Category: Uncategorized
- Published: 29 November -0001
News Release: Discovery of a New Potentially Economic Mineralized Area and Enhances the Total Potential of its Block J Marine Diamond Concession in Namibia
Afri-Can Marine Minerals Corp. ("Afri-Can") is pleased to announce the conclusions of the final report pertaining to the sampling programme conducted in October 2002, on Block J offshore Namibia. The focus of the report prepared by Mr. R. W. Foster and Mr. K. Lord was to determine the geology and potential (size) of the most prospective areas and the potential economics of the concession. Although problems associated with the sampling vessel and equipment resulted in a shortened sampling programme, the authors of the report have been able to draw the following conclusions from the work done: * The diamondiferous nature of Feature #8, indicated by the phase 1
sampling, has been confirmed, and the extent of the mineralization
has been well defined within the area sampled.
* The grade in the defined mineralized area is estimated to be 7.2
carats per 100 m3 of screened gravel (1.6 mm screen). This implies
that, at this stage, the project is within the realm of potential
viability. Further sampling work is therefore justified.
* Analysis of phase 1 and 2 samples confirms that the largest stones
were found in the deeper samples and this result suggests the
presence of two separate populations of diamonds. The more likely
reason for this is the presence of two separate diamondiferous
zones, the lower of which contains larger stones but lies beneath
the indurated horizons that was infrequently sampled by the airlift
due to the difficulties encountered by the contractor.
* New geological evidence gained during the voyage has led to improved
understanding of the origin of the diamonds in Block J and the
reasons for their distribution. It appears that there are three
types of diamondiferous deposits - marine gravel lags, paleo-surf
zone gravel waves and aeolian-fluvial valleys.
* The potential of Block J to contain a significant quantity of
diamonds has been enhanced by the 2002 sampling programme.
New Feature
During the phase 2 sampling, some fragments of conglomerate were recovered that contained mollusc fossils that were more similar to Lower Tertiary (from 65 to 3 million years ago) forms than to those of the late Pleistocene (from 3 million to 8,000 years ago). The geological model for the area has therefore been reconsidered, and it is now proposed that the formerly "Pleistocene beach" material was in fact an outcrop of basal Tertiary sandstones and conglomerates, the erosion of which has formed deposition of "gravel lags". Detailed study of the side scan sonar information shows that the material outcrops as a series of small scarps and occurs discontinuously along the whole length of the lease area (45 km). 13 of the phase 1 sample spreads intersected the delineated zones, yielding a total of 12 diamonds. The area of the lag gravel zones is about 17.5 sq. km.
Thus it is now believed that Feature #8 area may contain two mineralized zones: 1) the valley lag gravels adjacent to the basal conglomerate outcrop, and 2) the gravel trapped between the boulders of the "gravel waves" further to seawards (the geological model proposed at the end of the phase 1 sampling programme).
Towards the south of Block J (in Feature #17) two broad valleys occur. Each has a train of gravel waves extending eastwards up the valley from the basal Tertiary outcrop which are mineralized and are targeted for further sampling.
Regional Potential
Tabulated below are the areas (in sq. km) of indicated mineralization and potentially mineralized zones within Block J and the relationship between the findings of the 2001 and 2002 programs:
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Indicated Potentially
Geotype mineralized mineralized Total
zone (km2) zone (km2) (km2)
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Fluvial-aeolian 3.7 0.5 4.2
Gravel lag 2.7 14.8 17.5
Gravel waves 1.4 19.0 20.4
2002 ALL 7.8 34.3 42.1
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2001 ALL 10.0 25.0 35.0
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The differences from the 2001 findings resulted from the review and refinement of the geological model. This will be an ongoing process as more information is gathered and further analysis is done on existing data.
Comparison between 2001 and 2002 shows a reduction in the area of indicated mineralization because the phase 2 sampling gives a better definition in Feature #8. However, the overall potential has increased because recognition of the gravel lag deposits has opened up the potential of the northern paleo-coastline. In addition, recognition of the gravel lag deposits has in turn explained the occurrences of diamonds in isolated depressions and drainage channels cut into the basement surface. This means that the diamond-bearing potential of such features can be more realistically assessed, and their priority for inclusion in future sampling programmes has increased.
Economic Potential
Within the mineralized area, phase 1 and phase 2 sampling (except the bulk sample) together extracted a total of 136.83 m3 of plantfeed, from which 70 diamonds weighing 9.89 carats were recovered. This amounts to an exploration grade of 0.072 cts/m3 or 7.2 carats per 100 m3 of plantfeed. Taking into consideration the uncertainties of grades estimated from exploration activities versus production performance from the same area, production costs in similar marine environments and assuming a diamond value of US$100/carat (below the Namibian average), the authors of the technical report have concluded that the grades indicated in sampling undertaken to date suggest that operations based thereon have the potential to be profitable.
Recommendations
It is recommended that further phase 2 sampling should be undertaken in 2003 with the objective of quantifying the potential of Block J as a whole.
Block J is the subject of a joint venture between Afri-Can and Woduna Mining Holding (PTY) Ltd. Currently, Afri-Can holds an undivided interest 70% of the concession. Block J covers an area of 994 sq. km measuring approximately 45 km long by 21 km wide in water depths ranging from 70 to 167 m. The concession lies on the northern boundary of the known rich diamondiferous deposits currently being mined along the south and central Namibian West Coast.
Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major marine diamond properties in Namibia. The Corporation's large and prospective license holdings, together with its growth strategy, place it among the important participants in the marine diamond business.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
The estimation of economic potential was completed by a qualified person, Mr. R.W. Foster, employed by Afri-Can. A qualified person, as defined by National Policy Statement 43-101, is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation, mineral project assessment, or any combination of these; has experience relevant to the subject matter of the mineral project and the technical report, and is a member in good standing of a professional association.
This press release contains certain "forward-looking statements", as identified in Afri-Can's periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements
Afri-Can Marine Minerals Corp.
Pierre Leveille
President & CEO
(514) 846-2133
(514) 846-1435 (FAX)
or
Afri-Can Marine Minerals Corp.
Bernard J. Tourillon
Executive V.P. and CFO
(514) 846-2133
(514) 846-1435 (FAX)
or
Afri-Can Marine Minerals Corp.
John Stella
Investor Relations
(514) 846-2133
(514) 846-1435 (FAX)
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www.afri-can.com
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