East Africa Metals (EAM.V) on Wednesday reported initial results of ongoing independent metallurgical testwork for the Terakimti Gold Project in Ethiopia. The initial results are positive and support management’s view that industry standard heap leaching technology will be appropriate for the extraction of gold and silver at Terakimti, the company noted. In November 2015, East Africa Metals completed a dedicated metallurgical drilling program at Terakimti to collect samples strictly for metallurgical testwork. The cores from each hole were logged, weighed and photographed at the Terakimti site.
The complete, whole core from each hole was packaged, sealed and prepared for transport to the SGS Mineral Laboratory in Johannesburg, South Africa. A series of simulated heap leach tests were performed as a first step to assess if the Terakimti oxide deposit may be amenable to heap leach extraction. A second series of six simulated heap leach tests were performed with gold extractions averaging 75.3%, and the leach kinetics were rapid with most of the gold extraction achieved within 24 hours. East Metals says the metallurgical testwork results received to date are positive and support the potential for development of the Terakimti gold project via either heap leach or agitated leach methodology. EAM shares opened at $0.18, just below its 52-week high of $0.19.
The stock is down 2.70% or $0.005 after the news, hitting $0.18 per share. About 7,700 shares traded hands. East Africa Metals Inc (CVE:EAM) has risen 6.00% since May 23, 2016 and is uptrending. It has outperformed by 2.74% the S&P500.
East Africa Metals Inc. is a Canada mineral exploration company. The company has a market cap of $20.87 million. The Firm identifies, acquires, explores and develops base and precious metal resource properties in Ethiopia and Tanzania. It currently has negative earnings. The Company’s mineral properties include the Harvest and the Adyabo projects in Ethiopia, and the Handeni project in Tanzania.
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