Afri-Can Marine Minerals Corp. has received a technical report on the Haib copper deposit, for which, on May 25, 2004, Afri-Can has announced its intent to acquire an option with regards to the acquisition of an undivided 70-per-cent interest from Deep-South Mining Company (Pty.) Ltd. of Namibia.
The Haib copper project contains a large porphyry copper-molybdenum deposit hosted within quartz-felspar porphyry dating back to the Archean age (approximately two billion years). The technical report confirms that the historic indicated resource in the high-grade section of the deposit totals 292 million tonnes at 0.46 per cent Cu, which is in excess of 2.9 billion pounds of copper in situ.
Viv Stuart-Williams, MSc, PrSciNat, served as the qualified person (as defined in National Instrument 43-101) responsible for the preparation of the Haib technical report and third party opinion, as to compliance by Afri-Can with National Instrument 43-101 with respect to disclosure of resource estimates for the Haib copper deposit. The resource estimates quoted in this report are historic resources, that is to say they were prepared prior to the application of National Instrument 43-101 (2001). The resource estimates in this report were developed by Behre Dolbear (1996) and have been reviewed by the author. The resource estimates are in compliance with CIM standards, are in compliance with NI 43-101 and are endorsed by the author of the report.
The historic mineral resource estimates are summarized in the following table:
BEHRE DOLBEAR
HAIB INDICATED
RESOURCE ESTIMATE
Minimum Kriging
block Cu
grade Tonnes Grade
(m) (%)
0.1 1,353 0.23
0.2 739 0.29
0.3 244 0.37
Minimum Inverse distance
block squared
grade Cu
Tonnes grade
(million) (%)
0.1 1,331 0.23
0.2 726 0.29
0.3 262 0.38
Minimum Nearest neighbour
block Cu
grade Tonnes Grade
(million) (%)
0.1 1,184 0.25
0.2 630 0.34
0.3 292 0.46
The Haib copper deposit is not bedded (although some ore control is apparent) and has a fairly uniform grade distribution. This means that the nearest neighbour model (which is essentially an arithmetic averaging technique) may be the most appropriate estimation technique.
The Haib copper deposit is an EPL covering 74,563 hectares and is located in the Karas region, eight kilometres from the Orange River in the south of Namibia.
Since its discovery in 1948, extensive work has been carried out on the Haib deposit by Falconbridge of Africa (Pty.) Ltd., King Resources of South Africa (Pty.) Ltd., Rio Tinto Zinc Corporation, Revere Resources SA Ltd., Rand Merchant Bank Ltd. (of South Africa), Great Fitzroy Mines NL (GFM) of Australia as well as a local prospector, George Swanson, and more recently by Mintek of South Africa.
The last detailed evaluation of the Haib deposit was completed between 1995 and 1999 by the Namibian Copper Joint Venture Pty. Ltd. managed by GFM.
From 1972 to 1975, Rio Tinto drilled 120 holes totalling 45,903 metres and in 1975 a mineral resource estimate and feasibility study were completed.
Behre Dolbear, an international mining consultant retained by NCJV in 1996, compiled a block model to estimate a range of indicated resources. This earlier body of work provides the basis for the resource estimate.
Pierre Leveille, president and chief executive officer of Afri-Can, stated: “We are extremely pleased with the technical report which confirms that Haib is sizable copper porphyry deposit in a good location and its value has been significantly enhanced by the current conditions and future outlook in the copper market. We are convinced that Haib is an excellent addition to our projects and will increase shareholder value and also benefit our Namibian stakeholders.”
Afri-Can will now complete its due diligence and prepare its detailed exploration program. Shareholders will be kept advised of developments.
The letter of intent between Afri-Can and Deep-South is still subject to approval by Canadian regulatory authorities, which was pending the receipt of the Technical Report 43-101.
The technical report 43-101 can be consulted at www.afri-can.com or at www.sedar.com.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
