East Africa Metals Inc.

East Africa Metals Inc.

January 15, 2015 06:00 ET

East Africa Metals Intersects 22.91 Metres at 14.34 Grams Per Tonne at Mato Bula, Adyabo Project, Northern Ethiopia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 15, 2015) - East Africa Metals Inc. (TSX VENTURE:EAM) ("East Africa" or the "Company") is pleased to announce results from diamond drilling conducted in Ethiopia. The Company is continuing testing of the highest priority gold targets at the Adyabo and Harvest projects.

Highlights from the recent drilling at Mato Bula include;

  • 22.91 metres at 14.34 grams per tonne gold including 8.50 metres at 36.92 grams per tonne gold, from 101.09 metres drill depth (WMD032 - Section 20280N-oblique). WMD032 was drilled to test a key targeted multielement soil anomaly within the Mato Bula prospect, on the northern section of Silica Hill.
  • 24.50 metres at 1.67 grams per tonne gold and 0.61 percent copper, including 3.35 metres at 5.45 grams per tonne gold and 0.61 percent copper from 204.30 metres (WMD027 - Section 19320N), approximately 130 metres down-plunge and 80 metres south of the Upper Lode intersection in WMD004 (8.20 metres at 4.90 grams per tonne gold and 0.73 percent copper from 127.10 metres - refer to Tigray's news release dated July 16, 2013).
  • 10.65 metres at 3.38 grams per tonne gold and 0.89 percent copper(4) from 62.35 metres (WMD028 - Section 19400N), 70 metres up dip from the Upper Lode intersection in WMD004.
  • 4.85 metres at 5.75 grams per tonne gold and 0.65 percent copper from 113.35 metres, and 2.75 metres at 8.76 grams per tonne gold from 138.75 metres(WMD024 - Section 20790N)

Selected Highlights from drilling include;

Hole ID From
(2), (3)
Dip Prospect
WMD024 74.70 94.95 20.25(4) 0.17 1.97 91 -63 Mato Bula North
including 74.70 81.25 6.55 0.22 4.88
113.35 118.20 4.85 5.75 0.65
138.45 141.20 2.75 8.76 0.04
WMD025 260.40 288.27 27.87 1.05 0.07 89 -62 Mato Bula Silica Hill
including 278.42 287.27 8.85 1.81 0.14
WMD027 204.30 228.80 24.50 1.67 0.61 271 -53 Mato Bula
including 206.65 212.80 6.15 3.21 0.89
and including 209.45 212.80 3.35 5.45 0.61
WMD028 46.03 55.25 9.22 0.61 0.72 270 -56 Mato Bula
including 48.48 53.30 4.82 0.90 1.13
62.35 73.00 10.65(4) 3.38 0.89
including 70.45 72.15 1.70 19.93 1.78
76.80 85.00 8.20 1.13 0.33
including 78.80 82.00 3.20 1.98 0.35
WMD032 101.09 124.00 22.91 14.34 0.04 315 -48 Mato Bula Silica Hill North
including 101.09 105.65 4.56 2.27 0.01
and including 112.50 121.00 8.50 36.92 0.08
(1) True thicknesses are interpreted as 60-90% of stated intervals.
(2) Intervals use a 0.3 gram per tonne gold cutoff value.
(3) No top cut has been used on assay values.
(4) Copper interval, not subject to gold cutoff criteria.

Click here to view a Map of the Mato Bula Drill Hole Locations and complete list of drillhole results.

Adyabo Project

Exploration diamond drilling continues at Adyabo, testing for extension to high grade intersections identified to date. Continued drilling will focus on follow-up of extensions to the WMD032 intersection at Silica Hill North, and the WMD024 intersection at Mato Bula North. The results for three diamond drill holes completed at the Da Tambuk prospect, 4 kilometres north of Mato Bula, should be available early in the first quarter of 2015.

Harvest Project

At the Terakimti VHMS deposit, the 4,000 metre detailed oxide resource RC infill drilling is continuing. A total of 18 holes were completed prior to the end-of-year break. The program is expected to be completed in mid-February. A diamond drilling definition program at the VTEM09 prospect is also scheduled for completion in the first quarter of 2015.

Quality Control

The planning, execution and monitoring of East Africa's quality control programs at the Harvest and Adyabo Projects are under the supervision of Jeff Heidema, P.Geo., East Africa's Vice President Exploration. Mr. Heidema is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosures of Mineral Projects ("NI 43-101"). Diamond drill core samples and trench samples have undergone preliminary preparation at the Acme Laboratories facility in Ankara, Turkey, and are crushed to 80% passing 10 mesh, and pulverized to 85% passing 200 mesh (PRP70-1KG package). Analyses are conducted at Acme Laboratories in Vancouver, Canada, utilizing Aqua Regia digestion and ICP-ES for base metal and silver analyses. Gold analyses are conducted via Fire Assay Fusion with AA finish, and gravimetric analyses are completed for over-limit samples. Blanks and certified reference standards are inserted into the sample stream to monitor laboratory performance. For core, duplicate samples are inserted into the sample stream to both monitor laboratory performance and also characterize potential mineralization.

Qualified Person

Technical information included in this news release was reviewed and approved by Jeff Heidema, P.Geo., the Company's Vice President Exploration. Mr. Heidema is a Qualified Person as defined by NI 43-101.

About East Africa Metals

The Company's principal assets and interests include both the 70%-owned Harvest polymetallic VMS exploration Project, which covers approximately 116 square kilometres in the Tigray region of Ethiopia, 600 kilometres north‐northwest of the capital city of Addis Ababa, and the Adyabo Project, covering 312 square kilometres immediately west of the Harvest Project. The Company has entered into an agreement to acquire up to 80% of the Adyabo Project. Additionally, the Company owns the 93 square kilometre Handeni Property located in north-eastern Tanzania. Handeni includes the Magambazi Project, a gold deposit discovered in 2009.

More information on the Company can be viewed at the Company's website: www.eastafricametals.com.

On behalf of the Board of Directors:

Andrew Lee Smith, P.Geo., CEO

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by East Africa as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of East Africa to be materially different from those expressed or implied by such forward-looking information, including but not limited to: early exploration; risks associated with the integration of Tigray Resources Inc.'s business with the Company's; the ability of East Africa to find a development partner for the Magambazi Project or identify any other corporate opportunities for the Company; mineral exploration and development; metal and mineral prices; availability of capital; accuracy of East Africa's projections and estimates, including the initial mineral resource for the Harvest Project and Magambazi Project; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in East Africa's listing application dated July 8, 2013 and Tigray Resources Inc. Management Information Circular dated March 28, 2014.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the successful integration of Tigray Resources Inc.'s business with the Company; the price of gold, silver, copper and zinc; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although East Africa has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not update or revise forward looking information even if new information becomes available unless legislation requires the Company do so. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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