Eastinco Mining and Exploration plc
("Eastinco" or the "Company" or "EME")
Trading Update and Delay in Publication of Results
Eastinco Mining and Exploration plc ("EME" or the "Company") is pleased to announce its trading statement for the quarter ended 30 June 2021.
Musasa JV
A Consulting Processing Engineer from Quiver Ltd ("Quiver"), a South African-based mineral processing consultancy, was on-site in May, resulting in several process flow changes and modification recommendations. As a consequence, we have secured, with delivery pending, additional slurry pumps for the recycling of material for improved recovery rates. The Company has taken the decision not to process any additional material until the new system configuration is completed. Additionally, we have installed an up-current classifier (UCC) below the hydro-cyclone to reduce the amount of clay in the process system.
Laboratory results were received from another sample batch sent to the University of
The Company has made several modifications to the supply water flow, installing a diversion canal around the river dam and pump station to prevent ingress of sediment, which both reduces the process water quality and the capacity of the dam. A wastewater recycling system for this additional water demand has been installed so that no additional water consumption from the dam is required.
Towards the end of the reporting period the Company engaged Dr Benedikt Steiner (CGeol, EurGeol) of
At the beginning of May an application was submitted to the Rwanda Mines, Petroleum and Gas Board (RMB) for the conversion of the existing small scale mining licence, held by our Joint Venture partner, the Cooperative Kuaka, to a large scale mining licence to be issued in the name of the Joint Venture Company, Musasa Mining Limited. Musasa is held 85% by Eastinco Limited, a 100% owned subsidiary of the Company, and 15% held by the Cooperative Kuaka.
New Joint Venture in
In June the Company announced it had signed a new Joint Venture Agreement to explore and develop mineral opportunities over an area covering 2,750 hectares in southern
The licence hosts at least two identified outcropping mineralised occurrences available for immediate geological evaluation. The main occurrence represents an approximately 30m wide, partially artisanally-mined, and kaolinised pegmatite that strikes along an entire NW-SE trending ridgeline with a minimum extension of 650m. Additional extensions of at least 150m to the NW of the ridgeline have been confirmed during a due diligence site visit with an independent geologist.
A second occurrence is an E-W trending, 5-10m wide pegmatite which is currently less well understood, occurring in a structurally complex setting. However, an existing exploration trench at this occurrence, together with artisanal workings proves sufficient upside exploration potential exists, particularly considering possible extensions (artisanal workings) to the NE.
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 the Company's landholding in the Huye District will comprise a significant new pegmatite field in
CSR
The Company is assisting the Impala Foundation in
The Company presently has available cash and cash equivalents of approximately
Charles
The Company also announces there will be a delay in the publication of the Company's audited financial results for the year ended 31 December 2020 as a result of the auditors of the Company's subsidiary in
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
The directors of Eastinco Mining and Exploration plc accept responsibility for this announcement.
Enquiries:
For further information, please visit http://www.eastinco.com/ or contact:
Eastinco Mining & Exploration Plc:
Charles
AQSE Growth Market Corporate Adviser:
Novum Securities Limited
David Coffman / Lucy Bowden
Tel: +44 (0)207 399 9400
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