New Mooikloof target for De Beers, Vaaldiam

Sampling on three follow-up grids by Vaaldiam Resources (VRL-V) has turned up a new kimberlite target on the Mooikloof property, situated along South Africa’s border with Botswana, about 350 km north of Pretoria.

The Toronto-based junior can earn up to a 70% interest in Mooikloof by spending $355,000 on exploration and development before January 2002. The property hosts the Mooikloof kimberlite pipe and is adjacent to Oaks, a small diamond producer owned by De Beers Consolidated Mines (DBRSY-Q).

Last year, Vaaldiam optioned the Mooikloof project, as well as the Makoppa and Prieska projects, from SouthernEra Resources by agreeing to spend $2.6 million on exploration over two years. Of that total, $1.4 million must be spent at Makoppa and $875,000 at Prieska. Vaaldiam can earn a 70% interest in each of the properties by spending $2.6 million over two years.

Ninety-nine samples were collected on 50-metre intervals over a concentration of kimberlitic garnets about 800 metres northwest of the Mooikloof pipe. Picking of kimberlite indicator minerals indicates a northwest-trending, 200-metre-wide anomaly with abundant pyrope garnet. Some parts of the zone have more than 150 garnet grains per sample, and many of the garnets have fresh surfaces, suggesting a nearby kimberlite source. The area also yielded a chrome diopside and a microdiamond.

Analysis of samples from two other follow-up blocks is pending.