Eastinco Mining commences geological exploration in Southern Rwanda
After an extended period of COVID-related delays and travel restrictions, (EM.P) has now commenced field activities on its southern joint ventures project in Rwanda.
The mining and exploration firm said its exploration field team had mobilised to the project area and engaged with the local community and stakeholders prior to starting this work.
The project is a joint venture with HCK Mining Limited in which Eastinco holds a 70% interest
Specifically, the company has started geological exploration involving a planned first phase geochemical soil sampling programme over the 2,750 hectares HCK exploration licence.
Eastinco will then undertake a ground follow-up on certain anomalous areas of interest identified during the desk-top study being conducted simultaneously to the soil survey.
It is expected that the first phase sampling exercise will take two to three months.
A reconnaissance site visit made by an independent geological consultant in June 2021 reported encouraging elements of an existing pegmatite swarm, with two identified occurrences readily available for immediate geological prospecting and evaluation.
The main occurrence is an around 30 m wide, partially artisanally-mined, kaolinised pegmatite that strikes along an entire 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 the site visit. In addition, a second occurrence is an E-W trending, 5-10 m wide pegmatite which is currently less well understood, occurring in a structurally complex setting, it noted.
‘However, an existing open exploration trench at this occurrence, together with artisanal workings prove sufficient upside exploration potential exists, particularly considering possible extensions (artisanal workings) to the NE,’ the Company highlighted to its shareholders.
The Company outlined that the known pegmatites form ‘an encouraging exploration target with considerable upside exploration potential’ if the tantalum grade distribution along the strike and depth extensions can be proven. If so, then Eastinco’s landholding in the Huye District will comprise a significant new pegmatite field in Rwanda, it told investors.
In addition, once Eastinco’s HCK programme of work is complete, the field team will continue a similar exercise over the adjacent 400-hectare Dynasty Joint Venture licence in Rwanda.
Eastinco explained that the Dynasty licence currently has four zones of identified pegmatite which have been identified during reconnaissance work and require additional sampling and testing. Eastinco operates and manages the exploration activities on the Dynasty licence, which is a 50% / 50% partnership between Eastinco and Dynasty Constructions Limited.
In November 2021, Eastinco said Quiver, a specialist mineral processing consultancy, would manage and operate the gravity separation wash plant on the Musasa project in Rwanda.
The African-focused strategic metals exploration and mining company restarted operations at Musasa on 1 December 2021 following a six-month shutdown due to COVID 19 restrictions.
Eastinco also proposed to acquire a portfolio of 15 copper, silver and other base metal exploration projects that were “strategically positioned” close to existing projects in Morocco.
Eastinco entered into a sale & purchase agreement (“SPA”) with AIM & TSX-V listed Altus Strategies Plc (“Altus”) and its wholly owned subsidiary Altus Exploration Management to acquire the entire issued capital of AME’s 100% owned subsidiary Aterian, on 21 November.
Eastinco said the market fundamentals for copper are “excellent” in regard to the anticipated growing demand for renewable energy and the related electrification of transportation globally.
Eastinco Mining & Exploration is an investment company established in 2012 to pursue the exploration, development, and trading of African industrial mineral assets. Eastinco is listed on the London Aquis exchange, with focus on tin, tungsten and tantalum mining in Africa.
In June 2021, Eastinco said it had formally signed a new joint venture agreement with a Rwandan entity to expand its portfolio and strengthen its exploration holdings in the area.
The Board said it continues to evaluate opportunities to grow its asset portfolio and further updates will be provided to the market should any of them progress. In April 2021, the Company stated that it has available cash and cash equivalents of around US$0.325m.
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