Afri-Can Minerals completes surveys in Namibia (January 15, 2001)

Montreal-based Afri-Can Marine Minerals (AFA-M), formerly known as Nora Exploration, has completed aerial and marine geophysical surveys of blocks J and B at its marine diamond concession north of Luderitz, Namibia.

Afri-Can says three prominent areas may have a potential for diamond entrapment: a nearshore, 8-sq.-km sedimentary deposit; various bedrock trap sites within a 30-sq.-km area; and shallow depressions in a 10-sq.-km area extending from the coastline to 2 km offshore.

While the findings are based solely on digital side-scan sonar imagery, Afri-Can’s South African-based contractor, Marine & Coastal Geosciences, will also complete bathymetric and seismic interpretations within two months.

The next exploration phase will entail sampling targets.

Afri-Can has also begun a geophysical survey of the nearby block J and intends to collect 950 line-km of high-resolution geophysical data.

In November 2000, Afri-Can closed a private placement of 2 million units priced at 25 apiece, with each unit consisting of a share and a warrant entitling the bearer to buy another share for 36 over 18 months.