The Toronto-based junior can earn 70% interests in the Makoppa, Mooikloof and Prieska projects by spending $2.6 million on exploration over the next two years. Of that, $1.4 million must be spent at Makoopa and $875,000 at Prieska.
SouthernEra acquired the Makoopa project in 1995, following the discovery of indicator garnets. Situated 210 km northwest of Pretoria, the project consists of two separate properties.
Sampling and limited drilling have revealed two easterly trending kimberlite dyke systems. Drilling recovered four stones totalling 0.04 carat, whereas trenching produced one stone weighing 0.22 carat. Addition drilling, as well as bulk-sampling, is planned.
The Mooikloof project lies 350 km north of Pretoria and is adjacent to the newly producing, small-scale Oaks diamond mine of
Situated 180 km southwest of Kimberely, the Prieska project comprises three properties that encompass the historic Sandrift underground mine (a producer in the early 1900s). A new kimberlite dyke was discovered last year, and there are indications of at least four more kimberlite bodies.
SouthernEra retains the right to buy back 25% interests in each of the projects upon completion of feasibility studies. To acquire its interest, the company would have to reimburse Vaaldiam for double the amount it had spent on the chosen property.
Exploration is scheduled to begin in April.
Vaaldiam’s other African diamond projects are known as Bossieslaagte and Boungou River. The former is in South Africa; the latter, in the Central African Republic. Both are alluvial plays.
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