TORONTO, ONTARIO--(Marketwired - Aug. 1, 2013) -
-- In August 2013 Delrand will investigate the possibility of kimberlites
in three target areas identified within the Bomili exploration permits
that Delrand holds. These targets were identified after detailed follow
up of the data from a stream sampling mission in 2012.
-- Delrand has focused its exploration under the Coexco option agreement
down to nine (from 44) exploration permits. These contain five priority
-- The review of Delrand's comprehensive and consolidated diamond
exploration database covering areas in the southern DRC well in excess
of 100,000km2, continues to identify numerous high-interest targets for
further follow-up work
Delrand Resources Limited ("Delrand" or the "Company") (TSX:DRN) (JSE:DRN) provides an update on its diamond exploration activities in the Democratic Republic of the Congo (the "DRC").
The northern DRC has a long history of good quality alluvial diamonds. To date, no primary sources, or kimberlites, for these diamonds have been found. Delrand has prospected large areas in the provinces of Equateur and Orientale in the search of these kimberlites.
Delrand's sampling exploration programs over the Bomili and nearby Coexco ground in the northern DRC was conducted between 2009 and 2012.
Stream sampling programs were also conducted over several phases between 2009 and 2012 over the two Bomili exploration permits, which are wholly-owned by the Company and which occur 10 km north of the Coexco ground. Three targets have been identified on the Bomili permits. These targets were covered by 89 close spaced samples in 2012 of which 51 were positive with ilmenite and chrome spinel. 14 of these samples contained more than 10 mantle grains per sample strongly suggesting the presence of proximal kimberlite. The results also indicate that these are aligned along NW-SE orientated structures on one of the Bomili permits. Delrand is planning a mission in this month of August to identify the source of those grains in at least two of the positive streams previously sampled. The Company believes that it will be able to locate the source of those mantle grains by a combination of stream samples and 'hammer' survey as there is little cover in the area and good outcrop in the streams. The next steps, once the source(s) has been identified, are dependent upon the interest rating of these rocks but could include more sampling, geophysics and drilling.
A significant number of samples collected over the original 44 Coexco exploration permits produced 63 diamonds, 17 ilmenites, 48 chromites (including nine from the diamond inclusion field) and eight garnets during three phases of stream sampling in the period between 2009 and 2012. Interpretation of these results highlighted six targets covering parts of nine of the original 44 Coexco exploration permits for further detailed follow-up work. Further analysis resulted in one of the six targets being dropped. Application to reduce the initial 44 permits into these five targets has been submitted to the Department of Mines (CAMI) in Kinshasa, DRC.
Some other high-interest targets have also been identified in the Orientale Province by Delrand and may be pursued once the Department of Mines (CAMI) in Kinshasa, DRC opens for new applications.
In the Kasai region of the southern DRC, Delrand continues to interpret a large diamond exploration dataset that covers areas well in excess of 100,000km2 which were explored between 2004 and 2008 by a number of companies using modern exploration techniques. This dataset in conjunction with Delrand's own large database, which it has built up since 2004 from a program of stream and soil sampling and airborne and ground geophysical surveys over much of its historical held ground and that of its previous joint venture partners, provides Delrand with the largest exploration database for diamonds over one of the most prospective and least explored areas in the world - the Kasai Craton, producer of most of the DRC's historical diamond production of over 1.2 billion carats. The work has so far identified numerous targets with samples that contain high interest mantle minerals and priority geophysical targets. The mineral chemistry of these minerals suggests that they are likely to be derived from kimberlites that are diamond-bearing.
Negotiations with Acacia sprl are on-going in order to convert the option agreement that the Company has with this local company into a joint venture agreement. Although Rio Tinto has announced its intention to withdraw from the joint venture iron ore project, Delrand will maintain its interest in the asset with a view to realizing any potential value at a future date.
Commenting on this update of exploration activities Dr. Mike de Wit, the Company's President, said: "Over the past several years, Delrand has been limited to a low cost and focused exploration programme. During this period Delrand has itself amassed and obtained access to a considerable amount of exploration data. The Company continues to process and further explore arguably the most comprehensive DRC diamond exploration data base that has ever been assembled."
Dr. Mike de Wit, President of the Company and a "qualified person" (as such term is defined in National Instrument 43-101), has reviewed and approved the technical information in this press release.
Delrand Resources Limited is an African-focused mineral explorer with diamond exploration projects in the Democratic Republic of the Congo. The Company also has an iron ore exploration project and other mineral projects are under consideration. Led by an experienced board and management team with a successful track record of exploration and mine development in Africa, the Company works in a systematic and responsible manner to discover, assess and develop mineral resources for the benefit of its shareholders and local stakeholders.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to exploration results, potential mineralization and plans and objectives with respect to mineral exploration) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration results will not be consistent with expectations, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, changes in commodity markets, foreign currency fluctuations, political developments in the DRC, changes to regulations affecting exploration or development activities, delays in obtaining or failure to obtain required project approvals, the uncertainties involved in interpreting geological data and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated September 28, 2012 filed on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
In Toronto: Delrand Resources Limited
(416) 366-2221 or 1-800-714-7938
In Johannesburg and the DRC: Delrand Resources Limited
Brian P. Scallan
Vice President, Finance
+27 82 902 6273 or +243 991772978
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here