MINING IN AFRICA SPECIAL — Argosy reports recovery of three

Progress is reported by Argosy Mining (VSE) from its joint-venture diamond project in southeastern Africa.

Argosy is in the second year of a 4-year exploration program in Zimbabwe and Tanzania. This year’s US$1.45-million budget has been allocated to explore the 7.2 million acres currently under licence. The junior is earning a 40% interest from Reunion Mining, which is owned 32% by Caledonia Mining (TSE).

In late January of this year, the partners announced the recovery of three macrodiamonds from the QK-3 kimberlite pipe in the Quest area of Zimbabwe. This kimberlite is one of 31 new pipes which have been confirmed along the Zimbabwean extension of the Botswana kimberlite trend.

The three macros, which have a total weight of 0.04 carats, are clear and exhibit variably resorbed textures (two have relic octahedral shapes). The stones were recovered from 18 kg of eluvial material taken from a depth of up to 6.5 metres in a 24-metre diamond drill hole. Core recovery was only 20% to 25% due to the unconsolidated nature of the material. Argosy says this discovery confirms the potential of its exploration licences over the Zimbabwean extension of the Botswana kimberlite belt. Pipe QK-3, discovered in late 1994 by the Argosy-Reunion joint venture, is now believed to be the likely source of two nearby alluvial diamonds (weighing 20 and 0.25 carats) reported in the 1950s.

This year, the Zimbabwean program will be increasingly oriented toward pipe evaluation. Ten pipes are considered priorities, with five now in the evaluation stage.

Exploration work in Tanzania is less advanced, having got under way only in late 1994. A 40-man camp and laboratory were recently built. Work is focused on an exploration licence covering 11,000 sq. km, near licences held by De Beers Consolidated Mines and RTZ. A drill was purchased to enable testing of geophysical targets.