Vancouver-based Poplar Resources (PPX-V) has branched into South Africa by acquiring a 45% interest in Savannah Diamondfields, the main assests of which are the Aardvark and Barkly West diamond projects.
In return, Poplar issued 1 million shares and agreed to spend US$672,000.
The Aardvark kimberlite fissure project includes the Lovedale mine, where a 350-tonne bulk-sampling program is under way. According to a previous consultant, diamonds recovered in 1965 were of exceptional quality, with 90% classified as gem stones. Five per cent of the stones were reported to be greater than 2 carats in size, and a further 10% were in the 1-to-2-carat range.
Situated near the town of Fheunissen, the Aardvark project consists of two kimberlite pipes and 36 km of fissures.
The Barkly West property, 45 km northwest of Kimberly, consists of 3.6 km of fissures, a possible pipe, and alluvial gravels from the Vaal River.
Poplar has a third fissure — the wholly owned Karmel project in southern Orange Free State, near the Lesotho border, which hosts a kimberlite system with an 8-km potential strike length, and which once produced diamonds from a small pipe and a portion of a fissure.
Poplar has also been exploring for diamonds in Finland and Sweden. Those projects are still in the early stages of exploration.
Be the first to comment on "Poplar buys into South African diamond projects"