- 10 targets identified for further detailed follow-up work after 2011 follow-up stream sampling program in Northern DRC produced 48 diamonds, 12 ilmenites, 21 chromites and 7 garnets.
TORONTO, Aug. 30, 2012 /PRNewswire/ - Delrand Resources Limited ("Delrand" or the "Company") (TSX-DRN; JSE-DRN) provides an update on its diamond exploration activities in northern Democratic Republic of the Congo (the "DRC"), which activities are being carried out in partnership with Rio Tinto.
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, with its partner Rio Tinto, have prospected large areas in the provinces of Equateur and Orientale and are now focussed on their Coexco and Bomili exploration projects in the latter province.
Delrand's first-phase exploration program over the Coexco ground in the northern DRC was completed in 2009. The 44 Coexco exploration permit areas were covered by an initial reconnaissance program when stream samples were collected at a density of roughly one sample for every 20 to 25km². Samples were screened to plus 0.4mm and minus 0.7mm. As previously reported, 12 of the 255 samples produced 15 diamonds and in addition, five ilmenites, 27 chromites (including nine from the diamond inclusion field) and one eclogitic garnet were also found in the samples. These positive results were restricted to 16 of the 44 Coexco permit areas.
A follow-up stream sampling program was conducted in 2011 over these 16 exploration permit areas. Samples were collected on an approximate density of one sample every 5km². As previously reported, this program produced 48 diamonds, 12 ilmenites, 21 chromites and 7 garnets. These results are highly anomalous for two reasons. Firstly, these positive samples are located in the same streams as the samples which produced positive results from the initial reconnaissance work and therefore confirm the existence of these anomalies. And secondly, the area of interest is covered by a thick laterite crust, up to at least 10 metres in thickness, masking the underlying geology, including kimberlites, but at the same time chemically etching and hence destroying the kimberlitic minerals otherwise trapped in these soils. The presence of kimberlitic minerals in stream or soils samples in these areas is therefore highly depressed.
"We are very pleased with the results of the follow-up stream sampling program conducted in 2011" commented Dr. Mike de Wit, the Company's President. "Interpretation of the reconnaissance and follow-up sampling results has identified seven targets for further detailed follow-up work on the 16 Coexco permit areas. Delrand has also identified abundant mantle minerals in three targets on the two Bomili permit areas just north of the Coexco ground. These targets were also identified by the initial reconnaissance work in 2009 and confirmed by the 2011 follow-up stream sampling exploration program."
A detailed stream sampling program began in July to cover these ten targets with some close-spaced sampling. This should increase the number of kimberlitic minerals; their chemistry can then be assessed in order to rate the interest level of each of these target blocks and rank them accordingly for geophysical surveys. This sampling program is likely to take 3 to 4 months to complete and should result in just over 200 samples. However, the targets will be sampled in order of priority to assist Rio Tinto's heavy mineral laboratory to report on the most prospective blocks first.
The next steps for the Coexco and Bomili projects are dependent upon the results of this phase of sampling and could include geophysics and drilling.
Delrand also reports that warrants to purchase an aggregate of 3,030,302 common shares of the Company have been exercised by two directors of the Company for gross proceeds to the Company of Cdn$399,999.86.
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 projects in the Democratic Republic of the Congo. Current activities include diamond exploration projects, and an iron ore exploration project in joint venture with Rio Tinto. 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.
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 involved in the mineral exploration business. 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.
SOURCE Delrand Resources Limited