Key points
- Diamond Fields and TMH Acquisition Co. entered the Beravina co-operation agreement on May 16, 2019.
- The agreement was previously extended without financial penalty due to delays reported Nov. 11, 2019, and May 29, 2020.
- Beravina holds an NI 43-101 inferred resource of 1.5 million tons grading 22.7 per cent zircon equivalent, or 15.3 per cent ZrO2.
- The zircon project covers 625 hectares in western Madagascar, about 220 kilometres east of Maintirano.
Discussions are continuing between Diamond Fields Resources Inc. and TMH Acquisition Co. concerning the advancement of the Beravina project pursuant to the agreement with TMH entered into on May 16, 2019. The co-operation agreement was previously extended, without financial penalty, due to various delays in the implementation of the intended work program, which were previously reported (see Diamond Fields press releases dated Nov. 11, 2019, and May 29, 2020). Continuing uncertainty about the outlook for COVID-19 restrictions in Madagascar has been a complicating factor, and both parties are willing to conclude matters at the earliest opportunity. An announcement will be made by the company once these discussions are complete.
About Beravina
The Beravina project is a hardrock zircon deposit with a National Instrument 43-101 inferred mineral resource estimate of 1.5 million tons at 22.7 per cent zircon (ZrSiO4) equivalent to 15.3 per cent ZrO2 (see the NI 43-101 technical report, with an effective date of Dec. 14, 2018, and filed on the company’s SEDAR profile on Jan. 29, 2019) written by MSA Group Pty. Ltd. (Michael S. Cronwright, PrSciNat, FGSSA, John Derbyshire, PrEng, FSAIMM, Jeremy Witley, PrSciNat, FGSSA, and Andre van der Merwe, PrSciNat, MAusIMM, FGSSA, each of whom is a qualified person for purposes of NI 43-101, and independent of the company as defined in NI 43-101). The project, which covers 625 hectares, is located in western Madagascar. Results so far show that, utilizing industry standard beneficiation technologies, zircon can be concentrated to levels of between 50 per cent ZrO2 and 58 per cent ZrO2 with varying levels of thorium ingrained.
Diamond Fields is a TSX Venture Exchange-listed exploration and mine development company with assets in Madagascar and Namibia. In Madagascar, Diamond Fields is developing the Beravina project, 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 acquired Beravina from Pala Investments and Austral Resources in 2016. In Namibia, International Mining and Dredging Holdings Pty. Ltd. is undertaking an initial six-month (non-continuous) offshore diamond mining program on Diamond Fields’ ML 111 licence area. The ML 111 concession has a 10-year mining licence, effective until Dec. 4, 2025, and lies within Luderitz Bay between Diaz Point in the south and Marshall Rocks in the north and at depths of 15 to 70 metres.
