Afri-Can Marine Minerals Corp. has been informed by Teck Namibia Ltd., a wholly owned subsidiary of Teck Resources Ltd., that it has recently completed a 5,000-metre drilling program on the Haib copper project in Namibia.
During the past year, Teck conducted a reconnaissance program with the goal of indentifying new alteration zones that could host higher copper grades and increase the average grades of the project. An induced polarization program identified three new alteration zones in the vicinity of the main deposit. Teck recently completed an initial 5,000 metres of drilling on these new zones. The results will be disclosed to Afri-Can and Deep South as soon as the laboratory analyses are completed.
The Haib copper exploration licence is located in the Karas region of southern Namibia, eight kilometres from the Orange River and the South African border. Haib is a copper-molybdenum deposit hosted within a quartz-feldspar porphyry. Afri-Can has filed a National Instrument 43-101-compliant technical report in October, 2004, entitled The Haib Copper Porphyry Project, Namibia, which is available on Afri-Can’s website.
Teck Namibia Ltd., through an option and joint venture agreement with Afri-Can’s partner, Deep South Mining (Pty.) Ltd., has the option to acquire a 70-per-cent indirect beneficial interest in Haib by incurring exploration expenditures totalling $2-million (U.S.) and incurring optional non-cumulative cash payments to Deep South totalling $700,000 (U.S.) over four years. (Please see July 2, 2008, news release in Stockwatch.) Afri-Can shall retain 50 per cent of the residual interest of Deep South in the project.
Vivian Suart-Williams is responsible for the technical part concerning the Haib copper project of this news release and is the designated qualified person under the terms of National Instrument 43-101.
