Key points
- Diamond Fields International sold a 6,475-carat parcel at an average $158 (U.S.) per carat through a closed tender by Diamond Tenders Belgium in Antwerp.
- The parcel came from phase 2 recovery at the Marshall Fork feature in DFI’s Namibian sea diamond concessions, with average diamond size of 0.32 carat versus 0.35 carat and $164 (U.S.) per carat for phase 1.
- The $1-million (U.S.) in proceeds will partially offset sampling program costs, and adjacent operator Namibian Minerals Corp. mines an extension of the feature at 260,000 carats per year.
- Contractor De Beers Marine completed the initial pass of phase 3 reconnaissance sampling, collecting 693 quantitative samples from four feature areas, including 265 samples from 11 subareas of the untested 60-square-kilometre Boat Bay gravel feature, with mineralization detected in all eight subareas sorted so far.
Diamond Fields International Ltd. has sold a parcel of 6,475 carats at an average price of $158 (U.S.) per carat in Antwerp, through a closed tender process conducted by Diamond Tenders Belgium. The parcel consisted of diamonds recovered from phase 2 activities in the Marshall Fork feature in DFI’s sea diamond concessions in Namibia. The price exceeded expectations and demonstrates continued market appetite for the size and quality of diamonds found on the DFI concessions. The price compares favourably with the $164 (U.S.)/carat, received from the sale of diamonds recovered from phase 1, particularly when taking into account the smaller average diamond size (0.32 carat versus 0.35 carat) in the latest parcel.
The proceeds of $1-million (U.S.) will be used to partially offset the costs of the sampling program.
The diamond pricing data coupled with the sampling and test mining results will be used as input for a planned feasibility study for an initial mining operation on the Marshall Fork feature. The adjacent concession holder, Namibian Minerals Corp., is currently mining an extension of this feature at a rate of 260,000 carats per year.
DFI is also pleased to announce that its contractor, De Beers Marine, has
successfully completed the initial pass of the phase 3 reconnaissance sampling work. A total of 693 quantitative samples were collected from four feature areas over the 10-week program. One of the key objectives of the phase 3 program is to detect the presence and establish the extent of mineralization in the previously untested 60-square-kilometre Boat Bay gravel feature. A total of 265 samples were collected from 11 subareas (300 metres by 400 metres) representing a mere 2 per cent of the Boat Bay feature. Mineralization has been detected in all eight of the 11 subarea, for which sample sorting is so far complete. A preliminary resource estimate for the top layers in the feature will be established upon completion of the sorting operations. These initial results further support DFI’s belief that the feature has the potential to host a multimillion carat resource. In December, the second pass of the phase 3 sampling program will concentrate on the Boat Bay feature. At selected sites drilling will attempt to sample the basal gravel horizon. In other known resource features on the concession, highest grade mineralization is found in the basal gravel horizon.
