AFRI-CAN to start geophysical survey
Afri-Can Marine Minerals Corporation has reached an agreement with International Mining and Dredging Holdings to start a geophysical survey on Exclusive Prospecting Licence (EPL) 3403 marine diamond concession in Namibia around 28 April.
Afri-Can has chartered the vessel SP Star from IMDH to carry out a geophysical survey that will cover a maximum of 1 400 line-kilometres, which will require about 16 days. The survey will cover 90 square kilometres in the south end of EPL 3403 and will cover depositional areas 1, 2 and 3 already delineated by previous sampling programes.
The goal of the geophysical survey is to model accurately the geology and delineate the boundaries of the deposits in order to prepare for a second sampling phase. The second sampling phase will allow resources estimation in anticipation of subsequent trial mining.
Afri-Can holds an option to acquire 100% of the shares of Thyme Investments. Thyme is the 100% owner of EPL 3403. However Afri-Can will earn a first 20% in Thyme by issuing 20% of 65 million of its own shares to Thyme and carrying out a geophysical survey.
Afri-Can will earn the remaining 80% of Thyme by completing a sampling program and issuing the
balance of 80% of the 65 million of its own shares to Thyme.
EPL 3403 covers approximately 800 square kilometres and is adjacent to and north of the Atlantic One Mining Lease (ML) 47 owned by Namdeb Diamond Corporation.