Africo reports positive exploration results at Kalukundi



    Revised ore reserve calculation in progress

    Update on legal proceedings in the DRC

    TORONTO, Feb. 7 /CNW/ - Africo Resources Ltd (TSX: ARL) is pleased to
announce positive exploration results from the Kalukundi Project in the
Katanga Province of the Democratic Republic of the Congo resulting from a
drilling programme conducted in 2007. This evaluation work has been focused on
the new Kesho fragment and on the Kii and Kalukundi fragments:

    
    Highlights:

      -  New mineralization over a 400 strike length in the new Kesho
         fragment includes: 1.46% copper and 1.18% cobalt over a width of 35
         metres.

      -  Existing Kii fragment mineralization has been extended by 50m on
         surface and oxides extended up to 140 metres below surface. This
         includes 60 metres of 2.73% copper and 0.60% cobalt.

      -  Existing Kalukundi fragment mineralization has also been extended by
         50 metres to the NE. This includes 20.9 metres grading 1.11% copper
         and 0.70% cobalt.

      -  Revised resource calculation by RSG Global is in progress.
    

    Tony Harwood, President and CEO of Africo Resources said that the company
continued to make good progress on its exploration programme during 2007.
Drilling at the new Kesho fragment, in particular, which was previously
excluded from the resource and reserve statement, has yielded positive results
and further work will be undertaken here during the course of 2008. In
addition, work currently being undertaken by RSG Global on revising the
geological model for the Kii and Kalukundi fragments, is expected to lead to a
restatement of the ore resources for these two fragments. "So, while the
project has been delayed owing to legal issues in the DRC, we have continued
work on understanding the ore body that will assist us when we start mining."
    "We have also rigorously continued to pursue legal matters in the DRC in
order to retain our subsidiary company's legal title to the project. We have
made application to transfer the case involving our subsidiary H&J from the
court in Lubumbashi to the court in Kinshasa in an attempt to elevate and
expedite matters. Our application is scheduled to be heard on Friday February
8th, 2008."

    1. The Kesho Fragment (Figure 1 & 2).

    The previously disclosed ore resources and reserves defined for the
Kalukundi Project are derived from the evaluation of four fragments of
mineralization; Principal, Anticline, Kii and Kalukundi, within the Kalukundi
Concession (please refer to the Kalukundi Technical report ("Technical
Report") dated June 2006 which is available on Sedar). A fifth fragment, the
new Kesho fragment, located close to the Anticline fragment and adjacent to
the proposed plant site (Fig 1) has indicated additional mineralization, as
detailed below.
    The Kesho fragment is 400 metres long and dips to the NE at about 35
degrees. Downdip continuity has been established by Reverse Circulation (RC)
drilling (12 holes, 1150 metres) over a minimum distance of 200 metres
down-dip to 100 metres vertical depth over an average width of 38 metres (Fig
2) which indicates that there is more accessible mineralization down to the
base of the oxidized zone.
    The best mineralization occurs consistently on the lower half of the
mineralized zone. For example in borehole (BH KRC2 the grade of the entire
mineralized zone is 1.46% copper and 1.18% cobalt over 35 metres, with 2.60%
copper and 1.22% cobalt over the lowermost 15.0 metres of true width. The
grade is quite variable in the different intersections, ranging from high to
intermediate grade in the uppermost SDB, lower grade zones are found in the
core RSC, whereas the higher grade intersections are found in the lower zone.
    The thickness and grade of the intersections encountered in the RC
boreholes is very encouraging. As found on the other fragments, the
mineralization is concentrated within the Mines Series package between the
Uppermost SDB unit and the Lowermost RAT Grise unit. The outcrop values are a
fair reflection of those found in depth, and serve to confirm the continuity
of mineralization established from this drilling program.

    
    The graded assay values are listed as follows:

    -------------------------------------------------------------------------
                                 Apparent  True
                                   thick- thick-
    Section No  BH No   From   To   ness   ness    Cu %    Co %      Dip
    -------------------------------------------------------------------------
    Section 1   Nil
    -------------------------------------------------------------------------
    Section 2   KRC12                           No assays               ?
    -------------------------------------------------------------------------
    Section 3   KRC4    48.0  92.0  44.0   38.0    2.10    0.72    35 degrees
    -------------------------------------------------------------------------
                KRC5    58.0  81.0  23.0   18.0    0.87    0.35    35 degrees
    -------------------------------------------------------------------------
                KRC11                           No assays          36 degrees
    -------------------------------------------------------------------------
    Section 5   KRC3    39.0  72.0  33.0   27.0    0.87    0.63    37 degrees
    -------------------------------------------------------------------------
                KRC8    84.0 124.0  40.0   30.0    1.46    1.06    42 degrees
    -------------------------------------------------------------------------
    Section 7   KRC2    23.0  63.0  40.0   35.0    1.46    1.18    27 degrees
    -------------------------------------------------------------------------
                KDI4    68.5  80.7  12.2    8.6    0.44    0.45    40 degrees
    -------------------------------------------------------------------------
                       104.4 109.4   5.0    3.8    0.87    2.15
    -------------------------------------------------------------------------
    Section 9   KRC1    17.0  64.0  47.0   38.0    0.90    0.59    27 degrees
    -------------------------------------------------------------------------
                KRC9    73.0  99.0  26.0   23.0    0.61    1.20    30 degrees
    -------------------------------------------------------------------------
    Section 10  KRC6    19.0  71.0  52.0   45.0    0.47    0.88    30 degrees
    -------------------------------------------------------------------------
    Section 11  KRC7    33.0 107.0  74.0   63.0    0.59    0.50    33 degrees
    -------------------------------------------------------------------------
    Section 12  KRC10A  78.0 110.0  37.0   30.0    1.69    0.01    31 degrees
    -------------------------------------------------------------------------
                KRC10B  46.0 101.0  55.0   54.0    1.60    0.42    32 degrees
    -------------------------------------------------------------------------
    

    Table 1. RC drilling results over graded intervals.

    A follow up core drilling program is planned to substantiate the
continuity established to date and to drill deeper to define the full extent
of the oxide mineralization, prior to inclusion in a mineral resource and
reserve estimate. From this, the depth of opencast mining to extract
exclusively oxide ore can be defined. Deeper drilling will also define the
extent of sulphide resources that could potentially be exploited at a later
stage.

    For maps, see link: http://files.newswire.ca/678/Africo-Figure12.doc

    The Kii Fragment.

    During 2007 a total of 1,105 metres of core drilling, mainly HQ3 (61mm)
size was completed from nine boreholes, K95 - K103 all inclined at 45 degrees.
This work was focused on two fragments, namely the Kii (seven boreholes) and
Kalukundi fragments in the NE sector of the Kalukundi Concession (Fig 3).
    The Kii fragment forms a "key" part of the ore reserves on the Kalukundi
Project and, together with the Principal fragment, will be the source of
initial ore for the plant in the early years of mine life. Currently ore
reserves for the Kii fragment are as follows:

    1.60 million tonnes @ 2.47% Copper; 0.55% Cobalt.

    This fragment was selected for infill drilling first, as it was
considered that the most progress could be achieved with the least amount of
drilling. The objectives of the drill program were to:

    
      1. Determine continuity of mineralization along strike to the NE.
      2. Drill the near surface inferred zone to convert to a measured
         category.
      3. Drill deeper holes to determine the depth of the oxide
         mineralization.
    

    The drilling program achieved confirmed these objectives and the results
are outlined as follows:

    1. Extension to the NE. BH K95 confirmed the continuity of the
mineralization to the NE by 50 metres and BH K96 established that the depth
continuity of this oxide mineralization extends to below 120 metres
vertically. Copper values are well above average for both boreholes with 2.92%
and 3.68% copper respectively. A high grade cobalt zone in the SDB unit near
surface in BH K95 grades at 1.32% copper and 3.26% cobalt over 7.35 metres
true thickness. The attitude of the strata and assay results are summarized in
Fig 4, section 7 and in table 2 below.

    2. Near surface drilling. Only one borehole, K97 could be drilled due to
difficult access on the hill slope. This borehole intersected 52.8 metres true
width of high grade copper and cobalt mineralization (Table 2). Copper values
are very encouraging at 2.77% copper and cobalt is evenly distributed over the
entire intersection averaging 0.80% cobalt, both being consistently higher
than the fragment average. This information will be instrumental in converting
much of the near surface inferred mineralization to measured and indicated
categories. (Using a copper price of $1.25/lb and a cobalt price of $12.0/lb
as used in the "Technical Report", this equates to a 10.4% copper equivalent
grade).

    3. Deeper drilling. Two boreholes, K102 on section 5 (Fig.5) and K103 on
section 3 confirmed that the oxide mineralization extends in depth to at least
140 metres vertically below surface. BH K102 intersected copper mineralization
which grades higher overall than the fragment average of 2.73% copper. The
cobalt values are very encouraging at 0.62% cobalt over 60 metres true width
(Using a copper price of $1.25/lb and a cobalt price of $12.0/lb as used in
the "Technical Report", this equates to an 8.68% copper equivalent grade) and
having continuous high grade cobalt zone of 0.84% cobalt over 41.50 metres
(true width) within the RSC and RSF units.
    BH K103 established that the mineralized zone has increased significantly
to 60 metres in true width. This may enhance the potential viability of
opencast mining economically down to these deeper levels. BH103 also
intersected above average copper grades at 2.90% copper, while the cobalt
grades are closer to the fragment average.
    The above drilling programme has added critical geological and assay data
to the current knowledge of this fragment.

    The Kalukundi Fragment.

    The objective of the drilling program for this fragment was to determine
potential for continuity of mineralization along strike to the NE. This is the
only fragment with near surface sulphide ore, where the depth of oxides is
around 40 metres except near the edges of the fragment, where oxides extend
deeper to around 70 metres in depth.

    
    -------------------------------------------------------------------------
                                            Apparent   True
    BH No        Lithology   From     To      width    width    Cu %    Co%
    -------------------------------------------------------------------------
    Kii Fragment
    -------------------------------------------------------------------------
      K95                   29.65    76.10    46.45    40.00    2.92    0.72
    -------------------------------------------------------------------------
      K96             SDS   69.45   112.40    42.95    31.70    1.08    0.14
    -------------------------------------------------------------------------
    K96 - Main zone        112.45   164.90    52.45    38.20    3.68    0.20
    -------------------------------------------------------------------------
    K97 - Main zone         20.95    75.72    54.77    52.80    2.77    0.80
    -------------------------------------------------------------------------
    K102 Main zone         130.30   195.00    64.70    60.00    2.73    0.62
    -------------------------------------------------------------------------
    K103 - Main zone       135.75   184.26    48.51    37.50    2.90    0.50
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Kalukundi Fragment
    -------------------------------------------------------------------------
    K99 - Main zone         73.10    96.00    22.90    20.90    1.11    0.70
    -------------------------------------------------------------------------
                      SDS   96.00   113.30    17.30    16.10    2.53    0.69
    -------------------------------------------------------------------------
    

    Table 2. New Graded assay data from the Kii and Kalukundi Fragments

    Only two boreholes were drilled on the Kalukundi fragment in 2007. That
on section 7, K99 (Fig 5) successfully substantiated continuity of the
mineralization to the NE by an additional 50 metres (Table 1). The main
mineralized zone is narrower due to faulting, but is still enhanced by
additional mineralization in the SDS formation. The overall mineralized zone
measures 37 metres true width grading at 1.72% copper and 0.70% cobalt.

    Assays

    All of the samples from this drilling programme were assayed by SGS
Lakefield Laboratories in Johannesburg, South Africa. The assay method was by
XRF using a pellet prepared by pyrosulfate fusion. Internal Africo standard
samples were inserted at regular intervals of every 10 or every 20 samples for
verification purposes. The correlation of assay values from SGS with Africo's
standards compared well in most cases and where differences were identified
these were slightly lower than the expected values for the standards
indicating that a slight undervaluation of the assays was being reported.
    The Company has retained RSG Global to review the ore resources for the
Kii and Kalukundi fragments and to provide a new mining study and technical
report based on this new data.

    Update on Legal Proceedings Involving Akam Mining

    Africo has made application to transfer the case involving its H&J
subsidiary from the court in Lubumbashi to the court in Kinshasa and it is our
understanding that our application is scheduled to be heard on Friday February
8th, 2008. We will update shareholders on any developments on this matter and
our other proceedings as they arise.

    For maps, see link: http://files.newswire.ca/678/AfricoFigure345.doc

    This news release has been prepared under the supervision of Michael J.
Evans, Africo's Consulting Geologist, who is a Qualified Person under National
Instrument 43-101 (NI 43-101).

    Note for editors:

    Africo Resources Ltd. is a Canadian mineral company, committed to
developing, acquiring and exploring for base metal and gold assets in Africa.
The company's main project is Kalukundi, a development stage copper-cobalt
deposit located in the Katangan Copperbelt in the Democratic Republic of Congo
(DRC). The development team has an operational base in the DRC, with the
company corporate offices located in Vancouver, Canada. The company listed on
the Toronto Stock Exchange in December 2006.

    Forward-looking statements:

    This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that Africo
expects to occur, are forward looking statements. Forward looking statements
are statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or "should" occur.
Although Africo believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results may differ materially from
those in forward looking statements. Factors that could cause the actual
results to differ materially from those in forward-looking statements include
market prices, exploitation and exploration success, continued availability of
capital and financing and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from
those projected in the forward-looking statements. Forward looking statements
are based on the beliefs, estimates and opinions of Africo's management on the
date the statements are made. Other than as required by law, Africo undertakes
no obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change.

    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00024685E




For further information:

For further information: Dr Tony Harwood, President and CEO, on Tel:
+27(11) 463-0081; Chris Theodoropoulos, Chairman, on Tel: (604) 646-3225; Bill
Cavalluzzo (Investor Relations) on Tel: (416) 265-8049; In South Africa:
Charmane Russell on Tel +27(11) 880-3924

Organization Profile

AFRICO RESOURCES LTD.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890