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African Eagle's Mkushi prospect likely to go into production - John Park, chairman
[miningmx.com] -- THERE is a good chance African Eagle, the AIM and AltX-listed explorer, will move its Mkushi copper prospect in Zambia into production after it has drilled an anticipated 30 million tonne resource, said chairman John Park.
Mkushi, which lies outside the Copper Belt, is a previously mined prospect and the ZCCM estimated it has 30 million tonnes of resources at 1.5% copper and the drilling is focused on proving that to be true or not.
"We're at the moment doing pre-feasibility drilling to demonstrate that a resource that ZCCM put on it, back in the nineties, of 30m tons at about 1.5%, is a valid resource. We've got about a third of the way there at the moment," Park said on the Moneyweb Power Hour.
Australia's CGA Mining is a joint venture parnter on the project.
"We're looking to complete a pre-feasibility study by probably the end of
September, and be in a position to make a final go-ahead production decision probably June/July next year," Park said.
"The work done so far is demonstrating that the old mine that was there, certainly the resources associated with it, extend considerably to the south and south-west of that old mine. And CGA themselves are very, very confident that we will take this thing forward into production," Park said.
African Eagle has joint ventured with Randgold Resources on the Miyabi gold prospect in Tanzania, which currently has a 500 000 oz JORC and SAMREC compliant resource.
"They've drill rigs in there at the moment. I couldn't tell you how long it's going to take for Randgold to find the amount of gold that they need to make a go-ahead decision, but I'd certainly think that within a two- to three-year period we'll be in that position - and that's the two projects that we'll take forward to revenue generation," Park said.
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