Diamond Fields Resources Inc. has been notified by TMH Acquisition Co. that the planned drill program at the company’s Beravina zircon project in Madagascar has begun. Two drill rigs are being deployed as part of the exploration and development work to confirm known mineralization and test extensions.
As previously announced, an environmental impact assessment (EIA) covering the drill program has been secured from the Madagascan authorities. The EIA process inevitably impacted the timing for completion of the exploration work beyond the originally envisaged period of seven months from May 16, 2019. The company and TMH have now agreed to extend the evaluation period, without financial penalty, until May 31, 2020. A further extension to the evaluation period for up to three months remains available to TMH, provided development expenses have been incurred by TMH in an amount that equals or exceeds $500,000 (U.S.) and TMH makes a cash payment of $250,000 (U.S.).
About Diamond Fields Resources Inc.
Diamond Fields Resources is a TSX Venture Exchange-listed exploration and mine development company with assets in Madagascar and Namibia. In Madagascar, Diamond Fields Resources is developing the Beravina project in co-operation with Denham Mining Fund LP. Beravina is an advanced, high-grade hardrock zircon exploration prospect, located in the west of the country, approximately 220 kilometres east of the port of Maintirano and near a state road. Diamond Fields Resources acquired Beravina from Pala Investments and Austral Resources in 2016.
