Block J reveals more gems (February 18, 2002)

An independent sampling program funded by Afri-Can Marine Minerals (AFA-V) and Woduna Mining Holding has recovered several more diamonds from the Block J marine concession in Namibia.

De Beers Marine, a unit of De Beers, extracted 338 samples from 29 sites spread over 728 sq. metres of ocean floor. Each sample represents 2.1 sq. metres of sediments, and two of the samples yielded more than two stones.

The 23 stones recovered had a combined weight of 4.65 carats. The largest stone weighed 0.64 carat, with another five exceeding 0.3 carat.

Afri-Can notes that 14 stones were collected from features 6 and 8, including all of the larger stones recovered in the program. Earlier geophysical surveys suggest that both extend beyond the areas sampled recently or previously.

Block J covers just under 1,000 sq. km of seafloor at water depths of up to 167 metres. The concession is near one owned by Namibian Minerals (nmr-t), about 105 km north of Luderitz Bay.

Afri-Can and Woduna each hold a half-interest in Block J, though the former can increase its interest to 70% in return for cash.

Meanwhile, Afri-Can has privately placed 781,250 units at 32 per unit and is awaiting regulatory approval to complete the deal. A unit consists of a share and half a warrant, with a full warrant entitling the holder to buy another share at 42 over 18 months.

Proceeds are earmarked for exploration in Namibia.