African Metals reports copper drill results from DRC

Vancouver – African Metals (AFR-V) has pulled several near-surface copper intercepts of significant grades from its Luisha South project in the Democratic Republic of Congo.

The company drilled both in and around a historic high-grade open pit as part of a 7-hole, 2,000-metre program. The small pit, developed in the 1940s and since worked on by artisanal miners, is 250 metres long, 80 metres wide and 30 metres deep pit. It sits on the northwest corner of the company’s permit in the DRC’s Katanga province.

The latest reverse circulation drill results include holes 15 to 20 drilled from the pit bottom and hole 14, collared on the northwest edge of the pit to test a transverse fault offset to mineralization.

Hole 18, which cut 48 metres carrying 2.8% copper and 0.5% cobalt from 2 metres depth, and hole 17, which hit 21 metres grading 2.3% copper and 0.4% cobalt. Both had to be abandoned due to ground water issues but ended mineralization.

Hole 19 returned 41 metres averaging 1.6% copper and 0.5% cobalt from surface, hole 20 cut 41 metres grading 1.5% copper and 0.5% cobalt from one metre downhole, and hole 16 cut 17 metres grading 1.7% copper and 0.7% cobalt from two metres.

Hole 14 hit 8 metres carrying 1% copper and 0.1% cobalt from 16 metres.

A resource estimate is expected sometime this fall on the project. The company also recently completed a sampling program on the southeastern extension to the pit, taking 353 samples at 50-meter spacing on lines 200 metres apart. Testing on the samples has yet to be complete.

African Metals acquired rights to the 16.2-sq.-km property as part of a business merger with previously-private Chevalier Resources. The merger, valued at roughly $10.9 million, was completed in March.

Initially, African Metals had a 57% interest in the project while TSM Enterprise Sprl., the original permit-holder, controlled the remaining 43% as a carried interest. In June African Metals entered into a letter of intent to increase its stake by 18% to 75% by issuing TSM $1.5 million in shares. The deal would also give African Metals an option to increase its interest to 90% based on results.

The company also has an option to earn an 80% interest in eight properties spanning 682 sq. km held by a local Congolese company. The property falls within the Katanga Provence copper belt and hosts several soil anomalies.

African Metals closed up 2¢ or 8.3% at 26¢ on the latest news. The company has a 52-week share price range between 13¢ and 55¢ and 79.3 million shares outstanding.