Pierre Léveillé, President and CEO of Afri-Can, stated that, “We are very pleased with this agreement. The DFI portfolio of Mining Leases complements EPL 3403 and offers very good development potential. It will enable us to get a resource base and then start production. We feel that we are sitting on a strong project in a very solid industry.” ML 111 lies between 5 and 20 kilometres north of Luderitz. It covers 312 square kilometres and sits in water ranging from 30 to 70 metres in depth. ML 111 hosts 4 different depositional areas. The ML was originally granted for a period of 15 years and is valid and renewable on December 4, 2015 Afri-Can is not treating the historical resource as a current mineral resource and will undertake to prepare a NI 43-101 compliant resource estimate as part of its exploration program. To comply with NI 43-101 and to upgrade the historical resource to an inferred or indicated level, Afri-Can will carry out a geophysical survey covering a minimum of 1,000 line kilometres and a sampling program of a minimum of 400 samples of 5 square metres over targeted areas. In 2006, SRK Consulting estimated a NI 43-101 compliant Indicated Resource on a small area of ML 111 called Diaz Prospect 1 of 63,000 carats over 315,000 square metres with an average grade of 0.2 carats per square metre.
ML 32 extends 65 kilometres north of Luderitz, covers 176 square kilometres and extends from the high-water mark to 30 metres of water depth. Between 1987 and 1997, a total of 37,335 carats were produced by various contract divers working from the shore with small vessels. No significant production has been undertaken in this property since that time. The ML is valid and renewable on February 18
ML 138 and ML 139 are adjacent to the west of ML 32 and ML 111 and cover 92 and 130 square kilometres respectively in water ranging from 30 to 120 metres in depth. Previous sampling data from ML 138 and ML 139 will be reviewed in order to plan further work and potential resource estimation. ML 138 is valid and renewable on November 4, 2019.
The geological and technical information in this press release has been compiled and reviewed by Ian Ransome
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’