Afri-Can Marine Sampling Confirms the Potential and Validates the Planned Acquisition of EPL 3403 in Namibia
01 February 2013 - 12:46AM
Marketwired Canada
Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) today
summarized the results of the first phase of its sampling program completed on
December 16th, 2012, on the Exclusive Prospecting Licence ("EPL") 3403 marine
diamond concession in Namibia (see Map 1 attached). The program successfully
extracted 222 samples of 5 square metres each and recovered 17 diamonds weighing
between 0.05 and 0.75 carats for a total weight of 4.55 carats.
The sampling program has greatly increased our understanding of the geology in
certain regions. It also confirms the potential and validates the planned
acquisition of EPL 3403, which warrants a second sampling phase and the start of
planning for trial mining on certain areas.
Results are summarized as follows:
1. West Bank region (within Area 2): 149 samples, 16 diamonds were
recovered from the West Bank region during the 2012 program. Combined
with results from the first sampling program in 2011, recoveries
currently stand at 34 diamonds with an average weight of 0.30 carat per
stone. One diamond was recovered from the Plateau region on the western
edge of the West Bank region. Significantly, the sampling demonstrates
that the gravels sampled in this area are very typical of diamondiferous
deposits and the region is extensively mineralized with diamonds
recovered over a distance of 5km in the West Bank region. Further
detailed grid sampling will indicate the extent and grade of this
mineralization. The West Bank region will be the focus of detailed
drilling in the upcoming sampling phase and, eventually, of a trial
mining program.
2. Crater region (covering Area 1): 22 samples, no diamonds were recovered
during this phase although previous sampling has proven that the area is
well mineralized. This phase shows that the deposit is discontinuous and
a denser drilling grid is required to intersect the mineralization
effectively. A detailed grid sampling (25m by 25m spacing) is required
to define the size and grade of the potential resource. The Crater
region will be the object of the detailed drilling in the next sampling
phase and, eventually, of a trial mining program.
3. The Ridges region: 11 samples with no diamonds recovered. The area has
been sampled at a reconnaissance level only. Further detailed sampling
is required to prove mineralization and concentration.
4. East Bank and Side Channel regions: 40 samples were extracted and 1
diamond weighing 0.15 carat was recovered from the Side Channel region.
The following table shows the total samples and diamond recoveries from all the
programs carried out by Afri-Can, International Mining and Dredging Holding Ltd.
and De Beers Marine in EPL 3403 South:
----------------------------------------------------------------------------
Area(i) Total Positive Total Total
No Region (km2) Samples Samples Diamonds Carats
----------------------------------------------------------------------------
1 Ridges 17.8 86 3 4 0.59
----------------------------------------------------------------------------
South
2 Channel 8.3 43 8 29 3.15
----------------------------------------------------------------------------
3 East Channel 3.8 43 10 24 2.31
----------------------------------------------------------------------------
4 Side Channel 3.7 50 3 4 1.70
----------------------------------------------------------------------------
5 East Bank 3.5 65 3 4 3.67
----------------------------------------------------------------------------
Central
6 Channel 1.9 32 1 1 1.15
----------------------------------------------------------------------------
North
7 Channel 3.9 14 2 2 0.50
----------------------------------------------------------------------------
8 West Bank 7.4 268 28 34 10.13
----------------------------------------------------------------------------
9 Plateau 7.8 16 2 2 0.55
----------------------------------------------------------------------------
10 Basin 3.3 52 3 3 1.00
----------------------------------------------------------------------------
11 Crater 4.5 254 20 25 13.74
----------------------------------------------------------------------------
12 Horseshoe 4.5 2 0 0 0
----------------------------------------------------------------------------
TOTAL 70.4 925 83 132 38.49
----------------------------------------------------------------------------
Note: The area coverage of some regions differs from that given in the
Sampling Program Report (De Decker, 2012) and there also is an additional
region. This forms part of the on going evaluation of 3403S and further
refinements are possible. It is important to note that eventual resource
estimations shall be done by specific deposits and not for individual
regions outlined or for the overall areas combined together.
The average diamond size is similar to that found on concessions nearby, and the
high quality of the diamonds is typical of those found off the coast of Namibia.
All data and geological logs from the current and previous sampling programmes
are currently being analyzed in order to refine and complete the planning of the
second sampling phase that is expected to comprise about 300 samples. The second
sampling phase will start once the vessel Mv DP The Explorer becomes available.
Pierre Leveille, President and CEO of Afri-Can, stated that, "The results of the
first phase of this sampling program are satisfying and lead to resource
development as well as eventual trial mining on targeted areas. We feel that we
are sitting on a strong project in a very solid industry."
Bob De Decker (M.Sc., Pr.Sci. Nat.) is the author of the geophysical survey
analysis report and is responsible for the technical part of this press release,
and is the designated Qualified Person under the terms of National Instrument
43-101.
EPL 3403 covers approximately 800 square kilometres and is adjacent to the north
of the Atlantic One Mining Lease ("ML") 47 owned by Namdeb Diamond Corporation
(Pty) Limited, a 50:50 partnership between the Government of the Republic of
Namibia and De Beers Centenary AG. ML 47 is the largest marine diamond deposit
in the world and is currently producing in excess of 1,100,000 carats per year.
About Afri-Can Marine Minerals Corporation
Afri-Can is a Canadian company, actively involved in the acquisition,
exploration and development of major mineral properties in Namibia. Afri-Can's
creative and scientific approach targets large marine diamond deposits in
prospective territories.
This press release contains certain "forward-looking statements," as identified
in the 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.
Shares outstanding: 83,277,864
There is a map associated with this press release at this address:
http://media3.marketwire.com/docs/afaa0131.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Pierre Leveille
President & CEO
(514) 846-2133
TOLL FREE North America: 1 (866) 206-7475
(514) 372-0066 (FAX)
Bernard J. Tourillon
Executive V.P. and CFO
(514) 846-2133
TOLL FREE North America: 1 (866) 206-7475
(514) 372-0066 (FAX)
info@afri-can.com
www.afri-can.com
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