This week: Chariot races ahead, Lifelines preservation, Monitise starts monetising and Sirius gets serious on Potash
African Eagle Resources (LON:AFE) (AFE 16P / £61.56M)
African Eagle announced (11th January) a significant resource update at its Dutwa nickel project in Tanzania. The upgrade, by independent geological contractors the Snowden Group, places more than three quarters of the Wamangola resource (the larger of the two nickel deposits that make up the Dutwa project) into the indicated category under the JORC code. This is the first indicated resource at Dutwa and signifies a leap forward for the project. Indicated resources can be used to derive formal mineral reserves for the feasibility study now underway, due for completion by Q3 2011. Highlights of the upgrade include: 46.2 million tons or Mt (of the total Dutwa project 98.6 Mt) at 0.93 per cent nickel and 0.03 per cent cobalt now in the JORC indicated category.
Baobab Resources (LON:BAO) (BAO 18p / £29.91m)
Baobab resources has announced from its Tete iron/vanadium/titanium project in Mozambique that drilling has delineated substantially more mineralization than originally anticipated and consequently additional drill holes are being designed to further test the down dip and along strike extensions.
Due to the wet season arriving early, drilling operations were suspended by mid-December 2010, prior to completing the intended drilling programme. Technical teams and drill rigs are on standby to re-commence as soon as the weather allows. Analytical results from a four-hole drilling cross section in the northern portion of the South Zone prospect show a broad package of heavily mineralised magnetite was delineated. The geophysical survey of the newly-acquired ground to the east of the Massamba Group trend is on schedule to commence during January 2011.
Chariot Oil and Gas (CHAR 227.5p / 329.11m)
The African focused oil and gas exploration Group, which is the wholly owned subsidiary of Enigma Oil & Gas (Pty) Limited, announced an increase of a further 3.1 billion barrels in its estimate of gross un-risked mean prospective resources at its southern license 2714A (the group currently holds licences covering eight blocks in Namibia) Offshore Namibia. Further technical work, including remapping and seismic attribute analysis on the 3D seismic data in which Chariot has a 50 percent interest, identified additional resources. They have therefore significantly increased the estimated chance of success on this…
