shallow pits or hand auguring. When the soil sample analytical results have been received and interpreted, a second phase of sampling may be undertaken to define and resolve any identified in-soil geochemical anomalies. 

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

This is a joint venture with HCK Mining Limited with Eastinco holding a 70% interest (refer to news release dated 15 June 2021). The licence covers 2,750 hectares and before the current work phase, hosted two identified occurrences. The main occurrence referred to as HCK-1, represents an approximately 30m wide kaolinised pegmatite striking along a 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 an earlier site visit. The second occurrence, HCK-2, is an E-W trending, 5-10 m wide pegmatite which is currently less well understood, occurring in a structurally complex setting.

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]

Financial PR:
Yellow Jersey PR - [e-mail]
Tom Randell / Henry Wilkinson / Matthew McHale
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 actively seeking to acquire and develop new critical and strategic mineral resources to strengthen our existing asset base, 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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