Key points
- The current sampling program on block J covers features 6, 8, 17 and 19 with 332 samples, including 271 sited within delineated targets covering 19.6 square kilometres.
- The program aims to convert 19.6 square kilometres, 47 per cent of the 41.7-square-kilometre mineralized area, into an inferred diamond resource.
- A March 30, 2008, NI 43-101 report estimated potential diamond content of between 700,000 and 1.8 million carats within 12.3 square kilometres of block J.
- Afri-Can’s board, by resolution adopted May 7, 2010, extended the expiry of 12.5 million share purchase warrants exercisable at 20 cents from June 15 to Aug. 15, 2010, subject to regulatory approval.
AFRI-CAN MARINE EXPLAINS GOALS OF DIAMOND SAMPLING PROGRAM AND EXTENDS SHARE PURCHASE WARRANTS
Afri-Can Marine Minerals Corp. has released the objectives of the sampling program presently under way on its 70-per-cent-owned block J marine diamond concession in Namibia. The mineralized areas of block J amount to about 41.7 square kilometres. In an NI 43-101 report dated March 30, 2008, a potential diamond content of between 700,000 carats and 1.8 million carats was declared in 12.3 square kilometres (29 per cent) of the mineralized areas (see news release in Stockwatch dated April 21, 2008), leaving 29.4 square kilometres undeclared. A map titled “EPL 2499 (Block J) Potential Diamond Content” shows the location of these areas.
The goals of the current sampling program are to transform parts of the area of declared potential, and parts of the undeclared areas, into an inferred resource, and to declare a new potential for the remaining mineralized areas that are not covered by this sampling program. In order to attain these goals, the current sampling program is designed in a grid pattern, mostly spaced 200 metres by 400 metres, but with some samples more closely spaced. The size of each sample is five square metres.
The current program covers features 6, 8, 17 and 19 and comprises a total of 332 samples. Of these, 271 are sited within delineated targets covering 19.6 square kilometres. The remaining 61 samples are designed to test geological formations that are thought to be potentially diamond bearing, but these will not generate inferred resources during this program of sampling. Specific goals of the current program are to:
Transform into an inferred resource, partially or totally, those parts
of the declared potential that lie within features 8, 17 and 19; these
cover an area of 9.3 square kilometres, forming most of feature 8 and portions of
features 17 and 19 (the declared potential was of between 700,000 carats
at 0.053 carat per square metre and 1.8 million carats at 0.146 carat per
square metre (accounting 20 per cent of the best used to compensate for inadequate
sampler performance));
Generate inferred resources in those parts of the area of undeclared
potential that lie within the four features, which is an area covering
10.3 square kilometres; thus the total area to be transformed into inferred resource
is 19.6 square kilometres, which represents 47 per cent of the total mineralized area of
about 41.7 square kilometres; Estimate a revised potential for those portions of the declared
potential and undeclared potential areas that lie outside the features
covered by the current program. These together amount to about 22.1
square kilometres, and in order to develop that revised potential into inferred
resources, detailed geophysical surveys and a further evaluation
sampling program will be designed immediately after the current program.
- Transform into an inferred resource, partially or totally, those parts
of the declared potential that lie within features 8, 17 and 19; these
cover an area of 9.3 square kilometres, forming most of feature 8 and portions of
features 17 and 19 (the declared potential was of between 700,000 carats
at 0.053 carat per square metre and 1.8 million carats at 0.146 carat per
square metre (accounting 20 per cent of the best used to compensate for inadequate
sampler performance));
- Generate inferred resources in those parts of the area of undeclared
potential that lie within the four features, which is an area covering
10.3 square kilometres; thus the total area to be transformed into inferred resource
is 19.6 square kilometres, which represents 47 per cent of the total mineralized area of
about 41.7 square kilometres;
- Estimate a revised potential for those portions of the declared
potential and undeclared potential areas that lie outside the features
covered by the current program. These together amount to about 22.1
square kilometres, and in order to develop that revised potential into inferred
resources, detailed geophysical surveys and a further evaluation
sampling program will be designed immediately after the current program.
The aim of the complete surveying and sampling program is to delineate diamond resources on block J in compliance with National Instrument 43-101.
Further to the delineation of an inferred resource, a second sampling and/or trial mining program will be designed in order to upgrade the inferred resource into an indicated resource and commence the delineation of mining blocks.
Statements of potential quantity are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Richard W. Foster is responsible for the technical part of this news release and is the designated qualified person under the terms of National Instrument 43-101.
On another matter, as the start of the current sampling program has been delayed from Feb. 14, 2010, to April 24, 2010, Afri-Can’s board of directors, by a resolution adopted on May 7, 2010, has authorized the extension until Aug. 15, 2010, of the 12.5 million share purchase warrants expiring on June 15, 2010, exercisable at 20 cents. These warrants were issued to International Mining and Dredging Holding Ltd. in the agreement approved on Jan. 21, 2010. For more information, please see Afri-Can’s news release in Stockwatch dated Jan. 21, 2010. As of today, none of these purchase warrants has been exercised. The extension is subject to the approval of regulatory authorities.
