VANCOUVER, Dec. 27, 2018
/CNW/ - Diamond Fields Resources Inc. (TSX-V: DFR)
("DFR" or the "Company") is pleased to announce a maiden Inferred
Mineral Resource estimate ("Mineral Resource") of 1.5 million
tonnes grading 22.7% Zircon (ZrSiO4) (equivalent to
15.3% ZrO2) for its Beravina project in Madagascar ("Beravina" or the "Project").
Sybrand van der Spuy, CEO,
said "We are pleased to have achieved our objective of completing a
NI 43-101 compliant resource statement for the Beravina Project
before the end of the year. The resource statement is an important
milestone in Beravina's development and clearly shows the high
grade nature of the deposit. We are continuing with our work to
test the market for our product and also evaluate financing options
for Beravina's continued advancement."
Inferred Mineral Resource Estimate
Beravina Mineral Resource at a cut-off grade of 9%
ZrO2, 14 December
2018
Category
|
Tonnes
(Millions)
|
ZrO2 %
|
ZrSiO4
%
|
HfO2
%
|
ThO2
ppm
|
U3O8
ppm
|
Density
t/m3
|
Inferred
|
1.5
|
15.3
|
22.7
|
0.3
|
537
|
46
|
3.1
|
The Mineral Resource was estimated using The Canadian Institute
of Mining, Metallurgy and Petroleum (CIM) Best Practice Guidelines
and is reported in accordance with the 2014 CIM Definition
Standards, which have been incorporated by reference into National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
The Mineral Resource is reported at a cut-off grade of 9%
ZrO2, which is the lowest grade block estimate within
the mineralisation model. Given the relatively high grade of the
deposit, the qualified person considers that mineralisation at this
cut-off grade (of 9%) will satisfy the test for reasonable
prospects for eventual economic extraction should present market
conditions remain.
The zircon mineralisation occurs within a zoned quartz-feldspar
pegmatite. The mineralisation is contained within the outer
quartz-zircon zone that forms a roughly circular outcrop on the
Beravina hill. The mineralised zone was modelled as a sheath of
mineralisation with the hangingwall being towards the centre of the
sheath and the footwall being the outside of the mineralised zone.
The mineralised zone plunges to the north at between approximately
50° and 65° and is generally between 10m and 20m
wide.
Eleven holes inclined at 50° and two vertical holes were drilled
at Beravina in 2006 and 2011. These were subjected to a complete
re-logging and resampling exercise by MSA in 2018. Ten of the holes
intersected the mineralised zone. The drillholes are between
approximately 19m and 104m long. The drillhole intersections are
aligned in two horizontal lines; one on the north side and the
other on the south side of the deposit.
The core samples taken by MSA were assayed at SGS Randfontein
(South Africa). Samples were dried
and then crushed to 80% less than 2mm. A sub-sample of 500g was
pulverised to 85% less than 75µm using a carbon steel ring and puck
pulveriser. ZrO2 and HfO2 were analysed using
XRF with borate fusion, and ThO2 and
U3O8 were analysed by ICP-MS with sodium
peroxide fusion. The samples were subjected to a quality control
and assurance process consisting of the laboratory's internal
processes as well as the insertion of blank and certified reference
material samples by MSA. The ZrO2 and HfO2
assays were confirmed within close limits by completion of check
assays on a representative number of samples by a second laboratory
(ALS Chemex in Vancouver).
A three-dimensional block model of the mineralised zone was
created based on the drillhole logging and assays, and the mapped
outcrop. The grades of ZrO2, HfO2,
ThO2 and U3O8 were estimated into
the block model using inverse distance squared interpolation.
Density was estimated using a formula based on the estimated
percentage of zircon. The Mineral Resource was classified as
Inferred largely due to the low number of mineralised intersections
and incomplete drill coverage of the deposit. The down-dip extent
of the Mineral Resource was limited to 50m from the deepest drillhole and the
mineralisation is open at depth.
The Company intends to file a full NI-43-101 Technical Report on
its website http://www.diamondfields.com and SEDAR within 45 days
of this announcement.
The Mineral Resource information contained in this press release
has been reviewed and approved by Jeremy C.
Witley, Pr. Sci. Nat. (Geological Science) of the MSA Group.
Mr Witley is a Qualified Person (as that term is defined by
National Instrument 43-101) and is independent of the Company.
DIAMOND FIELDS RESOURCES INC.
SIGNED: "Sybrand van der
Spuy"
Sybrand van der Spuy, CEO and
Director
Notes to Editors:
Diamond Fields Resources Inc. ("DFR") is a TSX Venture Exchange
listed exploration and mine development company with assets in
Madagascar and Namibia. In Madagascar, DFR is developing the Beravina
Project, an advanced high grade hard rock zircon exploration
prospect located in the west of the country, approximately 220km
east of the port of Maintirano and near a state road. In
Namibia, International Mining and
Dredging Holdings (Pty) Limited is undertaking an initial six month
(non-continuous) offshore diamond mining program on DFR's ML 111
licence area. The ML 111 concession has a ten year mining licence,
effective until 4 December 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.
Website: www.diamondfields.com
The Company's public documents may be accessed at www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements:
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific
factors identified in Diamond
Fields' periodic filings with Canadian Securities
Regulators. Such forward-looking information represents
management's best judgment based on information currently
available. No forward-looking statement can be guaranteed and
actual future results may vary materially. Diamond Fields does not assume the obligation to
update any forward-looking statement, except as otherwise required
by law.
SOURCE Diamond Fields Resources Inc.