DIAMOND PAGE — Diamond Fields sells more gems

Vancouver-based Diamond Fields International (DFI-V) has sold a 6,475-carat parcel of diamonds from its Luderitz ocean concessions, off the coast of Namibia.

The US$164-per-carat sale was preceded by the sale last year of 4,450 carats, which fetched an equivalent amount. The average stone size in last year’s sale was slightly larger at 0.35 carat, compared with 0.32 carat in the more recent transaction.

Proceeds will be used partly to offset exploration costs. The company also generates income from mining nearer the shore, at the annual rate of 1,000 carats.

Recent efforts have focused on the Marshall Fork feature, a sunken paleo-river or stream channel. Sediment thickness increases from 1 to 4 metres downstream in a southerly direction, thus requiring the extraction of more material in that direction to get at the 1-metre-thick diamond-bearing gravels overlying basement rock.

A feasibility study, due in the first quarter of 2000, will include an updated resource estimate for the 1.3-million-sq.-metre feature. Expectations are high, as Namibian Minerals (NMR-T) has already proved the richness of the feature where it extends on to its adjoining concession. This portion of Marshall Fork, known as Koichab, hosts 2.3 million carats in resources, excluding 207,800 carats mined in the first nine months of this year (T.N.M., Nov. 8/99).

In a recent reconnaissance program, 693 samples were taken from four features. About 38% of these came from the previously untested Boat Bay gravels. The samples from that feature were taken from 11 sub-areas, each of which measures 300 by 400 metres. Diamonds were detected in eight of these areas, though, in total, the areas represent only 2% of the 60-sq.-km feature.

A resource estimate for the upper layers of the horizon will follow, as will further drilling in the basal zone.

The marine division of De Beers Consolidated Mines (DBRS-Q) is carrying out the work on a contractual basis. Diamond Fields has not ruled out forming a joint venture with the major; nor has it ruled out selling its ground outright.