Afri-Can Minerals completes surveys in Namibia (August 01, 2001)

South African-based contractor Marine & Coastal Geosciences has completed geophysical surveying of block B on Montreal-based Afri-Can Marine Minerals‘ (AFA-M) marine diamond concession, north of Luderitz, Namibia.

The survey consisted of 830 line-km of high-resolution geophysical surveying and identified at least 17 sites in six areas with potential for diamond entrapment. Marine & Coastal has recommended a sampling program in order to determine the geology of each site and test for diamonds.

Block B measures 269 sq. km and has a 43-km-long coastline. It extends from the coastline seaward for between 5 km and 8 km. Water depths range from the surf zone to about 45 metres below sea level.

Bathymetric, seismic and sonographic data suggest six major geomorphological features that could indicate the presence of diamondiferous deposits. They include:

• Black Cliffs — five prospective areas, including several features associated with reefs;
• Easter Point — occurrence of a near-shore basement drop-off feature and at least four secondary-sized basinal sedimentary assemblages;
• Central Reef — two reefs, with one extending offshore into waters 27 metres deep, and two sedimentary deposits, the shallowest at water depths of between 10 and 17 metres;
• Sylvia Reef system — extends 6 km offshore to waters 20 metres deep;
• St Francis Bay deposit — offshore sedimentary deposit in water between 21 and 25 metres; deep; and
• St Francis scarp — traceable for a distance of 33 km.

Afri-Can is planning a prospecting program for the sites. It will include initial sampling, follow-up sampling and mine evaluation sampling.

The company recently closed a private placement of 7.4 million units at 21 apiece for proceeds of about $1.6 million. Each unit consists of one share and half a purchase warrant exercisable at 30 for one share for 18 months.

Another placement, totalling $296,490, is subject to regulatory approval.