Afri-Can Marine Minerals Corporation (TSXV:AFA) is a Canadian exploration and development company focused on major mineral properties in Namibia. The Company is currently targeting large marine diamond deposits in unexplored prospective territories, with projects in Namibia, a country with the highest diamond price average in the world. Afri-Can has recently signed an option to acquire four Mining Leases and plans to resume production on the ML’s within the next 12 months. The Company is led by a strong management team with significant experience in corporate finance and the diamond industry.
- Operating in Namibia, one of the best African countries
- Holds an option on Mining Leases containing a 43-101 resource of 868,000 carats
- Holds a stake in a large Exploration License adjacent to the world’s largest marine diamond deposit
- Strong technical team and technical alliance
Afri-Can’s Marine Diamonds Concession – Namibia
ML 111, 138, 139 & 32 Marine Diamonds Mining Leases – Namibia
The Marine Diamonds Mining Leases cover together 710 square kilometers and are located off the southern coast of Namibia, a country whose diamonds are among the highest quality in the world with an average price per carat of US$440. More than 50 percent of Namibian diamond production is derived from the sea.
ML 111 is the main project and hosts four different depositional areas.
In September 2013, the Company released a historical estimate report stating that the Historical Estimate remaining on Diamond Fields International Ltd Mining Lease 111 is of 868,000 carats of diamonds. The analysis estimated the remaining Historical Estimate from two reports: a resource estimate and a feasibility study prepared by MRDI and AGRA-Simons in 2000, and a resource estimate prepared by SRK Consulting on a small area of ML 111, in 2006.
On October 1, 2013, Afri-Can announced a new National Instrument 43-101 report estimating an indicated resource of 413,000 carats and an inferred resource of 453,000 carats on the Diamond Fields International Ltd. Mining Lease 111. A portion of the indicated resource, 255,000 carats at an average grade of 0.30 carat per square meter, will be the object of a trial mining program, for which Afri-Can’s team is currently preparing a preliminary feasibility study and preparing mine planning.
Afri-Can’s immediate goal is to focus on ML 111 existing resources in order to resume production in the shortest time frame possible.
EPL 3403 Marine Diamonds Concession – Namibia
The EPL 3403 Marine Diamonds Concession covers 800 square kilometers and is located off the southern coast of Namibia, a country whose diamonds are among the highest quality in the world with an average price per carat of US$440. More than 50 percent of Namibian diamond production is derived from the sea. The concession is adjacent to De Beers’ Atlantic One concession, the largest marine diamond deposit in the world with a diamond resource exceeding 100 million carats.
Four mineralized areas covering 23 square kilometers have been identified in total in the southern portion of the EPL 3403 concession. Two previous sampling programs resulted in the discovery of three diamond deposits, two of which have an average diamond size of over 0.50 carat per stone, meeting the average size of the adjacent concessions, with a recovery of 95 percent gem quality. The largest stones weighed in at 2.69, 1.70 and 1.60 carats.
The results of a geophysical survey completed in May 2012, covering approximately 123 square kilometers in the south end of the concession, included the discovery of a new prospecting target, covering 18 square kilometres, typical of diamond enrichment zones in the vicinity of EPL 3403.
Afri-Can holds a 20 percent interest in EPL 3403 with the option to earn the remaining 80 percent interest, which will be acquired upon completion of the upcoming resource delineation sampling program. The sampling plan includes a total of 553 samples to be extracted in two distinct phases. The first phase has been completed in December 2012 with the extraction of 222 samples. The goal of the program is to begin delineation of the diamond potential and inferred resources in targeted areas of the diamondiferous features already identified in the southern portion of EPL 3403. The first 200,000 carats delineated will lead to a trial mining phase planned to commence in 2013.
The mv DP The Explorer has been chartered for the program. It is an efficient, dedicated sampling vessel, which can sample down to a depth of 250 metres of water and extract up to 21 samples per day. The sample size is 5 square metres, and the sampling tool can work through up to 8 metres below the seabed in its configuration set for EPL 3403.
Marine Mining and Sampling Technology:
Marine mining and sampling technology generally use a Wirth drill type containing an airlift pumping system. The drill head is driven to the sea bed through a moon pool at the bottom of the vessel, lays on the sea bed and excavates a cased hole down to bed rock. The sediments cased in the drill head is pumped to the vessel by the airlift pumping system. Upon delivery on the vessel, the sediments are mechanically transferred to a Dense Media Separation plant (DMS). The ﬁrst and second screening stages in the plant will remove boulders and ﬁne sediments to keep a concentrate of gravel that will be mechanically sorted to extract diamonds. The sorting at exploration is done manually within a safe glove box and diamonds are stores into sealed tins deposited in a safe. The sorting at mining is carried out mechanically by an x-ray sorting system in which diamonds are dropped into a safe under the system.
Haib Copper Project – Namibia
The Haib copper deposit is also located in southern Namibia. The large copper porphyry deposit was drilled by Rio Tinto in the 1970’s. Teck Resources Ltd. currently holds 70 percent of the project with the remaining 30 percent held in equal share by Afri-Can and Deep South Mining (PTY) Ltd.
Haib hosts an historical (non NI 43-101 compliant) resource estimate of 4 billion pounds of copper in situ. Molybdenum is also present and grades will be tested. Multiple new exploration targets with high grade potential have been identified by Teck and exploration activity is now focused on increasing the size of the high grade section of the deposit.
Afri-Can Marine Minerals is focused on exploring and developing major mineral properties in Namibia. Afri-Can has recently signed an option to acquire four Mining Leases and is focused on ML 111 existing resources in order to resume production in the shortest time frame possible.
The EPL 3403 Marine Diamond concession is adjacent to De Beers’ Atlantic One concession, the largest marine diamond deposit in the world with a diamond resource exceeding 100 million carats. The Company’s technical team participated in the discovery and development of adjacent De Beers’ Atlantic One deposit.
Pierre Léveillé – President, Chief Executive Officer, and Director
Mr. Léveillé has more than 20 years of experience in the financial markets and the resources industry. He has served as President, CEO and Director of Afri-Can Minerals since 1994. His leadership has transformed the Company into an important marine diamond exploration company. Prior to joining Afri-Can, he spent over eight years in the financial markets as a stockbroker and corporate finance advisor with Levesque, Beaubien, Geoffrion inc. and Investpro Securities Inc.
Michael J. Brown – Chairman and Director
Mr. Brown is the Founder and President of Capital Markets Advisory and a 30-year veteran of mining finance and analysis. Previously, Mr. Brown held positions with Macquarie Bank of Australia, as President and CEO of Macquarie North America, and as Vice Chairman. Prior to that, he was a Managing Partner of Investment Banking with Gordon Capital Corporation in Toronto, and was a mining analyst and Managing Director of Research with Deutsche Bank. Mr. Brown is a Chartered Financial Analyst, a Professional Engineer, and holds a B.Sc. degree from the University of Edinburgh and a Master of Business Administration from the University of Western Ontario. He is a director of Crystallex International Corporation and Queenston Mining Inc., and has served as a Governor of the Toronto Stock Exchange.
Richard M. Tait – Director
Mr. Tait has over 16 years of experience in the finance and mining industries. He is Managing Director of Afrasia Corporate Finance in Johannesburg, South Africa. He previously held positions as Managing Director, GEM Management; Director, Investment Banking at Standard Bank and Vice-President with Credit Suisse First Boston. He holds a B.Sc. in Chemical Engineering from the University of Cape Town, a B. Comm. from the University of South Africa and an MBA from the Australian Graduate School of Management.
Bernard J. Tourillon, MBA – Executive Vice President, Chief Financial Officer, and Director
Mr. Tourillon joined Afri-Can in 1994 as Executive Vice President and CFO. With Mr. Leveille, he has been instrumental in transforming the Company into a significant participant in the marine diamond exploration industry. He has 16 years of experience in international finance, venture capital, project management, manufacturing and brokerage.
R.W. (Dick) Foster – Resource Development Manager
Mr. Foster is a geologist who holds a BSC. Geology (Hons) from Imperial College of the University of London and has extensive experience in the marine diamond industry. Mr. Foster worked for De Beers for 32 years before retiring in 1996. With De Beers Marine he held the position of Geological Manager for 11 years and he was involved extensively in the management of exploration and mining programs. He led the teams that discovered major diamond deposits on the mid-continental shelves off South Africa and Namibia. Since 1996, Mr. Foster has been active in providing geological consulting and exploration management services.