Key points
- The program recovered 84 diamonds from the southern region of EPL 3403, including four stones weighing 1.60, 1.30, 1.15 and 1.15 carats.
- Fifteen diamonds, representing 18 per cent of the total, each weighed more than 0.5 carat.
- Crews occupied 350 sample sites and produced 341 acceptable samples of five square metres each.
- Afri-Can can earn 100 per cent of EPL 3403 by spending $5.5-million (U.S.) on exploration and issuing 65 million shares to Thyme Investments Pty. Ltd.
Afri-Can Marine Minerals Corp. has summarized the results of its successful sampling program completed on April 19, 2011, in the exclusive prospecting licence (EPL) 3403 marine diamond concession in Namibia. The first-stage sampling program discovered three depositional features in the southern region and recovered 84 diamonds. The four largest diamonds weighed 1.60, 1.30, 1.15 and 1.15 carats, and 15 diamonds, or 18 per cent of the total; each weighed over 0.5 carat. Significantly, the largest diamond, weighing 1.60 carats, was recovered with two other diamonds weighing respectively 0.55 and 0.10 carat, indicating potential concentration of large diamonds. The average size of the diamonds is similar to those found on concessions nearby and the high quality of the diamonds is typical to those found off the coast of Namibia. The successful sampling program confirms the potential and validates the planned acquisition of EPL 3403.
The sampling program begins the evaluation of diamond potential of the southern portion of EPL 3403, and the investigation of diamond presence and areas of possible diamond concentration in the northern region. During the program, 350 sample sites were occupied, producing 341 acceptable samples of five square metres each. All the diamonds were recovered in the southern region where three depositional areas and at least one prospective area for future development have been clearly identified. Three hundred four samples were extracted in the southern region of which 45 contained diamonds. Eighteen (40 per cent) of the diamond-positive samples contained more than one diamond and one sample yielded seven diamonds. Thirty-seven samples were collected in the northern region, where 11 samples showed the presence of terrigenous gravels that were brought to the ocean at the same time as the diamonds. Results are summarized in the attached table.
Southern Number of Aggregate Average
region diamonds weight diamond weight
(carats) (carats)
Area 1 19 10.67 0.56
Area 2 18 6.68 0.37
Area 3 45 4.37 0.10
Prospect 2 0.90 0.45
The combination of Afri-Can’s results with the 33 diamonds previously extracted from the same areas by International Mining and Dredging Holding Ltd. (IMDH) and by De Beers Marine, for a total of 117 diamonds, of which 28 have been extracted in the indicated depositional areas. Total results are shown in the attached table.
Southern Number of Aggregate Average
region diamonds weight diamond weight
(carats) (carats)
Area 1 26 14.49 0.56
Area 2 29 14.25 0.49
Area 3 55 5.79 0.11
Prospect 2 0.90 0.45
The five diamonds extracted outside the designated depositional areas have an average weight of 0.29 carat per stone and one stone weighed 1.04 carats, indicating potential for the delineation of additional depositional areas.
The diamonds have been weighed on land in the presence of an official of the Ministry of Mines and Energy of Namibia.
All data and geological logs from the samples are being analyzed in order to define the potential boundaries of the proved mineralized and potentially mineralized areas. This will probably lead to the evaluation of the potential of some defined areas.
Afri-Can is presently planning the next exploration phase, which will include a geophysical survey to start as soon as possible. The goals are to start delineating inferred resources in the southern region, to define the boundaries and extensions of the known mineralized areas and to investigate other potentially mineralized areas which appear similar to those already discovered. The northern region will also be the object of further exploration and the program will be designed once analysis of the data and geological logs is completed.
Pierre Leveille, president and chief executive officer of Afri-Can, stated: “The results of this first sampling phase have exceeded our expectations. Our diamonds’ size is in line with attractive regional average diamond sizes and we have found at least three deposits. In addition, the diamond market is very robust and has seen an increase of 30 per cent in rough diamond prices in 2010. Namdeb increased production by 58 per cent to almost 1.5 million carats last year at a selling price over $500 (U.S.) per carat. We expect the diamond market will remain robust for many years as demand surpasses supply and new diamond mining projects are few. We feel that we are sitting on a strong project in a very solid industry.”
Richard W. Foster is responsible for the technical part of this press release and is the designated qualified person under the terms of National Instrument 43-101.
EPL 3403 covers approximately 800 square kilometres and is adjacent to the north of the Atlantic One mining lease (ML) 47 (owned by Namdeb Diamond Corp. Pty. Ltd., a 50/50 partnership between the government of the Republic of Namibia and De Beers Centenary AG), which is the largest marine diamond deposit in the world. ML 47 is currently producing in excess of 1.5 million carats per year. Afri-Can has an option to earn 100 per cent of EPL 3403 by incurring exploration expenditures of $5.5-million (U.S.) and the issuance of 65 million Afri-Can common shares to Thyme Investments Pty. Ltd. (the current owners of EPL 3403). The first sampling program, completed at a cost of about $2-million (U.S.), enables Afri-Can to earn 20 per cent of the shares of Thyme by issuing 20 per cent of the 65 million shares.
