Diamond Fields has provided an update of the company’s joint venture activities with Trans Hex Group of South Africa in the western fork of its Marshall fork feature, offshore Namibia, where the joint venture has been mining since Dec. 30, 2001.
Mined grade greatly exceeds feasibility study grade
According to Randal Cullen, DFI’s chief geologist, recovered diamond grades achieved in the current area of mining have been consistently better than grades estimated by MRDI in the October, 2000, feasibility study. For the month of January the mined grades were 170 per cent of the estimated grades. Bedrock has been reached in all of the mined area, enabling recovery of both the older diamond deposits below the clay and beachrock false footwall layers and the younger deposit above the false footwall. The western fork was the most highly sampled area in DFI-De Beers’s 2000 sampling program using Wirth drill technology.
Resources at Marshall fork could increase significantly
Mr. Cullen stated: “We are encouraged by this result as it indicates that resource estimates in other areas of Marshall fork and Elephant basin where similar geology exists are probably conservative. This could mean an upgrade to the resources estimated by MRDI for 1.7 million square metres of the joint venture area, adding an additional 290,000 carats or 45 per cent to the joint venture area.”
Production in January, 2002, reaches 11,800 diamonds weighing 4,000 carats
Roger Daniel, DFI’s operations director, reported that mining operations for January, 2002, the first month of mining on the western fork, have progressed well and have yielded over 11,800 diamonds weighing 4,000 carats of gem quality diamonds. The MV Namakwa has only been in operation since November, 2001, and mined in the eastern fork prior to Dec. 30, 2001.
High-pressure water jetting system creates diamond recovery windfall
Investigation and analysis by Trans Hex have shown that high-pressure abrasive jetting systems as employed by the MV Namakwa yield up to approximately 30 per cent more diamonds on a second pass of mining when compared with a first pass of mining that does not use the jetting system.
Rough diamond market prices surge
Diamond Tenders Belgium N.V., DFI’s 24-per-cent-owned marketing company, reported that the market for rough diamonds has surged since its lows following the Sept. 11 events. Recent sales have shown that DFI has realized an increase of just over 20 per cent in its sales price per carat from October, 2001, to January, 2002.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
