Diamond Fields Resources Inc. is pleased to announce that discussions are ongoing with TMH Acquisition Co concerning the further advancement of its Beravina project pursuant to the agreement with TMH entered into on 16 May 2019. The Cooperation Agreement was extended, on 11 November 2019, to 31 May 2020 without financial penalty due to various delays in the implementation of the intended work program, which were previously reported (see DFR Press Release 11 November 2019). An announcement will be made by the Company once these discussions are complete.
In addition, the Company is pleased to report that a programme of drilling was concluded. A total of 13 diamond core drill holes, aggregating 906.16 metres of drilling, was completed on the Beravina deposit. The results from TMH and its technical advisors will be announced by DFR shortly.
The Beravina Project is a hard rock zircon deposit with a NI 43-101 Inferred Mineral Resource estimate of 1.5 million tons at 22.7% zircon (ZrSiO4) equivalent to 15.3% ZrO2 (see the NI 43-101 Technical Report, with an effective date of 14 December 2018 and filed on the Company’s SEDAR profile on 29 January 2019) written by MSA Group (Pty) Ltd. (Michael S. Cronwright, Pr.Sci.Nat., FGSSA, John Derbyshire, Pr.Eng., FSAIMM, Jeremy Witley, Pr.SCI.Nat., FGSSA and Andre van der Merwe, Pr.Sci.Nat., MAusIMM, FGSSA), each of whom is a “qualified person” for purposes of NI 43-101, and independent of the Company as defined in NI 43-101. The Project, which covers 625 hectares, is located in Western Madagascar. Results so far show that, utilizing industry standard beneficiation technologies, zircon can be concentrated to levels of between 50% ZrO2 and 58% ZrO2 with varying levels of thorium ingrained.