15 June 2021
Eastinco Mining and Exploration plc
("Eastinco" or the "Company")
New Joint Venture for Critical Metals in
Eastinco Mining and Exploration PLC ("EME" or the "Company") is pleased to announce it has agreed terms and formally signed a new Joint Venture Agreement ("JV" or "Agreement") with a Rwandan entity ("JV Partner") to explore and develop mineral opportunities over an area covering 2,750 hectares in southern
Under the terms of the Agreement, Eastinco will incorporate a new JV Company, Kinunga Mining Limited ("KML" or "JVCo"), in
Charles
The licence area lies in the Huye and Nyanza Districts, approximately 65 km southwest of the Rwandan capital city of
The licence area has encouraging elements of an existing pegmatite swarm, with two identified occurrences readily available for immediate geological prospecting and evaluation. The main occurrence represents an approximately 30 m wide, partially artisanally-mined and 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 a due diligence site visit with an independent geologist. 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. However, an existing 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 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 EME's landholding in the Huye District will comprise a significant new pegmatite field 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 take 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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